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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.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.At the same time, there is a bit of commerce involved in this.
Such policies are known as term insurance policies.
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.
In most cases, the dependents include the spouse, children, and parents.