The fundamental purpose of Life Assurance is to provide money to meet financial losses caused by death, disability and illnesses. Life Assurance is truly INCOME INSURANCE; a new source of income replacing the earning power of the breadwinner if unfortunately he passes away. However, Life Assurance policies may also provide investment benefits that is, money payable on survival of the life assured rather than only on death. In some circumstances you can also have policies that pay out benefits if the policyholder suffers a critical illness.