Decide upon which insurance options you want to buy.
Insurance Options:
1. Term life insurance (5 times gross income). Cost $25 per month
2. Long-term disability insurance (will pay 60% of your gross salary if you cannot work in your own occupation up to age 65. 3 month waiting period before benefits start). Cost 1% of gross salary per year.
3. Short-term disability insurance (will replace 100% of your gross income if you cannot work or become ill. Salary replacement will last up to 3 months maximum). Cost $50 per month.
4. Health insurance – pays for all preventative exams and immunizations. Pays 80% of all other expenses including Dr. bills and prescription drug costs. Cost $500 per month. Assume that you are too old and can not be covered by your parent’s medical insurance policy.
5. Dental insurance – pays for all dentist bills including braces for minor children. Cost $50 per month.
6. Car insurance – pays to replace car if damaged in an accident. Compensates the people you injure in an accident up to $300,000. Cost $50 per month.
7. Homeowners/renter’s insurance – replaces your personal property in case of fire or theft. Pays to rebuild the residence and temporary living expenses. Cost 1% of your home value or annual rent.
8. Umbrella liability coverage – pays any time you are sued for up to $2 million each time. Cost $500 per year. (Must have auto and homeowner’s/ renter’s insurance to be able to buy this.)
Grading Rubric for paper:
Organization of paper. Up to 20 points
Responding to each insurance option. Up to 20 points.
Supporting your decision on why you would or would not get each insurance policy. Up to 40 points.
Spelling, grammar, capitalization, punctuation, and word choice. Up to 20 points.
Incorrect information or calculations. Up to -10 points each.
Failure to follow directions. Up to -10 points.
Failure to include a summary of what insurance was purchased and the total $ amount. Up to -10 points.
Late work. -10 points per day.
R-cn188
InsurancePaper20191.docx
0
