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Aim: What is the purpose of life insurance?. Do Now: List your current financial responsibilities at home . What are yo ur parents’ financial responsibilities? Date: Tuesday, May 6 th 2014. What is Life Insurance- Video. Sharina's Life Insurance Blog. What is life insurance?.

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aim what is the purpose of life insurance

Aim: What is the purpose of life insurance?

Do Now: List your current financial responsibilities at home. What are your parents’ financial responsibilities?

Date: Tuesday, May 6th 2014

what is life insurance video
What is Life Insurance- Video
  • Sharina's Life Insurance Blog
what is life insurance
What is life insurance?
  • Provides financial support (money) to your family or other dependents after your death.
  • Death benefit-helps those who are left behind to meet important financial needs such as
    • Funeral costs
    • Ongoing living expenses
    • College funding
what is a dependent
What is a dependent?
  • A child, husband or wife, possibly a parent, sister or brother, even a business partner
  • Anyone who depends on you financially
3 key questions
3 Key Questions
  • Do I need life insurance?
  • How much do I need?
  • What kind should I buy?
1 do i need life insurance
1. Do I need life insurance?
  • Evaluate your families needs
  • Gather all of your personal financial information and estimate what each family member would need to meet current and future financial obligations
  • Tally all of resources that your surviving family members who draw upon to support yourself

Life Insurance Need

Resources to meet them

Family Needs

2 how much insurance does a person need
2. How much insurance does a person need?
  • How much money will my family need after my death to meet immediate expenses?
    • Ex. funeral costs and debts (mortgage balances)
  • How much money will my family need to maintain their standard of living over the long run?
    • Ongoing expenses
    • Future obligations
3 what kind should i buy
3. What kind should I buy?
  • Permanent Life Insurance
  • Provides permanent lifelong protections as long as you pay your premiums
  • Has a cash-value

Term Life Insurance

  • Provides protection for a specific period of time
  • Term periods range from 1 year to 30 years. (20 years most common)
  • Advantage-Lower initial cost compared to permanent life insurance
discussion question
Discussion Question
  • How would a stay-at-home parent benefit from having a life insurance policy?