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  What is Disability Insurance? Disability insurance is a contract between an individual and an insurer. In exchange for premiums, the insurance company pays a percentage of the policyholder’s income if they become disabled and cannot perform their work duties. Types of Disability Insurance Type of Coverage What It Includes Who Should Consider It Short-Term Disability Insurance Provides income replacement for a limited period, usually 3–6 months Employees needing coverage for temporary disabilities Long-Term Disability Insurance Covers extended disabilities that last years or until retirement Professionals and workers relying heavily on income stability Individual Disability Insurance Purchased directly by individuals, offering customizable benefits Self-employed or those without employer-provided coverage Employer-Sponsored Plans Group policies offered through workplaces, often at lower cost Employees of medium to large companies Government Programs Social Security Disability Insu...

  What is Life Insurance? Life insurance is a contract between the policyholder and the insurance company. In exchange for regular premium payments, the insurer promises to pay a lump sum (known as the death benefit) to beneficiaries upon the insured's death. This financial support helps families cover living expenses, debts, and future needs. Types of Life Insurance Type of Plan Key Features Who Should Consider It Term Life Insurance Provides coverage for a fixed period (10, 20, 30 years); usually affordable Individuals seeking low-cost protection for specific periods (e.g., until children are grown) Whole Life Insurance Offers lifelong coverage; includes a savings component (cash value) People looking for permanent coverage and a forced savings plan Universal Life Insurance Flexible premiums and death benefits; accumulates cash value Individuals who want lifelong coverage with adjustable terms Variable Life Insurance Death benefit plus investment options tied to market performanc...