Life insurance provides financial protection to the policy holder's beneficiaries in the event of the policy holder's death. It is the only type of insurance that provides no benefit to the policy owner in the event of a claim, instead the policy owner often holds life insurance with the purpose of looking after their loved ones.
The benefit payable in the event of a claim can help replace the policy holder's income, cover outstanding debts left behind, pay for funeral expenses, or support the financial needs of dependents.
General insurance provides coverage for a wide range of risks other than life. It offers financial protection to the policy holder against losses or damages to assets, liabilities, and legal obligations. The purpose of general insurance is to protect individuals, businesses, and properties from various risks such as accidents, theft, property damage, liability claims, natural disasters, and more.