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Governments around the world encourage people to go for insurance.

Many countries give incentives in different forms to encourage this practice.

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.

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.

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.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.One is for the sole purpose of protection so that the dependents of a person can be supported after the demise of the insured person.Such policies are known as term insurance policies.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.However, if you go country-wise, the system would be simple to understand.In Australia, premiums paid through superannuation fund are taxable.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.

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