This Life Insurance Comparison UI can be used to manage finances for your children's education and retirement, to pay off your mortgage, or to meet other budgeting needs. The primary distinction between the two is that life insurance offers coverage for a set period, whereas life assurance includes coverage for your entire life. Both life insurance and life assurance provide financial security in the event of an unexpected event. However, life insurance provides coverage for a set period, whereas life assurance includes coverage for the entire life. The decision to obtain life assurance or life insurance will be influenced by your needs and the benefits you seek. Download this EdrawMax template and make your own Life Diagram.