Life insurance is about providing protection to the dependents.
At the same time, it also provides peace of mind to the living person.
However, a person may make anybody the beneficiary of the policy.
The insurance policy is a legal contract between the insurer and the insured.
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, if you buy a policy for your spouse, you are the policy owner while your spouse is the insured person.
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