Life insurance is a contract between an individual and an insurance company in which the individual pays regular premiums to the company in exchange for a payout to designated beneficiaries upon the individual’s death. Life insurance aims to provide financial protection for the individual’s loved ones in the event of their unexpected death.

Health insurance acts as a financial safety net, which enables people to receive essential medical treatment without incurring excessive out-of-pocket expenses. It shields against unforeseen healthcare costs, encourages preventative care, and gives individuals and families a feeling of security in case of sickness or injury.