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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.
In simple words, the person who pays the premiums is the policy owner while the person who is covered by the policy is the insured person. Most of the life insurance policies do not cover deaths due to man-made events.
These include riots, commotion, suicide and many other similar things.
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.
Death is the only thing that is certain in this world.
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.
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.
Taxation Taxation in the context of insurance is a complicated matter especially when you think of it from a global perspective.
For example, if you buy a policy for yourself, you are both the owner and the insured.
However, if you buy a policy for your spouse, you are the policy owner while your spouse is the insured person.
He or she knows that his family or dependents won’t have to bear any hardships even if he dies.