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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.
Death is the only thing that is certain in this world.
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.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.
Despite this, a large number of people on this planet lead an uninsured life. To receive the death proceeds from the insurance company, the beneficiaries need to produce a death certificate of the insured person and proof of their own identity.