YOUNG ENTERPRISE FINANCIAL RESOURCE
STUDENT RESOURCE
Gatsby Benchmarks 1 2 3 4 5 6 7 8
Insurance
AGES 11-14 : ACTIVITY FOR SCHOOL OR HOME ( WITH PARENTS )
Time : 30 minutes
Materials : Family Scenario cards
Your Money Matters ( optional )
The following images : a mobile phone , a house , a musical instrument , a person , a dog , a suitcase and a car
I can describe why insurance is important and identify situations where I might need different types of insurance . ( 11-14 )
I understand I need to take control of my money and alter my budget if my personal or financial circumstances change , or factors that affect everyone change , e . g . economy , interest rates . ( 11-14 )
Activity
This activity will help students to start thinking about how insurance could help us save money in the future .
Begin the activity by showing the following images , asking the student / s to call out when they recognise the financial product that links the items : a mobile phone , a house , a musical instrument , a person , a dog , a suitcase , a car .
Insurance is the financial product that links each of these items .
Insurance : A way to protect yourself against the financial loss of something going wrong . Insurance provides a guarantee of compensation for specified loss , damage , illness , or death , in return for payment of a specified premium .
We can pay a small amount of money each month , or a lump sum each year , to an insurance company . The company will then cover any costs that occur as a result of certain unexpected events .
Choose one of the family scenario cards and explain that the family is looking to create a budget to include any insurance cover that they might need for the year .
Task the student / s to work in groups ( if in class , otherwise individually ) and identify all the types of insurance that the family might need . Share ideas .
Ask the groups to choose one type of insurance from the list and discuss the following questions :
• What are the risks of not taking out insurance for this item ?
• What are the risks of choosing to take out insurance ?
• Is this type of insurance required by law ( e . g . car insurance ) or is it optional ?
• Are there other ways to protect this item without insurance ?
Students could research these questions online or they could refer to
Your Money Matters .
Ask them to put together a presentation for the family , explaining the options and arguing for or against the family prioritising spending for this type of insurance in their budget .
DISCUSSION OPPORTUNITIES
• Can insurance help us save money ?
• What factors might affect the amount of insurance we pay ?
INSURANCE : FAMILY SCENARIO CARDS
Achebe family
• Flat
• Tablet
• Car
• 5 x mobile phones
• Cat
Varma family
• House
• Gaming console
• Flat-screen TV
• 2 x mountain bikes
• Dog
Walker family
• House
• Motorhome
• Car
• Flat-screen TV
• Tropical fish