Term life insurance is set for a specific period of time. Therefore, if the policy owner passes during the term they were insured the policy is paid out. This plan is contrasted compared to Permanent life insurance policies, do not expire and have a savings component.
Whole life insurance has a different component compared to other life insurance options, it works as both an insurance and an investment. The plan will pay out the agreed amount at time of death, but can also be used as cash value to be borrowed or withdrawn.
Disability insurance insures that workers are protected in case of an accident. The coverage varies from plan to plan, but typically provides an alternative income if the individual is disabled for a long period of time. The program is managed by the Social Security Administration.
The last burden you want to put on your family in the event of your passing is a financial burden. Unfortunately funerals aren’t free, and if you plan accordingly, it is a hassle that can easily be avoided. Burial insurance is a cash policy, which builds cash value over time and provides permanent coverage.