Life assured

The life assured is the person (or persons) covered by the life insurance contract that has been taken out with the life company. You can take out life insurance on your own life or the life of other individuals such as your spouse or business partner, provided you can show that you have a financial interest in them.

It is also possible in these circumstances to take out a joint life policy of which there are two main types; a joint-life first-death policy which pays out on the first death of one of the lives assured; and a joint-life last-survivor policy pays out on the death of the last of the lives assured.