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The Principles of Life Assurance

Life assurance (sometimes known as life insurance) is an important part of anyone's financial portfolio and a good way to ensure your family's financial future in the event something should happen to you.

Different kinds of life insurance policies are available and they can last for varying durations. Two of the more popular types of life assurance are decreasing term and level term policies. Life assurance policies can be obtained from any number of different companies including Legal & General, Norwich Union, AXA and Royal London to name just a small selection.

A decreasing term policy is often used as mortgage insurance. The benefit paid under the policy starts at a set amount and then decreases over time just as the amount of the loan decreases over time. Decreasing term life policies are generally written for terms of between 5 to 40 years depending on the insured's needs.

The death benefit of a level term policy remains the same throughout the entire term of the policy. These policies are usually available for terms between 1 and 40 years and are often used as a form of income protection.

Sometimes life assurance policies include special provisions at no additional cost such as coverage for a terminal illness. This provision allows the policy holder to be paid the policy benefit if they are diagnosed with a terminal illness so they have the money to spend prior to their imminent death. It is important to note that this provision is generally not applicable during the final 18 months of a policy's term.

Obtaining a life assurance quote is very easy and most companies provide them directly through their websites.