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At the same time, there is a bit of commerce involved in this.The insurance companies insure a person in exchange for regular premiums.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.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.Despite this, a large number of people on this planet lead an uninsured life. To receive the death proceeds from the insurance company, the beneficiaries need to produce a death certificate of the insured person and proof of their own identity.

In Australia, premiums paid through superannuation fund are taxable.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.Insurance certainly eases the pressure on a common person who depends on regular earnings to support his or her family.The insurer has the right to deny selling a policy to an insurance seeker on various grounds.However, a person may make anybody the beneficiary of the policy.

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