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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.
This way, they help the dependents live a normal life despite the demise of the concerning person.
However, having a life insurance policy does not mean that you will get life cover for all kinds of deaths.
Policy owner and the insured person Do keep in mind that the insured and the policy owner can be the same person or two different persons depending on the situation.
In simple words, the person who pays the premiums is the policy owner while the person who is covered by the policy is the insured person. Most of the life insurance policies do not cover deaths due to man-made events.
These include riots, commotion, suicide and many other similar things.