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For example, if you buy a policy for yourself, you are both the owner and the insured.
However, if you buy a policy for your spouse, you are the policy owner while your spouse is the insured person.
Life insurance is about providing protection to the dependents.
At the same time, it also provides peace of mind to the living person.
The objective of this limitation is to prevent misuse of the policy and give insurance cover only to the deserving parties.
Types of insurance policies Though there are many types of life insurance policies available on the market, most of them can be broadly classified into two categories.
Insurance certainly eases the pressure on a common person who depends on regular earnings to support his or her family.
The insurer has the right to deny selling a policy to an insurance seeker on various grounds.
The insurance company may demand more documents to ascertain the identity of the beneficiary or the cause of death of the insured.
At the same time, there is a bit of commerce involved in this.
The insurance companies insure a person in exchange for regular premiums.
In many other cases, premiums do not come under the ambit of taxation laws.
In the US and the UK, by and large, premiums paid for life insurance are not tax deductible.
There is an accumulation of money in these types of policies and there is a minimum sum assured to the beneficiary at the maturity of the policy. Prima facie, they are doing a good work by insuring people against any untoward incident.