<input type="radio" name="value" id="product1"> <label for="product1">Product One</label>
You can obtain the label’s text with this jQuery code:
var text = $("input:checked + label").text();
The + signifies the adjacent selector. It will only select a label which has a checked input next to it.
If your label element has to be placed before the input, a single CSS selector can’t get a reference to it. Using jquery, you can however get a reference to the “previous child element” with the prev() function.
var text = $("input:checked").prev().text();