Insurance is a contract between a consumer and insurance company that outlines coverage plans to keep finances safe from unexpected risks. There are many types of insurance like life, health, car, and home insurance that protect against different situations depending on one's needs. Estate planning is also important and involves creating a will that details how one's money and belongings should be distributed after death. Reflection on risk management and how to achieve goals while minimizing financial risks is encouraged.

1. INSURANCE
FINANCIAL LITERACY
ERASMUS+ NEW LITERACY SET PROJECT
2015-2017

2. RISKS

3. INSURANCE
• insurance keeps finances safe, even when the unexpected happens
• insurance policy is a contract between the consumer and insurance company that
outlines coverage plans
• premium:the amount paid to the insurance provider every month in order to maintain
an insurance plan.
• co-pay: primarily for health insurance; the amount owed each time you visit the doctor.
• deductible: measured on a yearly basis; refers to the amount you must pay before your
insurance provider begins to cover costs.

4. TYPES OF INSURANCE
• there are many different types of insurance that protect us in different situations;
including life, car, homeowners, travellers, personal property and health insurance.
• depending on our needs, we seek different insurance types for protection
• STUDENT ACTIVITY – MY PERFECT PLAN
• STUDENT ACTIVITY – INSURANCE MATCHMAKER

5. MAKING AWILL
• in order to know where our money goes when we’re gone, we need to have an estate
plan that details what we would like done with our money
• estate planning is a process that helps plan for the distribution of belongings and
finances in the event of death
• an important part of estate planning is creating a living will
• STUDENT ACTIVITY – MAKING AWILL

6. REFLECTION
• write in your notebooks about the importance of managing risk and how you will manage
risks in your future
• What are the steps you will take to fulfill life goals while minimizing financial risk?
• How will you ensure your assets and family are protected no matter what life brings your
way?