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Is Insurance Worth Buying?

Students learn about insurance options and possible risks. They play a game where they first choose levels of insurance coverage and then face random events. They track the cost of their insurance choices (premiums plus lost investment income) and the benefit of their choices (loss reduction) based on each event drawn. They determine whether the insurance choices they made were financially beneficial or not and why insurance may be a good idea regardless.

•  Lesson (pdf)

•  PowerPoint slides (pptx)

The Making Personal Finance Decisions curriculum teaches valuable personal finance lessons grounded in economic theory. The curriculum is divided into 10 themed units, with each unit containing two lessons. The twenty individual lessons employ a variety of teaching strategies designed to engage students in the learning process and equip them with the knowledge and skills necessary to make informed personal finance decisions. Is Insurance Worth Buying? is lesson 10B of Unit Ten: Protecting.

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Audience:   High School
Language:   English
Subjects:   Economics, Mathematics, Personal Finance
Resource Types:   Lessons, PowerPoint
Concepts:   Budget/Money Management, Decision-Making, Incentives, Insurance, Interest, Opportunity Cost, Risk