Whole Life Insurance
Also called: whole life, permanent life insurance, cash value life insurance
Life insurance that lasts your whole life and builds some savings inside it. It costs a lot more than term life.
Example
Your grandma has a whole life plan that she has paid on for years.
Why it matters
Ask how much it costs compared to term life before you buy, and ask how the seller gets paid.
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More in Benefits
401(k) Match
Extra money your job puts in your 401(k) when you save in it too. It is like free money for your future.
Coinsurance
Your share of a medical bill after you meet your deductible. It is a percent, not a set amount.
Copay
A set amount you pay for a doctor visit or medicine. The insurance pays the rest.
Deductible
The amount you pay for care each year before your insurance starts to help pay.
For learning, not personal financial, tax or legal advice. Rules and limits can change each year, so check official sources (like IRS.gov or your plan's documents) or a trusted pro before big decisions.