What if your hardware wallet breaks down? All electrical goods break down eventually through old age, and sometimes they gt broken in accidents. Do any of the hardware wallet come with back up facilities, and what if someone steals your back up?
I believe most, if not all, of the wallets are HD wallets. Meaning, your password is randomly generated 12 (or 24) word string. You HAVE to write it down yourself and store it in a safe location.
Yes, overtime it could become corrupted or break down - but this "passphrase" will allow you recover all of your private keys on any type of hardware with the same standards.
For example, if my ledger wallet fails I can purchase a trezor wallet next. All I have to do is select the recovery option, input my seed words, and voila!