June 24, 2004
Term Life Insurance
Term life insurance is a type of life insurance that is temporary, as it covers only a specific period of time, the relevant term. It can be considered pure insurance because it builds no cash value. This is in contrast to permanent life insurance such as whole life, universal life, and variable universal life.
Term insurance is the cheapest way, in the short run, to buy a given amount of insurance death benefit on a coverage per premium dollar basis.
The above comes from www.wikipedia.org.
If one is being absolutely precise one should distinguish between assurance and insurance. Insurance is for things that might happen, assurance is for things that will happen. As we all die, life insurance seems a little odd, although the disticntion between the two meanings seems to have vanished.
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The distinction between insurance/assurance is a bit different in practice. 'Insurance' tends to be the American rendering, while 'Assurance' tends to be used more by Brits. Canadians would also tend to use 'Insurance', but are familiar with assurance whereas it's virtually unused in the U.S.
That's why you'll see things like The Monolithic Life Insurance Company in the US and Canada, but companies with roots in England would in many cases be called 'The Monolithic Life Assurance Company' :).
Tim adds: hmmm, you're probably right. I'll still insist that assurance and insurance have different meanings though. I insist that heathen and infidel do, just as insure and ensure are not interchangeable.
Posted by: Life Insurance Canada Guy | Oct 19, 2004 8:07:17 PM
360616: Hey, does anyone know where I can find a list of gas stations with low prices in my area?
Posted by: Debra Riley | Oct 18, 2005 2:49:25 AM