Insurance is a financial product that provides protection against potential future losses or damages. By paying regular premiums, individuals or entities can transfer the risk of significant financial burdens to an insurance company. In return, the insurer agrees to compensate the insured for covered losses or damages as per the terms of the policy.
Life Insurance
Life insurance provides financial security to beneficiaries upon the death of the insured. It ensures that loved ones are financially protected, covering expenses such as funeral costs, outstanding debts, and future living expenses. Life insurance can come in various forms, including term life, whole life, and universal life insurance.
Health Insurance
Health insurance covers the cost of medical expenses, including hospital stays, surgeries, doctor visits, and prescription medications. It helps individuals manage healthcare costs and ensures access to necessary medical services. Health insurance can be provided by employers, purchased individually, or offered by government programs.
General Insurance
General insurance encompasses various types of non-life insurance policies, such as home insurance, auto insurance, travel insurance, and business insurance. It provides coverage for risks other than those covered by life and health insurance, protecting against financial losses due to property damage, theft, accidents, and other unexpected events.