Life insurance pays out a death benefit to the beneficiaries in the event of the insured/ policyholder’s death. It protects your loved ones financially as the funds can be used to cover expenses such as funeral costs, debt repayment, and ongoing living expenses.
Life insurance policies could be categorized as term assurance, whole life, endowment, investment or unit-linked policies.
Life insurance can also be offered to groups. It is mainly taken out by employers for their employees.
General insurance or non-life insurance, provides financial protection against risks such as damage, theft, natural disasters, accidents, and liability claims against legal claims and lawsuits arising from injuries, property damage, or negligence.
General insurance covers tangible assets, including homes, motor vehicles, businesses and personal belongings.
Health insurance provides financial protection against medical expenses incurred due to illness, injury, hospitalization, and other healthcare-related costs. It helps you afford healthcare services, by covering all or a portion of the expenses associated with medical treatment, prescription medications, preventive care, and other healthcare services.
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