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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.At the same time, there is a bit of commerce involved in this.The insurance companies insure a person in exchange for regular premiums.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.

The insurance company may demand more documents to ascertain the identity of the beneficiary or the cause of death of the insured.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.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.The other side You may be surprised to know that there have been cases in the past when life insurance policies were misused.

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