Moreover, most coverage policies are good source of savings to the policy owner. Life coverage can serve as a form of saving through which it can be borrowed or withdrawn once the policy owner request for it. Many people who are live coverage policy owners have been found to always take premiums on the policies a high priority for them to fulfill at any cost. They are indirectly using the policy as a kind of forced saving plan which they can come back to in the future.
In addition to making life insurance (seguros vida) policy a kind of saving plan, the coverage can generate interest which is exempted of tax. Where the premium is paid as death claim, the interest and the capital will not be taxed as well or be tax deferred.
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