ࡱ> IKH @ $bjbjVV (6r<r< $ #p$ (L L L L L >  """""""$q$R&v"L L "L L ""L L "" D"L   H 9.!""0#!9'g9'(D"9'D"< . ^ L ? ""  Name: ________________________ Hour: _________ UNDERSTANDING LIFE INSURANCE Why is it Important and How much do you need? Part One: Why is life insurance important? Please go to the  HYPERLINK "http://www.lifehappens.org/cat-life-programs/real-life-stories/life-insurance-for-individuals/" Real Life Stories link provided by Life Happens. Look at the video descriptions and pick two videos that seem interesting to you. Make sure they arent videos already shown during the life insurance lecture! After watching your videos complete the work below: Video 1 Title: ______________________________________________ Video 1 Summary: (Recap the story from the video in 4-6 sentences) ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Video 1 Personal Reflection: (Tell me what you THOUGHT about the video. Write at least 4-6 sentences, make personal connections & explain how the video impacted you.) ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Video 2 Title: ______________________________________________ Video 2 Summary: (Recap the story from the video in 4-6 sentences) ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Video 2 Personal Reflection: (Tell me what you THOUGHT about the video. Write at least 4-6 sentences, making personal connections and explaining how the video impacted you.) ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Part Two: How much life insurance do you need? It is important to be able to estimate whether or not you actually NEED life insurance. There are a number of factors that can help you determine who would face financial hardship if something were to happen to you. Use the  HYPERLINK "http://www.lifehappens.org/life-insurance-needs-calculator/" life insurance calculator to determine how much additional life insurance is recommended for each of the story problems below: Mira Moore -- a healthy, 25 year old female Shed like to leave $15,000 for final expenses (enough to cover a funeral) No outstanding debts. Rents an apartment. Graduated college. Not married. No kids. Parents are fine. Is not supporting anybody. No retirement savings yet. Recommendations for Mira Explain why this number does (or doesnt) make sense: ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Michael Burris a healthy, 36 year old, married man. Hed like to leave $15,000 for final expenses (enough to cover a funeral) Michael has $35,000 in student loan and credit card debt. He and his wife have a $225,000 home mortgage They have two kids, ages 3 and 1. He and his wife would like to try and help their kids go to public college somewhere in their home state of Michigan. Michael works as a teacher and makes $55,000 per year. If something were to happen to him, Michael would want to replace his salary until his kids are grown up. That means for at least 17 years at this point. Michael has managed to put $20,000 into retirement accounts. The family doesnt really have any other savings right now. His job provides a small life insurance policy of $15,000 to all of their employees. His wife works part time and makes $25,000 a year. She expects to work for another 20 years. Their parents are fine and they arent supporting anybody else. Recommendations for Michael: Explain why this number does (or doesnt) make sense: ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 3. Stanley Weisenbach a 72 year old, retired widow. Hed like to leave $15,000 for final expenses (enough to cover a funeral) He and his wife paid off their house ten years ago. No mortgage. Its all his! They have four kids, who are all grownup. They also have 6 grandkids, who are the light of his life! Hed like to leave about $10,000 to each grandkid to help their parents offset some of the costs of college. Stanley was a welder back in the day. Hes retired now and lives off of a small pension and his social security checks. If something were to happen to him, that income wouldnt have to be replaced. Stanley does have a little bit of money in a 401k account. Its currently worth $24,000. He also has about $5,000 in a savings account. He doesnt have any other life insurance. 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