(EMAILWIRE.COM, August 31, 2011 ) Ames, IA -- Life insurance policy devised to pay a selected recipient or recipients a stated sum of money upon the death of the policy holder. Anyone could buy an insurance policy even if not for himself, provided his application meets the requirements of the Insurance company. The beneficiary may not necessarily be the buyer for it may be assigned to any individual who is considered to be a dependent of the policy holder.

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Life insurance policies have some restrictions and limitations that is premeditated to refuse payment under certain conditions. Most life insurance companies do not pay out if policy holder is in a scenario presenting forthcoming danger that involves a risk to their lives. Likewise, most life insurance companies will not payout if the policy holder commits suicide within a specified period of time after date os policy issuances (which is usually two years). There is also a period in which the insurance company can contest cause of death and request additional information before paying (usually a two year period).

This is to protect insurance companies from paying out proceeds to be beneficiaries whose claim is not rightfully verifiable with policy holders having questionable causes of death which may warrant criminal and malicious intent.

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