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.However, a person may make anybody the beneficiary of the policy.

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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.

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Life insurance is about providing protection to the dependents.

At the same time, it also provides peace of mind to the living person.

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.

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.