8.6 life insurance lesson

8.6 Other Types of Insurance

Students will be able to:

• Explain how pet insurance works and how it compares to human health insurance

• Differentiate between short- and long-term disability insurance

• Decide when a life insurance policy is appropriate and how to select the best type for their needs

Open Ended

What is 1 risk you take every day?

Open Ended

3. What, if anything, do you do to protect yourself against those risks?

One risk we all take is getting in a vehicle. YOU SHOULD WEAR A SEAT BELT TO PROTECT YOURSELF!

Link
You can learn about pet insurance only if you want to

Open the link on the next slide to see an article about disability

Long Term vs Short Term Disability Insurance – What’s the Difference? | Guardian

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Labelling

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time between disability and payout

fraction of previous income you get

Length of time you’ll receive payout

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3-6 months

Up to 70%

Within a few weeks

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40-70%

90 days

maybe 5-year increments/until retire

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Finn says, “Why pay all those premiums when I might never need the coverage? I’ll wait until something happens and sign up for disability insurance then!” Why won’t this work?

You can’t file a ​
Placeholder
for something that happened ​
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you bought the insurance coverage! For most types of insurance, the coverage only starts ​
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you buy a policy, and any events that occurred before you had insurance are not ​
Placeholder
for claims.

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claim

before

after

eligible

insurance

​Disability insurance provides cash payouts if you’re unable to work. Life insurance also provides cash payouts if the insured person dies while the policy is in effect. First, watch the video at the top of the page and then explore the Questions and Answers that follow in order to answer these questions.

Life Insurance 101 – Life Happens

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Dropdown

How do you decide if you even need life insurance?

If someone else depends on you ​

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, and they would ​

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if you died, you might want to get ​

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insurance; if no one depends on you financially, you probably ​

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it.

Dropdown

If you have life insurance, and you are the one no longer alive, who gets the benefit payout?

The benefit goes to the “life insurance ​

Select answer

,” which you choose when you open the policy (and which you can ​

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if circumstances change). The beneficiary can be a family member(s), a ​

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, etc. that is still ​

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or existing when you die.

​If you get divorced, you need to remember to change all of your beneficiary paperwork/will.