Interview with Life Cover Advisor: Understanding Life Insurance vs Life Assurance

Expert Insight from Noleen Curran, Founder of Life Insurance NI

When it comes to protecting your loved ones financially, the terms life insurance and life assurance often get thrown around — sometimes interchangeably. But while they sound similar, they don’t mean the same thing.

To help us untangle the confusion, we sat down with Noleen Curran, an experienced protection advisor and the founder of Life Insurance NI. With more than a decade of experience helping clients across Northern Ireland, Noleen is well-versed in explaining complex financial products in a way that actually makes sense.

So, what’s the difference between life insurance and life assurance?

Noleen Curran:

“It comes down to how long the policy lasts — and whether or not it’s guaranteed to pay out.”

She explains it like this:

Life Insurance

• Covers you for a specific period (e.g. 20 or 30 years)
• Only pays out if you die within that time frame
• Commonly used for mortgages, income protection, or family support
• Often cheaper than life assurance

“Think of it like renting protection — you’re covered for the term you choose, and it ends when the term ends.”

Life Assurance

• Covers you for your entire life
• Guaranteed payout whenever you die
• Typically more expensive because the insurer knows a payout is inevitable
• Often used for legacy planning or funeral costs

“With life assurance, the payout is a matter of when, not if.”

Which is more common in Northern Ireland?

Noleen:

“In my experience, term life insurance is more common — especially among families, first-time buyers, and working adults. It’s more affordable, and it’s designed to protect against immediate financial risks like a mortgage or raising children.”

That said, she notes an increase in people — especially over 50 — asking about whole-of-life policies (a type of life assurance) for covering funeral expenses or leaving a small inheritance.

How should someone decide between life insurance and life assurance?

Noleen recommends starting with one question: What are you trying to protect?

• If it’s your mortgage or family’s income, term life insurance often makes the most sense.
• If you want to guarantee a payout for end-of-life costs or leave something behind, life assurance is worth considering.

She adds:

“There’s no one-size-fits-all answer. It depends on your age, budget, health, and priorities. The key is understanding what each product does — and what your family would need if something happened.”

Are there big price differences?

“Yes — life assurance is usually more expensive, because it always pays out,” Noleen explains.

“Life insurance is more affordable, especially if you’re young and healthy.”

That said, she warns against choosing based on cost alone.

“The cheapest policy might not cover what you actually need. It’s better to get proper advice and strike a balance between budget and protection.”

What about joint policies?

Another common question Noleen hears: Should couples get one joint policy or two separate ones?

“Joint policies are cheaper, but they usually pay out only once — after the first death. Then the policy ends. Two single policies offer double the protection but cost a bit more.”

Again, it depends on circumstances, but she encourages couples to ask about both options when getting quotes.

Final Thoughts

While the terms are often confused, life insurance and life assurance serve slightly different purposes. One covers you for a fixed term. The other covers you for life.

And in Noleen’s view, understanding the distinction matters — especially when families are trying to make smart, long-term decisions in a tough economy.

“The goal isn’t just to buy a policy. It’s to buy peace of mind. The right one will depend on what you want to protect — and for how long.”

Key Takeaways: Life Insurance vs. Life Assurance

Looking for help navigating your options?



Whether you're considering life insurance in Northern Ireland or exploring life assurance quotes, it’s always worth speaking to an independent, FCA-regulated advisor.

Disclaimer: 

This article is for general information only and is not financial advice. Please consult a qualified advisor before purchasing any financial protection products.