Assurance Cover

Question 1

Whole life policy

Answer 1

Pays compensation on the death of the insured person.

Question 2

Term policy

Answer 2

For a fixed time period - usually the duration of a loan or mortgage. outstanding amount is paid off.after persons death

Question 3

Endowment policy:

Answer 3

Pays a guaranteed amount on a specified date or, if it occurs sooner, on the death of the insured person.