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He or she knows that his family or dependents won’t have to bear any hardships even if he dies.
However, a person may make anybody the beneficiary of the policy.
The insurance policy is a legal contract between the insurer and the insured.
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.
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.
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.
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.
The insurance company may demand more documents to ascertain the identity of the beneficiary or the cause of death of the insured.
Life insurance is about providing protection to the dependents.