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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.

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.

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.However, a person may make anybody the beneficiary of the policy.The insurance policy is a legal contract between the insurer and the insured.Term Insurance Term insurance is a kind of temporary insurance that would provide a death benefit for a certain period of time. Term insurance is not as costly as permanent insurance.Universal / Permanent / Whole Life insurance These types of insurance policies are mostly bought by those who see insurance as a means of investment.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.

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