Personal Finance: Insurance

5) Insurance

  1. Vocabulary

  • Accidental Death Benefit
  • Appraisal
  • Beneficiary
  • Benefit Period
  • Bodily Injury Liability
  • Claim
  • Comprehensive
  • Copayments
  • Coverage
  • Death Benefit
  • Deductible
  • Endorsements
  • Elimination Period
  • EPO
  • Exclusions
  • Full Coverage
  • Gap Insurance
  • HDHP
  • HMO
  • HSA
  • Indemnity
  • Living Benefits
  • Mortgage Insurance Policy
  • No-Fault Insurance
  • Personal Injury Protection
  • POS
  • PPO
  • Premium
  • Property Damage Liability
  • Risk Class
  • Surrender Charge

  1. Health Insurance
  2. Research the cost of plans using healthcare.gov
  3. Go to https://www.healthcare.gov/see-plans/ and answer the questions they have asked you.
  4. Answer the question, “Are you enrolled with the 2017 Marketplace health plan?” question with a “no.”
  5. Answer the question “Who’s in your household?” with “just you.”
  6. Enter your age as at least “18.”
  7. Check the box for the option under “other information” for “Eligible for health coverage through a job, Medicare, Medicaid, or CHIP.”
  8. If the next page says you qualify for either CHIP or Medicaid your health insurance premium will be $50.
  9. After reviewing your information shop for the best health insurance program for you. (Higher deductibles typically mean lower premiums)
  10. Name of Health Insurance Company:______
  11. Name of Health Insurance Plan:______
  12. Monthly Premium Listed:______
  13. If not using Medicaid, your employer will pay half of this premium for this project.
  14. Deductible:______
  15. The deductible for Medicaid, if you qualify is $150.
  16. Type of Health Insurance Plan:______
  17. Health maintenance organizations (HMOs)
  18. Preferred provider organizations (PPOs)
  19. Exclusive provider organizations (EPOs)
  20. Point-of-service (POS) plans.
  21. High-deductible health plans (HDHPs), which may be linked to health savings accounts (HSAs)
  22. Term Life Insurance
  23. Research how much you need in life insurance using a calculator.
  24. Go to calculate how much you will need.
  25. Follow the directions and answer the questions to the best of your ability.
  26. Keep in mind any debt you may accumulate, those who depend on you, the deductible you may need to pay for health coverage before you pass, and that funerals tend to cost about $10,000.
  27. Leave the assumptions section the same as it loads.
  28. Estimated Life Insurance Needs:______
  29. Using the following options get quotes from the companies listed for monthly premiums for life insurance.
  30. *You do not have to put down you SOCIAL SECURITY NUMBER if/when they ask. You also do not have put your real address, email, or name. However, you must answer all questions concerning your lifestyle honestly.*
  31. Choose a 20 year plan for your term life insurance.
  32. Geico:
  33. State Farm:
  34. Progressive:
  35. Name of Life Insurance Company:______
  36. Name of Life Insurance Plan:______
  37. Life Insurance Monthly Premium:______
  38. Name of Two Beneficiaries
  39. Beneficiary One:______
  40. Beneficiary Two:______
  41. Vehicle Insurance
  42. Research the cost of car insurance and use the companies listed to get quotes on premiums.
  43. Liberty Mutual:
  44. Progressive:
  45. Geico:
  46. Name of Car Insurance Company:______
  47. Name of Car Insurance Plan:______
  48. Type of Car Insurance Plan:______
  49. Car Insurance Monthly Premium:______
  50. Reflection
  51. What were three surprising things you learned about insurance?
  52. What was the most important thing you took into consideration when choosing your policies?