What is the primary purpose of life assurance?

The primary purpose of life assurance is to protect financially dependent individuals in case the insured person passes away. This financial protection ensures that beneficiaries, such as family members, can maintain their standard of living and cover essential expenses like housing, education, and daily living costs in the absence of the insured's income.

Life assurance serves as a safety net, allowing loved ones to cope with financial challenges that may arise after the death of a primary earner. It provides peace of mind, knowing that dependents will receive a payout that can help fulfill their financial needs during a difficult time.

The other options, while related to financial planning and protection, do not capture the core purpose of life assurance. For example, saving for retirement focuses on accumulating funds for one's later years rather than providing immediate financial support to dependents. Protecting against property damage specifically addresses assets rather than individual loss, while covering healthcare expenses pertains to medical costs rather than the implications of an individual's death on their dependents’ financial stability.