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Module 8
Insurance & Retirement
Insurance is a great way to financially protect yourself from some of life’s biggest hardships so that when something bad happens, you don’t need to worry about your personal finances.
Be it your health, car, or home, insurance allows you to reduce your risk in life, by ensuring that you have financial security in case anything unexpected happens.
Module At A Glance
Grade Levels:
8th - 12th
Est. Length:
2-4 Hours (25 slides)
Activities:
4 Activites
Articles:
13 Articles
Languages:
English & Spanish
Curriculum Fit:
Math, Business, Economics, CTE, Social Studies
Standards Alignment:
CEE National Standards, Jump$tart National Standards & Relevant State Standards
Guiding Questions
- What is insurance and what are the different types?
- How does car insurance work?
- How is insurance considered an asset and how can it be used as a means of diversification?
- What is the difference between term life insurance & permanent life insurance?
- What are employee-benefits plans are why are they important for retirement?
Enduring Understandings
- Insurance is a contract that provides an individual or entity with financial protection or reimbursement against losses on property, assets or themselves.
- There are an array of insurance products available to individuals and entities.
- Term life insurance only lasts for the term of the policy, whereas permanent life insurance accrues value.
- Employee-benefits are a tax-efficient way to protect what you own and prepare for retirement.
Module Vocab & Key Topics
Insruance
Insurance is product which you can purchase to protect against unforeseen events such as a car accident, fire, or health issue. Typically, in order to maintain insurance, it requires paying monthly or annual premium payments to an insurance company.
Life Insurance
A type of insurance in which the policyholder pays a fixed premium over time, and receives a predetermined amount of money upon death or proof of terminal illness.
Health Insurance
A type of insurance that covers the costs of medical care for health-related expenses.
Disability Insurance
A type of insurance that provides income to a person who cannot work due to illness or injury.
Property Insurance
A type of insurance that compensates the insured for losses to their personal property from fire, theft, vandalism, water damage, and other perils.
Liability Insurance
A type of insurance that protects individuals and businesses from claims arising out of injury or damage caused by their negligent activities or omissions.
Professional Liability (E&O) Insurance
A type of liability insurance specifically designed to protect professionals such as attorneys, accountants, real estate agents, and others against claims made by clients alleging negligence or malpractice while performing their services or duties.
Workers' Compensation Insurance
A mandatory form of business insurance required by law in most states that provides compensation to workers injured on the job regardless of fault in exchange for relinquishing their right to sue their employers for damages related to the injury caused on the job.
Auto Insurance
An insurance policy designed to cover losses resulting from traffic accidents involving motor vehicles. It also covers legal liability resulting from those accidents as well as damages caused by uninsured motorists.
Long-Term Care Insurance
A policy designed to cover costs associated with long-term care services such as nursing homes and assisted living facilities for individuals unable to provide this care for themselves due to physical disability or cognitive impairment such as Alzheimer’s disease or dementia.
Annuities
A financial product typically sold by life insurers that pays out one lump sum up front or periodic payments over time based on an interest rate set at purchase while also providing certain tax benefits such as deferring gains until withdrawn at retirement age.
Retirement Planning
This is the process of saving and investing to create financial security for retirement. It involves estimating your life expectancy and calculating the amount you will need to have saved up in order to fund your desired lifestyle into retirement.
401(k) Plan
This is a type of employer-sponsored retirement plan that allows employees to save pre-tax dollars into a tax-advantaged account, usually with an employer match up to a certain percentage of contributions each year.
Roth IRA
This is an individual retirement account (IRA) that offers tax-free growth on investments and allows tax-free withdrawals after age 59 1⁄2, as long as certain conditions are met. Contributions are made with after-tax income, but qualified distributions are not taxed at all and can be taken at any time without penalty.
Social Security Benefits
This is the federal insurance program created by Congress in 1935 which provides monthly benefits to retired workers and their dependents, survivors, disabled workers, and more depending on their work history and earnings over time.
Defined Benefit Plans
These plans are offered by employers where employers promise employees future pension benefits based on fixed formulas that include employee age, salary history and years worked at the company when they retire from service with the company rather than focusing on current contributions made by either the employee or employer towards funding.
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The information contained on this website and from any communication related to this website is for information purposes only. Rapunzl Investments LLC (Rapunzl) does not hold itself out as providing any legal, financial or other advice. Rapunzl also does not make any recommendation or endorsement as to any investment, advisor or other service or product or to any material submitted by third parties or linked to this website. In addition, Rapunzl does not offer any advice regarding the nature, potential value or suitability of any particular investment, security or investment strategy. The material on this website does not constitute advice and you should not rely on any material in this website to make (or refrain from making) any decision or take (or refrain from making) any action. All investment, borrowing or tax decisions should be made with the advice of an appropriately qualified and licensed advisor.
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