Personal Protection
Life and Health Insurance
Health insurance helps with medical costs. Life insurance pays a benefit to beneficiaries after the insured person’s death, depending on policy terms.
Health Insurance Terms
- Premium: monthly cost for the plan.
- Deductible: amount paid before many benefits begin.
- Copay: fixed amount for certain services.
- Coinsurance: percentage share after deductible.
- Out-of-pocket maximum: annual cap for covered in-network cost-sharing.
Life Insurance Types
Term life covers a specific period. Permanent life may last longer and can include cash value features. The right choice depends on goals, budget and dependents.