I NSURANCE. L EARNING O UTCOMES Section 1: Protecting Your Wealth Section 2: Basic Types of Coverage Section 3: The Importance of Life Insurance Section.

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Presentation transcript:

I NSURANCE

L EARNING O UTCOMES Section 1: Protecting Your Wealth Section 2: Basic Types of Coverage Section 3: The Importance of Life Insurance Section 4: Insurance to Avoid

S ECTION 3

I MPORTANCE OF L IFE I NSURANCE Life insurance provides a monetary payout to beneficiaries (the person/people you elect to receive your money or other assets) in the event of your death. The financial risk associated with death is the loss of income necessary to support your family. Life insurance is to replace lost incomes due to death.

T YPES OF L IFE I NSURANCE 1. Term Insurance for a specified time period. Substantially cheaper Easy to understand Has NO Savings plan built into it. Only job is to replace income when you die. 2. Cash Value Insurance is normally left for life and is more expensive because it funds a savings plan. The most common insurance myth is that you need life insurance for a permanent situation. If you save, invest, stay out of debt, and have a solid financial plan, you will eventually become self-insured. When purchasing life insurance – you should buy only low- cost level term. Level Term means you pay the same amount for the entire term of the policy.

S ECTION 4

I NSURANCE TO A VOID Credit Life/Disability: Pays off a borrower’s debt if that borrower dies or becomes disabled (Term Life insurance overs this) Credit Card Protection: Insures your credit card debt (avoid credit card debt) Cancer & Hospital Indemnity Insurance: Insures you against cancer or other medical issues. Your health insurance already covers this Accidental Death: Insures you against unexpected accidents that causes death. Term Life Insurance does this Any insurance with cash value, investments, refunds: Anything that combines insurance with investments is a bad idea. Prepaid Burial Policies: If Invested instead, this money would pay for your burial policy many times over. Mortgage Life insurance: Pays off your home mortgage if you die unexpectedly or become disables. Your life insurance, which is times cheaper, already does this. Any kind of duplicate coverage: Any extra insurance on top of your existing insurance. Remember, you only need one policy for each type of insurance – The two insurance companies will fight over who pays the bill and nothing will get accomplished.

D ISCUSSION Q UESTIONS : 1. What is the purpose of life insurance? 2. What type of life insurance is recommended? 3. What are some types of unnecessary types of insurance? 4. How does someone become self-insured? BE SURE TO ANSWER THESE QUESTIONS – IN DETAIL – AND UPLOAD YOUR RESPONSES TO THE NOTES/PODCAST ASSIGNMENT ON CANVAS.