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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.

The insurer may get the matter investigated if it finds any kind of discrepancy in the claim or the cause of death of the insured person.

The other side You may be surprised to know that there have been cases in the past when life insurance policies were misused.

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.

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.The other type of policy is bought from an investment perspective.These can be called by different names like Universal, Permanent or Whole Life insurance.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.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.Life insurance is about providing protection to the dependents.At the same time, it also provides peace of mind to the living person.

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