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However, a person may make anybody the beneficiary of the policy.The insurance policy is a legal contract between the insurer and the insured.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.Life insurance is about providing protection to the dependents.At the same time, it also provides peace of mind to the living person.
Such policies are known as term insurance policies.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.
Since we live in a society, the first thought that comes to our mind is how to protect those who are dependent on us.
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.