Gross annual income - An individual's total yearly income prior to taxes and other deductions being taken out.

Burial costs - The costs associated with the burial of a loved one. Depending on custom and preference, these costs may include the funeral home and cemetery fees, mortuary fee, as well as those costs associated with any religious ceremony or social gathering held to honor the deceased.

Estate taxes - A tax imposed on the transfer of property from the deceased individual to his/her heirs.

Term insurance - An insurance policy that covers a specific time period. A 30-year term policy only covers the policyholder for thirty years. The term can often be extended, but only for an additional fee paid in advance.

Premiums - A regular installment payment on an insurance policy

Death benefit - the payment made to a beneficiary (or survivor) from an insurance policy or annuity when the policyholder dies. May also be referred to as a survivor benefit.

Cash value - The amount payable in cash to a policyholder upon cancellation of an insurance policy before it becomes payable upon death or maturity. This may also be referred to as the surrender value.

Face value - The dollar amount named in a policy by the issuer. After an insurance policy has matured, its face value can be paid to a policyholder or survivor.

Annuity - An investment product sold by an insurance company that is designed to provide payments to the holder at specified intervals, usually following retirement. The holder is taxed only when they start taking distributions or if they withdraw funds from the account. All annuities are tax-deferred, meaning that the earnings from investments in these accounts grows tax-deferred until withdrawal. Annuity earnings cannot be withdrawn without penalty until a specified date. Fixed annuities guarantee a certain payment amount. Variable annuities don't, but they do have the potential for a better return on your money. Both are typically safe, low-yield investments. An annuity has a death benefit equal to the current value of the annuity or the amount the buyer has paid into it, whichever is greater. If the owner dies before the annuity has fully matured, his or her heirs will receive the amount accumulated in the annuity. This money is subject to regular income taxes in addition to estate taxes.

Deductible - The amount of money a policyholder must pay out-of-pocket to cover a loss before reimbursement begins. If a person with a $500 deductible on their auto insurance policy is involved in an accident, they are responsible for paying the first $500 of any claim. Assume that $3800 worth of damage has been done to their car. They would pay the first $500 of the repair; their insurance company would cover the remaining $3300.

Co-pay - Similar to a deductible, a co-pay is the amount an insured individual will be expected to pay at the time of a medical visit.

State insurance regulator - Click on this link to locate the website of your state's insurance commissioner:

First-dollar coverage - Insurance coverages or benefits that pay the entire covered amount without subtraction of or use of a deductible.

In/Out-of-network provider - A health insurance policy may specifically limit the delivery of care to its own network of doctors, nurses, clinics, etc. It is possible to be allowed to see a health care professional outside the network, but you'll likely have to pay for the privilege.