The Basics of Life Insurance
Learning Goals/Objectives:
The students will:
- Identify the primary purpose of life insurance and situations when life insurance is important and not so important to have.
- Explain the differences and similarities between term and cash-value policies.
- Differentiate between whole-life, limitedpayment and endowment policies.
- Evaluate the costs and benefits of various types of life insurance.
Overview:
This lesson focuses on basic information that everyone should know and be able to apply when they purchase life insurance. This knowledge is especially important for recent high school graduates who ar8:15 5:00e approached to buy life insurance.
The main purpose of life insurance is to replace lost income if a family wage earner dies. First the students determine who needs life insurance most. Then they analyze the advantages and disadvantages of term life insurance and various types of cash-value life insurance.
This lesson uses a reading and an activity to help the students understand the primary reason why people should buy life insurance, who should buy life insurance, the variety of policies available and the criteria they should use to decide which life-insurance policy to purchase.
Activities:
- Detailed in Lesson document availble for download below.
Materials:
- Visuals 2.1 and 2.2 (availble for download below)
- One copy of Activities 2.1, 2.2, 2.3 and 2.4 for each student (available for download below)
Download:
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