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.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.The other type of policy is bought from an investment perspective.
The insurer has the right to deny selling a policy to an insurance seeker on various grounds.
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.
Death is the only thing that is certain in this world.
Since we live in a society, the first thought that comes to our mind is how to protect those who are dependent on us.