Life and disability insurance are two types of insurance policies that provide monetary security in the event of certain life-altering situations.
Life insurance is a policy that pays out a lump sum amount to the beneficiary designated by the policyholder upon the policyholder's death. Life insurance provides financial protection to the policyholder's dependents, such as their spouse, children, or other family members, in the event of the policyholder's untimely death.
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Disability insurance, on the other hand, provides income replacement if the policyholder becomes unable to work due to a disabling injury or illness. Disability insurance policies can provide short-term or long-term coverage and may be purchased by individuals or offered as a benefit by employers. The purpose of disability insurance is to provide financial protection to the policyholder and their dependents if the policyholder becomes unable to work and earn an income.
