In many other cases, premiums do not come under the ambit of taxation laws.In the US and the UK, by and large, premiums paid for life insurance are not tax deductible.
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.
However, a person may make anybody the beneficiary of the policy.
The insurance policy is a legal contract between the insurer and the insured.
The objective of this limitation is to prevent misuse of the policy and give insurance cover only to the deserving parties.