Life Insurance & Health Insurance

Permanent insurance

Whole life insurance is considered to be permanent.

Term Life Insurance

temporary insurance that pays only a death benefit and is in effect for a specific period of time.

Credit Life Insurance

A special type of coverage written to pay off the balance of a loan in the event of the death of the debtor.

Major Medical Insurance

A type of health insurance that usually carries a large deductible and pays covered expenses up to a high limit whether the insured is in or out of the hospital.

Disability Insurance

A type of insurance paid to an individual if he/she is injured and is unable to work for a specified length of time.

Whole life insurance

Insurance that is kept in force for a person's entire life and pays a benefit upon the person's death, whenever that may be.

Co-pays

The portion of a medical service charge paid by the insured. This is paid first and the balance of the charge is submitted to the insurer for payment.

Universal Life Insurance

a flexible plan that allows the policyholder to change the death benefit and the premiums throughout the life of the policy.

Variable Life Insurance

a form of permanent insurance that provides a death benefit with investment option. Premiums are fixed.

Vision Insurance

insurance that covers part or all of the fees imposed for optician and optometrist services, including annual checkups, glasses, contact lenses, and surgery

Decreasing term insurance

the amount of coverage goes down each year, while the premium remains the same.

Level term insurance

the death benefit does not change, but the cost of the premium can go up every year.