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He or she knows that his family or dependents won’t have to bear any hardships even if he dies.In most cases, the dependents include the spouse, children, and parents.
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.
Life insurance is about providing protection to the dependents.
At the same time, it also provides peace of mind to the living person.
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.
This way, they help the dependents live a normal life despite the demise of the concerning person.The other type of policy is bought from an investment perspective.These can be called by different names like Universal, Permanent or Whole Life insurance.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.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.