Although this is a lesson on insurance, the bigger idea that I'm trying to teach in this lesson is the idea of financial risk. I found that when I did this lesson, students assumed that they needed life, content, health insurance, etc without realizing that does affect your budget and it's okay to go without some insurances if it's not the right time or if you rather save the money and take the risk. The important example that I talked about was life insurance, since that's only needed if you have dependents that need your income if you die. Things like health insurance and income insurance are covered by things like our health care system and ACC. We also talked about how health insurance might be something you want to get later in life when people's health generally decline. However, do point out that it's important to get health insurance before major issues arise because preexisting conditions may not be covered or could result in a higher fee. Basically, I want them to be mindful about how their risk profile changes from when they're in their 20s, 30s, 40s, etc and with their lifestyle. 

Feel free to cut this lesson if you're short on time or you find a better way for them to learn how to access risk. Granted, I do think it's important to also understand the terminology of the insurance policies before they sign it. 

When you go over the Do Now, make sure you cover the following questions as well. 

• • What do you think the difference is between the premium fee and the excess fee? 

  • What do you think comprehensive insurance covers?

  • What are some ways that Ms Garlick could reduce her car insurance bill? 

  • What other items or events do you think would be good to have insurance for? 

Answers for the Do Now.

The other thing you can mention to them is that they can get an insurance broker, which is free as their fee is covered by commission. Again, this is another thing that can be used as a teaching tool to talk about the pros and cons of using a broker and when it might be appropriate to pay someone else and when it's better for you to do the job yourself. Another useful life skill. 

Feel free to also swap in your own/a different example of an insurance plan. Again, using your own examples is a good way to show the real-life accepts to what they're learning and to build connections.