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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.
He or she knows that his family or dependents won’t have to bear any hardships even if he dies.
In the US and the UK, by and large, premiums paid for life insurance are not tax deductible.However, if you go country-wise, the system would be simple to understand.In Australia, premiums paid through superannuation fund are taxable.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.
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.