What is assurance insurance?

Assurance insurance refers to a category of insurance policies that provide financial coverage for certain events that are guaranteed to happen, such as death. The term is often used interchangeably with 'life assurance,' which pays out a sum of money either on the death of the insured person or after a set period. Unlike general insurance, which covers unpredictable events, assurance policies typically cover inevitable events, providing peace of mind and financial security for policyholders and their beneficiaries.