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Since we live in a society, the first thought that comes to our mind is how to protect those who are dependent on us.Life insurance is about providing protection to the dependents.Types of insurance policies Though there are many types of life insurance policies available on the market, most of them can be broadly classified into two categories.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.At the same time, it also provides peace of mind to the living person.He or she knows that his family or dependents won’t have to bear any hardships even if he dies.The insurance companies insure a person in exchange for regular premiums.
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Universal / Permanent / Whole Life insurance These types of insurance policies are mostly bought by those who see insurance as a means of investment.
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.
In Australia, premiums paid through superannuation fund are taxable.
In many other cases, premiums do not come under the ambit of taxation laws.
Taxation Taxation in the context of insurance is a complicated matter especially when you think of it from a global perspective.