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.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.Governments around the world encourage people to go for insurance.
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However, a person may make anybody the beneficiary of the policy.
The insurance policy is a legal contract between the insurer and the insured.
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.