Lesson 10 - Overview

Lesson 10 - Financial Planning and Life Insurance

Objectives

Upon successful completion of this lesson, students will be able to:

LO10.1	Define life insurance and determine your life insurance needs.
LO10.2	Distinguish between the types of life insurance companies and analyze various life insurance policies these companies issue.
LO10.3	Select important provisions in life insurance contracts and create a plan to buy life insurance.
LO10.4	Recognize how annuities provide financial security.

Overview

Even though putting a price on your life is impossible, you probably own some life insurance—through a group plan where you work, as a veteran, or through a policy you bought. Life insurance is one of the most important and expensive purchases you may ever make; therefore, it is important that you budget for this need. Deciding whether you need it and choosing the right policy from dozens of options take time, research, and careful thought. This chapter will help you make decisions about life insurance. It describes what life insurance is and how it works, the major types of life insurance coverage, and how you can use life insurance to protect your family.

When you buy life insurance, you’re making a contract with the company issuing the policy. You agree to pay a certain amount of money—the premium—periodically. In return the company agrees to pay a death benefit, or a stated sum of money upon your death, to your beneficiary. A beneficiary is a person named to receive the benefits from an insurance policy.

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Chapter 10 (LearnSmart)

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Chapter 10 Narrated Slides Links to an external site.

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Chapter 10 Videos

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PF Ch 10 Discussion Outline.docx Download PF Ch 10 Discussion Outline.docx

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LearnSmart (estimated 45 minutes, but will vary by user)
Chapter 10 Homework (6 questions, You may want to wait until after math lesson in class.)