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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.However, a person may make anybody the beneficiary of the policy.The insurance policy is a legal contract between the insurer and the insured.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.Governments around the world encourage people to go for insurance.Many countries give incentives in different forms to encourage this practice.

These can be called by different names like Universal, Permanent or Whole Life insurance.

However, if you go country-wise, the system would be simple to understand.

In Australia, premiums paid through superannuation fund are taxable.

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.

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.