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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.

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.

One is for the sole purpose of protection so that the dependents of a person can be supported after the demise of the insured person.

Such policies are known as term insurance policies.

Governments around the world encourage people to go for insurance.

Many countries give incentives in different forms to encourage this practice.

Taxation Taxation in the context of insurance is a complicated matter especially when you think of it from a global perspective.

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.

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

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

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