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At the same time, it also provides peace of mind to the living person.
He or she knows that his family or dependents won’t have to bear any hardships even if he dies.
The insurer has the right to deny selling a policy to an insurance seeker on various grounds.
Further, the insurance premiums vary from person to person depending on his or her age, smoking habits, medical history, driving record, job profile and other things.
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.
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.
At the same time, there is a bit of commerce involved in this.
Universal / Permanent / Whole Life insurance These types of insurance policies are mostly bought by those who see insurance as a means of investment.
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.
These can be called by different names like Universal, Permanent or Whole Life insurance.
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.
Such policies are known as term insurance policies.