Life assurance is a great insurance product, but many people really don’t know a lot about it. They assume that life assurance is only for people nearing the end of their lives, but that’s not true at all. There are many young adults looking at all of their options for the future and choosing protection products for their families. The moment that you have more than just you relying on your income is the moment where you honestly need to consider life assurance. It’s not really a product just for the elderly in any way.

There are multiple types of life assurance policies out there, and it’s important to make sure that you really understand them before doing a lot of comparison quotes. It’s a smart idea to figure out what you can honestly afford and what you can’t afford. What isn’t a wise move is thinking that you can’t get anything because everything looks complicated. The world of insurance products in general is designed to protect you and your family through anything and everything that can happen.

Life assurance policies tend to be a bit more expensive than life insurance policies, but the increase in premium is worth it when you look at what you get.

That brings us back to those types that we talked about earlier.

The first type is a whole life policy. This is going to cover you for your entire life — no matter what. This is considered to be permanent life insurance since it sticks with you until the day that you die, as long as you get your premiums paid.

There is also universal life policy, which allows you to choose the way your premium payments are actually paid — you can use some of your stored up cash value in order to pay the premiums, in case life changes and you’re not able to really take care of your premiums the way you are used to.

There is a 3rd type, the variable life policy that gives you control over how to invest the cash values.

Which one is right for you? Honestly, we recommend universal life over many other types, but you will want to talk to an adviser who will know more about your own unique situation.

Don’t forget to read more about the issues behind life assurance today, including more about the three types mentioned in this guide!