Insurance and assurance are two words that are frequently used in the world of insurance. These words are frequently used in life insurance. Even though some people like to use these words interchangeably, these are actually two different words. Term life insurance is a policy that lasts for a specific period, whereas whole life insurance lasts for your entire life. Term life guarantees you return during your life time. However, whole life assures that your family gets benefit after your life. Therefore, while whole life insurance is also known as assurance. Whole life insurance promises that the benefits are assured for your nominee.