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However, if you go country-wise, the system would be simple to understand.

In Australia, premiums paid through superannuation fund are taxable.

The other type of policy is bought from an investment perspective.

These can be called by different names like Universal, Permanent or Whole Life insurance.

At the same time, there is a bit of commerce involved in this.

The insurance companies insure a person in exchange for regular premiums.

However, a person may make anybody the beneficiary of the policy.

The insurance policy is a legal contract between the insurer and the insured.

Universal / Permanent / Whole Life insurance These types of insurance policies are mostly bought by those who see insurance as a means of investment.

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.

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.

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