Insurance Project by Ismail Elkhatib https://padlet.com/ismaile677/gucxbakxf3zo Insurance in different scenarios en-us 2018-03-23 12:59:32 UTC 2018-05-17 09:27:08 UTC hello@padlet.com Insurance necessities ismaile677 https://padlet.com/ismaile677/gucxbakxf3zo/wish/245433039 By: Ismail Elkhatib ]]> 2018-03-23 13:04:26 UTC https://padlet.com/ismaile677/gucxbakxf3zo/wish/245433039 What type of insurance do you need as a single person just starting out? How do these needs change when you have a family? How do they change when you retire? ismaile677 https://padlet.com/ismaile677/gucxbakxf3zo/wish/261500266
  • Life insurance, disability, and long term care
    • 2. They increase dramatically because your family depends on you to provide for them. 
    3. Disability insurance is not a need anymore but life could be needed if people have disabled adult children. Long term care helps a lot when people can’t perform at least 2 activities of daily living 


    ]]>     2018-05-17 08:54:26 UTC https://padlet.com/ismaile677/gucxbakxf3zo/wish/261500266     What is your human life worth? ismaile677 https://padlet.com/ismaile677/gucxbakxf3zo/wish/261500943 $2,364,254.09]]> 2018-05-17 08:56:48 UTC https://padlet.com/ismaile677/gucxbakxf3zo/wish/261500943 What life events do you need to consider when evaluating and re-evaluating your life insurance needs (you should find 8-10)? List each event and provide an explanation why each has an effect on your life insurance choices. ismaile677 https://padlet.com/ismaile677/gucxbakxf3zo/wish/261501160
  • Married: Because if we both work to pay off bills and if one of us dies then how would the other person be able to pay off bills
  • Married with kids: Sometimes it takes 2 parents to make neds meet and if one us in gone how would the kids go to college, or how would the other person pay rent 
  • Single parent: Being a single parent is a lot to handle as you have many jobs, but if you die you would want to protect your kid’s financial future. 
  • Stay at home parent: it doesn't matter if you don't produce income but you still want your family to live safely financially
  • Grown children: It doesn’t matter if you have grown children and everything is paid off you still want your spouse to live the life you guys worked so hard for 
  • Retired: With the life insurance, it helps the people who are inheriting your estate pay off taxes and etc.
  • Small business owner: As an owner who might die soon, you know the business helps provide for the family why not continue that. If you get insurance, the other co owners or people can buy your share of the company upon an agreed price and the money would go to the family
    • Single: Some sing people might not need it unless you’re supporting aging parents or siblings in that case you would need the 
    • ]]>     2018-05-17 08:57:41 UTC https://padlet.com/ismaile677/gucxbakxf3zo/wish/261501160     Who needs disability insurance? What are five (5) examples of life changes that will cause you to re-evaluate your disability insurance? ismaile677 https://padlet.com/ismaile677/gucxbakxf3zo/wish/261503053 1. People who have jobs
    2. Family, past injuries, illnesses, health history with relatives, work 

    ]]>     2018-05-17 09:05:36 UTC https://padlet.com/ismaile677/gucxbakxf3zo/wish/261503053     List and explain the five (5) types of disability insurance. ismaile677 https://padlet.com/ismaile677/gucxbakxf3zo/wish/261503203
  • Workers compensation: If you get sick or injured that is work related, then the employer pays about ⅔ of your pre-disability income
  • State disability insurance programs: a handful of states provide short term disability coverage, usually for up to 6 months. 
  • Social security: this covers for most workers but qualifying is hard and the pay is just above the poverty line
  • Employer-sponsored coverage: Its coverage provided by the employer and its generally short term which replaces a significant percentage out of your income and some provide long term which replaces 40%-60% of pretax income. It's a lot easier qualifying for it than personal disability insurance
  • Individual disability insurance: most flexible and reliable source. You don’t need to worry about losing coverage if you change jobs. Generally pay up to 40%-65% of gross salary. Receive benefits income tax free. 
    • ]]>     2018-05-17 09:06:13 UTC https://padlet.com/ismaile677/gucxbakxf3zo/wish/261503203     When should you get LTC insurance? What types of care are covered? ismaile677 https://padlet.com/ismaile677/gucxbakxf3zo/wish/261503455 1. After age 65
    2. Skilled, intermediate, custodial
    ]]>     2018-05-17 09:07:13 UTC https://padlet.com/ismaile677/gucxbakxf3zo/wish/261503455     Scenarios ismaile677 https://padlet.com/ismaile677/gucxbakxf3zo/wish/261503720 Scenario 1: You are 23 years old. You just graduated college and landed your first adult job. You are single with no children.
    Disability insurance and life insurance. Temporary life insurance and most likely workers compensation. Due to the fact im still young but i do want to help provide for my family when im gone or injured 

    Scenario 2: You are 40 years old. You are married with two children. You have a house, cars, and an establish career.
    Life, disability, long term care. Permanent life, individual disability insurance, and skilled because im getting to that age where i need to start saving a lot and my health is decreasing so it would be easy for me to get injured, sick or die. So i need it to provide for my kids and wife when im gone. 

    Scenario 3: You are 65 years old. You are married with no children in the house. You just retired. 
    Life insurance and long term care. Permanent life and custodial care because i'm old and weak that i might die soon and if i do i want me spouse to live the life we worked hard for and if im sick i need custodial care to help with my everyday activities. 



    ]]>     2018-05-17 09:08:13 UTC https://padlet.com/ismaile677/gucxbakxf3zo/wish/261503720