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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.
However, a person may make anybody the beneficiary of the policy.
The insurance policy is a legal contract between the insurer and the insured.
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.
Universal / Permanent / Whole Life insurance These types of insurance policies are mostly bought by those who see insurance as a means of investment.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.At the same time, there is a bit of commerce involved in this.The insurance companies insure a person in exchange for regular premiums.