Insurance Project by Chase Childs https://padlet.com/chasec075/jfheigtqn8hk en-us 2018-03-22 17:23:39 UTC 2018-03-26 17:48:28 UTC hello@padlet.com General Info chasec075 https://padlet.com/chasec075/jfheigtqn8hk/wish/245135106 1. 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? When you start out you probably only need auto,home,and health insurance and possibly disability if you have a job you can get hurt. When you get a family you will need more of those plus life insurance, and when you retire you can choose to keep your life insurance or drop it. Outside of your priority insurance needs it can differ from person to person.

2. What is your human life worth? A way of deciding how much life insurance an person needs when looking at income,expenses,and how many years that person has left to work. Stanford university valued the average human life worth at around $129,000.



]]> 2018-03-22 17:26:08 UTC https://padlet.com/chasec075/jfheigtqn8hk/wish/245135106 Life Insurance chasec075 https://padlet.com/chasec075/jfheigtqn8hk/wish/245135406
  • What life events do you need to consider when evaluating and re-evaluating your life insurance needs (you should find 8-10)? a. Getting your first job b. getting married c. buying a house d. having a kid e. changing jobs f. divorce g. estate planning h. retirement planning 
    • a. When you begin your first job, that will be the first time you necessarily need to look at your benefit options
    b. You need to look at both of your plans and see if your business allows you to change to a group policy 
    c. When you buy a house you must make sure your current insurance would cover your outstanding mortgage 
    d. You must consider the ways in which your son or daughter depends on you for financial support
    e. When you change jobs you might increase how much you make, then you can increase your plan
    f. When you get get a divorce you can simplify your plan and decrease your premiums.
    g. You should consider the tax benefits of a life insurance policy to help provide funding to pay estate taxes by reducing them. 
    h. When you retire you are dropped from your employers group policy most likely and you can choose to start a plan if necessary
    ]]>     2018-03-22 17:26:32 UTC https://padlet.com/chasec075/jfheigtqn8hk/wish/245135406     Disability Insurance chasec075 https://padlet.com/chasec075/jfheigtqn8hk/wish/245135831
  • Who needs disability insurance?  Everyone who can be hurt or is worried about getting hurt on the job.
  • What are five (5) examples of life changes that will cause you to re-evaluate your disability insurance?  a. Births, deaths, divorces and marriages   b. Change in financial situation  c. retirement  d. Tax-law changes e. Every two years
  • List and explain the five (5) types of disability insurance.
    •     Non-Cancelable- You'll want non-cancelable disability insurance if you can afford it. Unless you stop paying the premium, the insurance company cannot cancel your policy.
        Guaranteed Renewable-  Your insurance company has a right to raise the premium if you decide to renew the policy.
        Conditionally Renewable-     Your insurance company can cancel the policy if one of the rules stated is broken.
        Cost of Living Adjustment- You can have the assurance that the benefits paid to you will be enough for you to pay your bills.
        Business Overhead Expense -      It pays for all expenses related to the business, salaries, if the person becomes disabled.
    ]]>     2018-03-22 17:27:06 UTC https://padlet.com/chasec075/jfheigtqn8hk/wish/245135831     Long-Term Insurance chasec075 https://padlet.com/chasec075/jfheigtqn8hk/wish/245136022
  • When should you get LTC insurance? When you hit or are just above 50 years old
  • What types of care are covered? Home care, Assisted living, adult daycare, respite care, hospice care,nursing homes, Alzheimer's facilities, and home modification to accommodate disabilities,

    • ]]>     2018-03-22 17:27:24 UTC https://padlet.com/chasec075/jfheigtqn8hk/wish/245136022     Looking into the Future chasec075 https://padlet.com/chasec075/jfheigtqn8hk/wish/245136303
  • For each of the scenarios below, explain what insurances you would choose to have and how much coverage for each type of insurance. Be sure to include an explanation.
  • Scenario 1: You are 23 years old. You just graduated college and landed your first adult job. You are single with no children. You will need Auto,Home or renters, health insurance, and possibly disability insurance. other than disability, the other forms are highly highly recommended for your age.
  • Scenario 2: You are 40 years old. You are married with two children. You have a house, cars, and an establish career. You will need Auto,Home, health insurance, and Life insurance. you will need all of these to secure your valuables and make sure if you die your kids and wife could survive without you.
  • Scenario 3: You are 65 years old. You are married with no children in the house. You just retired.  You will need Home,Auto,and health insurance. You do not need life because your kids are grown and you do not need disability because you are retired.


    • ]]>     2018-03-22 17:27:54 UTC https://padlet.com/chasec075/jfheigtqn8hk/wish/245136303