A premium is the amount of money an individual or business pays for an insurance policy. Insurance premiums are paid for policies that cover healthcare, auto, home, life, and others.
A deductible is the amount you pay out of pocket for covered services before your insurance plan starts to pay. For example, if you have a $1,000 deductible, you pay the first $1,000 of covered services yourself.
To file an insurance claim, you typically need to contact your insurance provider as soon as possible after an incident. You'll need to provide details about the event, policy information, and any supporting documentation like photos or police reports. Most insurers offer online claim filing or a dedicated phone line.
Term life insurance provides coverage for a specific period (term), while whole life insurance provides lifelong coverage and includes a cash value component that grows over time. Term life is generally less expensive.