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Further, the insurance premiums vary from person to person depending on his or her age, smoking habits, medical history, driving record, job profile and other things.
Taxation Taxation in the context of insurance is a complicated matter especially when you think of it from a global perspective.
However, having a life insurance policy does not mean that you will get life cover for all kinds of deaths.
Policy owner and the insured person Do keep in mind that the insured and the policy owner can be the same person or two different persons depending on the situation.
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.
Life insurance is about providing protection to the dependents.
At the same time, it also provides peace of mind to the living person.
This way, they help the dependents live a normal life despite the demise of the concerning person.
The insurer may get the matter investigated if it finds any kind of discrepancy in the claim or the cause of death of the insured person.
The other side You may be surprised to know that there have been cases in the past when life insurance policies were misused.
One is for the sole purpose of protection so that the dependents of a person can be supported after the demise of the insured person.
Such policies are known as term insurance policies.
Insurance certainly eases the pressure on a common person who depends on regular earnings to support his or her family.