Life Assurance Quotation

Modern whole-life assurance is a stockmarket-based investment product requiring the knowledge of a specialist.

The only place to get a life assurance quotation is an independent financial adviser. Life assurance is actually an investment product, and your discussion will include assessing how risk-averse you are, and whether you’d like the fees involved in units to be balanced towards entry costs or running costs.

Although the terms get used interchangeably, life assurance and life insurance are different. Insurance refers officially to term policies, and assurance to whole-of-life policies, which are not really insurance but an investment; specifically an investment in your own longevity.

Because investment is complicated, and the life companies have done their very best to make it complicated, the only place to go for a life assurance quotation is an independent financial adviser. The money that you put in month after month is not just hidden under someone’s bed. It is invested (ideally wisely). This used to be in the form of an endowment policy, but these days it’s likely to be used to buy units in unit trusts. Your life assurance quotation will therefore not just be a fee to be paid each month, but also a discussion of the investment units at your disposal- which includes you deciding with your adviser how risk-averse you are.

Additionally, the actual figure you are quoted in premiums in your life assurance quotation may also take account of a discount. Discounts are offered by advisers and brokers; and are effectively a benefit to you whereby they share part of their commission with you. This can make a fairly large difference to your premium; month-in, month-out.