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In simple words, the person who pays the premiums is the policy owner while the person who is covered by the policy is the insured person. Most of the life insurance policies do not cover deaths due to man-made events.
These include riots, commotion, suicide and many other similar things.
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.
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.
Despite this, a large number of people on this planet lead an uninsured life. To receive the death proceeds from the insurance company, the beneficiaries need to produce a death certificate of the insured person and proof of their own identity.
The insurance company may demand more documents to ascertain the identity of the beneficiary or the cause of death of the insured.
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.
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.