Governments around the world encourage people to go for insurance.
Life insurance is about providing protection to the dependents.
At the same time, it also provides peace of mind to the living person.
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.
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.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.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.However, a person may make anybody the beneficiary of the policy.