Insurance

Auto  Renter's  Life

There are three types of insurance coverages that will need to be selected for your project:  Auto, Renter's, and Life
 

It will be very helpful if you contact your family’s local insurance agent for this portion of the project. They generally are very willing to talk with high school students....especially if it is their client’s student.  If not, use quality internet companies.

Although not recommended for your primary source, you can consult the INTERNET for comparison quotes. You can use any web site, but the following sites have been found to be helpful for auto and life insurance.

DISCLAIMER: At any time any internet source could be unavailable or malfunctioning. If so, try another site.

AUTO INSURANCE:

To select your auto insurance, and in order to talk intelligently with your agent, or to understand the questions on an internet website, first read through Chapter 14, Sections 1 and 2, in your book to become familiar with the different types of insurance coverages available.

You must first have your car selected (age, make and model - keep the ad handy to consult), know your apartment’s zip code, and use a birth date that allows you to be 24 years old.

Contact the insurance company early enough to give yourself PLENTY OF TIME for the agent to prepare a "quote" for you. Once you have your quote from the agent and/or the website, highlight the pertinent information and calculate, if necessary, the MONTHLY payment to put on the final budget sheet.

A write-up is prepared that supports and explains your coverage selections.

RENTER’S INSURANCE:

Reference Chapter 14, Sections 1 and 3 for help with this.

Your family’s agent should be able to give you a quote on renter’s insurance.

All renters need insurance to cover their personal belongings and to protect themselves in case someone is injured while in the apartment. You will need to know the address of the apartment and the zip code because this insurance is priced by location. If the quote does not include a monthly premium, do the math (not handwritten) to establish a dollar amount to place on the final budget sheet. Highlight the pertinent information on any quote.

A write-up is prepared that supports and explains your coverage selections.

LIFE INSURANCE:

You may find that your life insurance policy can be obtained from the agent (or website) who provided you with auto and renter’s insurance. For a second quote you could use the same website as the auto insurance quote. (Click on "life insurance" instead of "auto quote.") Before you talk to your family’s agent or use a website, you will need to refamiliarize yourself with the different types of life insurance policies. Read Chapter 14, Sections 1 and 5, for details and to review the differences between permanent, term or combination types of policies. "Term" is most common for younger, unmarried people such as you will be for this project. You will also need to select a "face value" amount (the amount your beneficiaries will receive when you die). The greater the face value, the more expensive the premium, or payment, to the insurance company. Remember your need for life insurance beyond paying for a funeral $10,000-is probably small- possibly a few debts-so the face value of your policy does not need to be too high. Generally between $50,000 and $100,000 is enough.

Your age for this project is 24 and the agent (or website) needs to know this to make an accurate quote. You might be asked your annual salary for the PROJECT (approved by me), height, weight and answers to some health related questions possibly for the agent and for the website if you choose to get comparison. Do the math to establish a monthly amount you will set aside for life insurance. Highlight pertinent information and the company name on the printouts.

A write-up is prepared that supports and explains your coverage selections.

SPECIAL NOTE:

Please remember (if you decide to talk to a person and not a website) that insurance agents don’t work every night, weekend or holiday. You will need to MAKE AN APPOINTMENT before actually talking to him or her and that would require extra effort on your part. Remember to ask for a print out from their computer that details your insurance coverage to put into your portfolio. Call your family’s agent. You will probably have better luck with him or her because he/she knows your family.

The page you develop for each insurance type will need to be accompanied by the original website printouts (with website name and printing date shown) to support the "developed" page (like a bibliography for computer pages).