While sometimes used interchangeably, life assurance and life insurance are two distinct life cover products.
Life insurance is protection over a fixed term. If a person passes away during the term of the policy, their beneficiaries receive a pay-out. If the policyholder dies after the insurance term has expired this lump sum is not paid.
Life Assurance is not restricted to a fixed term and is paid out when the policyholder passes away. Therefore life assurance covers the policyholder until they die.