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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.
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.
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.
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.
In most cases, the dependents include the spouse, children, and parents.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.However, if you go country-wise, the system would be simple to understand.
In Australia, premiums paid through superannuation fund are taxable.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.