Life & health insurance
Protect the people you love and your own care.
Life insurance can provide financial support for the people you name. Health insurance determines what medical care actually costs you. Understanding both turns confusing terms into choices you can make with confidence.
Choose your state
Select your state to see its requirements, available coverages and official contacts on this page.
Life insurance
Financial protection for the people who rely on you.
A life policy pays a death benefit to the beneficiaries you name. The main choice is between coverage for a set period and coverage designed to last for life.
A benefit for the people you name
The death benefit goes to your beneficiaries. Reviewing them after major life changes keeps the policy aligned with your wishes.
Term for a defined need
Term coverage lasts a fixed number of years and generally pays only if death occurs during the term. It can fit needs with an end date, such as a mortgage or raising children.
Permanent for lifelong coverage
Whole and universal life are designed to last for life and include a cash value component. Costs, fees and guarantees vary by product.
| Type | What it generally is |
|---|---|
| Term life | Coverage for a fixed number of years. It generally pays only if death occurs during the term. |
| Whole life | Permanent coverage, generally with fixed premiums and a cash value component. |
| Universal life | Permanent coverage with more flexible premiums or benefits and a cash value component. Rules vary by product. |
| Group life | Coverage offered through an employer or organization, often tied to membership or employment. |
This is general information, not a recommendation of any product. Read the contract and ask for a written illustration where one applies.
Choosing coverage: five questions
- Who depends on your income?Start with the people who would be affected and what they would need to cover.
- What obligations would remain?List debts and ongoing costs the benefit might need to cover.
- How long does the need last?Match a term length to the period you want covered.
- Is coverage through work enough?Group coverage can end if you leave the job, so check what happens next.
- Who are your beneficiaries?Name them clearly, include contingent beneficiaries, and keep them current.
Health insurance
Know what your care will really cost.
Most people get coverage through an employer, a government program or the individual Marketplace created under the Affordable Care Act. The monthly premium is only part of the cost.
Look beyond the premium
Deductible, copayments and coinsurance decide much of what you pay when you use care.
Know your ceiling
The out-of-pocket maximum is the most you pay in a plan year for covered, in-network care. Premiums do not count toward it.
Check the network
Plan types such as HMO and PPO differ in which providers are covered and whether you need referrals.
| Term | What it means |
|---|---|
| Premium | What you pay to keep the plan active, usually monthly. |
| Deductible | What you pay for covered services before the plan starts paying its share. Some services may be covered before it is met. |
| Copayment | A fixed amount you pay for a specific service or prescription. |
| Coinsurance | Your percentage share of a covered cost, usually after the deductible. |
| Out-of-pocket maximum | The most you pay in a plan year for covered, in-network care. Premiums do not count toward it. |
Eligibility rules, enrollment dates and financial help can change by year and by state. We verify specifics against HealthCare.gov, CMS and state sources before publishing them, and we keep current law separate from proposals.
Guides
Go deeper.
Each guide cites its sources.
Questions
Common questions.
Who receives the death benefit?
The beneficiaries named on the policy. Review them after major life changes and confirm the process with your insurer.
Do I always need a medical exam for life insurance?
No. Some policies require an exam or health questions and others do not. Underwriting rules and pricing vary by insurer and product.
What happens when a term policy ends?
Coverage ends at the end of the term unless the policy allows renewal or conversion. Those terms are in the contract.
What is the Marketplace?
A place, run by the federal government or a state, where you can compare and enroll in individual health plans. Many states use HealthCare.gov and some run their own marketplace.
When can I enroll in a health plan?
Generally during an annual open enrollment period, or during a special enrollment period after certain life events. Confirm exact dates on HealthCare.gov or your state marketplace.
Can I get help paying for health coverage?
Financial help may be available depending on factors such as income, household size and state, and the rules can change. Use official sources to check the current rules.
Cover the rest of the picture.
Review the protection for your vehicle and your home, which are often the largest financial exposures after income.