Usually, people choose either to mean the same thing
– a policy that pays out on death.
There is a small difference:
Insurance normally runs for a specified period of years.
It may cover you for the term of your mortgage, for example
Assurance is for life – that is, until the final day when it will pay out and provided that your payment of premiums is up-to-date
Of course, the best way to decide what, if any, protection you – and your family or business – needs is to sit with a good adviser who can carefully go through determining what needs you actually have and the best ways to deal with these.
Sometimes that are extra benefits that you can add to a policy, and it matters to ensure that the policy is written properly for your circumstances.
Life insurance/assurance is there to ensure that there are no financial problems for your beneficiaries or business in the event of your death. You are assured that all is well covered and there is peace of mind.