So are you saying that I can take my seed phrase that was generated on Ledger and input it on Electrum wallet and recover my funds if ever needed - like if the Ledger device had a failure?
Thank you all for taking the time to respond to me, your insight in valuable and I appreciate it.
Correct. That's why people usually choose wallets that generates BIP39 seeds. It gives them the liberty of only backing it up once only while allowing them to generate essentially unlimited number of addresses to be used.
On the other hand, I can't find BCVault using HD seeds but I think they're asking their users to back it up to an SD card and it can only be restored on another BCVault device. If your device fails, you'll probably have to buy another one.