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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.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.However, a person may make anybody the beneficiary of the policy.The insurance policy is a legal contract between the insurer and the insured.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.
Taxation Taxation in the context of insurance is a complicated matter especially when you think of it from a global perspective.At the same time, there is a bit of commerce involved in this.The insurance companies insure a person in exchange for regular premiums.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.Governments around the world encourage people to go for insurance.