Explain Insurance to Kids

Parents and teachers believe that it is important to make students use the money wisely. If you have a savvy 10-year-old asking how insurance works or preparing your student’s high school to seek independence, teach your child how insurance works.

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Consider ways in which you – or anyone – not a lot of money. Consider disaster events such as earthquakes, hurricanes, fires or illness – which can lead to medical bills is huge – or someone with a car accident.

Tell your child every month you pay a certain amount of money for car insurance, life insurance, health insurance and home insurance. Similarly, the company will pay the insurance promises given some money to cover expenses if you have a catastrophic event listed in your policy.

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To explain how the company operates insurance, give your child money artificial – for example board game – and be your child to divide the money in several diphaele. Explain this pile of money each corresponding to a different level of insurance company. And then ask your child provides a one dollar to each insurance company. This explains the money created by insurance premium. Repeat three times created three months of litsiane. Next, pretend someone was catastrophic event. Show your child to have some money to the insurance company will pay the costs and insurance company which then held the rest to cover NOT reduce the cost of using facilities.

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Discuss the advantages and disadvantages of various insurance organizations: the love Provider Organization, the Health Maintenance Organization, because the service plan and strategy, such as Whole Life, Time Life policies long neglect of insurance. If possible, do your research these types of strategic planning This insurance so your child can check the already known about the advantages and benefits need one another.

Show your child plans you have shots of your car, your home and health insurance. Explain your plans work and discuss why you chose these companies and projects. your decisions based on price or on the various options, or both. Answer the questions your child might ask your child and ask what to do in the same situation.

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