Financial Fitness Program Insurance
Group Brainstorm • What is insurance and why is it important?
Types of Insurance • Life • Health • Property • Casualty
Life Insurance • Term is pure life protection to protect future income stream • Cash value combines permanent protection with a savings element
Consideration for Life Insurance • Do I really need it? • How much coverage do I need? • Do your children need life insurance? • What type of insurance is right for me?
Tips for Buying Life Insurance • Buy enough insurance to protect family • Buy only one policy per family • Avoid insurance on children • Avoid special features • Shop around • Be wary • Read your policy
Property and Casualty Insurance • Homeowner’s insurance • Renter’s insurance • Auto insurance
Tips for Buying Homeowner’s Insurance • Insure your home for the real replacement cost • Only add a personal articles supplement or floater if the financial loss would be great • Take photos or videos of your possessions and store them in a safe place
Renter’s Insurance Coverage • Protection against destruction of belongings by fire or other covered cause of loss • Theft coverage • Family liability protection • Coverage for reasonable increase in living expenses due to loss of use
Renter’s Insurance Discounts • Smoke alarms • Fire extinguishers • Security system • Dead bolt locks • Over 55 and retired
Tips for Saving Money on Auto Insurance • Consider higher deductible • Drive carefully • Choose a safe care • Avoid duplication of services • Install safety features and devices • Use one insurer
Tips for Saving Money on Auto Insurance • Ask about senior discounts • Carpool • Take driver’s education and defensive driving courses