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Life & Health Learning Center

What to understand before you protect your income, your family, or your business.

Plain answers on life insurance, business and family planning, and health coverage, including the tradeoffs people get wrong. Written and reviewed by Richard Sweet.

Life and health

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Frequently asked

Most asked questions about life and health

How much life insurance do I need?
Enough to replace your income, pay off debts, and cover future goals like education for the years your family would need it. A common starting point is several times income, then adjust for debts, savings, and dependents.
What is the difference between term and whole life?
Term covers a set period at a lower cost and pays only if you die during the term. Whole life lasts your lifetime and builds cash value, at a higher premium. The right fit depends on your goal and budget.
Is my life insurance at work enough?
Usually not on its own. Group coverage is often one to two times salary and ends if you leave the job. Most people add an individual policy they own and control.
What does disability insurance cover?
It replaces part of your income if illness or injury keeps you from working. Since your paycheck funds everything else, disability coverage is often the most overlooked but important protection.
Do business owners need life insurance?
Often yes. Key person coverage protects the business if an owner or essential person dies, and buy-sell funding lets partners buy out a deceased owner’s share without a cash crunch.
What is key person and buy-sell insurance?
Key person insurance pays the business if a critical person dies. A buy-sell agreement funded with life insurance gives surviving owners the money to buy the deceased owner’s interest at a set value.
When should I start with Medicare?
Most people enroll around age 65, with specific windows that carry penalties if missed. The choices among Medicare parts and supplements matter, so it is worth reviewing before your enrollment window.
Glossary

Life and health terms, in plain English.

See the full glossary

Term life
Coverage for a set period at a lower premium.
Whole life
Permanent coverage that builds cash value.
Death benefit
The amount paid to beneficiaries.
Beneficiary
The person or entity who receives the benefit.
Disability insurance
Replaces income if you cannot work.
Own-occupation
Pays if you cannot do your specific job.
Key person insurance
Protects a business if a critical person dies.
Buy-sell agreement
A funded plan for owners to buy out a departing owner.
Medicare
Federal health coverage, generally starting at 65.
Medigap
A supplement that fills gaps in Medicare.
Group life
Employer-provided life insurance, often limited.
Convertibility
The option to convert term coverage to permanent.
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