There are many differences between insurance and social assistance programs. For instance insurance covers not only ones vehicle but also their home. While social assistance programs help a person with paying their utility bills, housing or food. Insurance is something a person buys and pays for from an insurance company. These payments are often made in monthly premiums. Types of insurance coverage of both vehicle and home include but not limited to; fire, theft, and flood. Social assistance programs are usually run by the government, churches, or other groups, and this assistance is free. They offer assistance to needy families either dealing with hard financial times, victims of disasters, etc. A person usually has to apply and meet certain requirements as set by the group in order to receive it.
While both disability and life insurance pays for expense’s one deals with the living and the other with the dead. Disability insurance covers an employee if they get injured or sick, and they cannot return to work for a set amount of time These policy’s also comes in two forms; short-term and long-term, and benefits do not engage until all sick time is exhausted plus it only pays a percentage of that employee’s wages. A short-term policy usually lasts only 3 to 6 months but can last as long as 24 months. The long-term policy covers a person if they can no longer return to work because of catastrophic illness or injury. Both term and whole life insurance works almost the same way. With term life insurance you can hold a policy for a specific amount of time, 5, 10 or even 30 years. One drawback to this is once your policy is expired you are no longer covered. Whereas with whole life you are covered until you are deceased. Taking a whole life insurance policy you are also building wealth. Each year the policy accumulates a cash value that can be