Life Insurance If you die, your beneficiaries get some amount of money E.g. If I die, my wife gets 2x my salary + $250k

Life Insurance: Types Term life insurance Short run—you pay a little bit each month and keep the insurance for a set amount of time (e.g. 30 years). Once the term is up, you lose the insurance

Life Insurance: Types Whole life insurance Long run—you pay a larger amount each month. Once you pay off the policy, you keep it forever

Life Insurance: Value Face value: The initial amount your insurance will pay out when you die

Life Insurance: Value Death benefit: How much money your insurance actually pays out when you die Can go up and down depending if you borrow money from your life insurance

Life Insurance: Value Cash value If you have whole life insurance, you can get loans from your insurance tax free If you die before paying back the loan, the amount is subtracted from your death benefit

Property Insurance If your property is damaged/stolen/etc., you get money to fix/replace it E.g. If I lose my wedding ring, I get money to replace it

Property Insurance: Examples Renters Insurance—protects your property in an apartment

Property Insurance: Examples Homeowners Insurance—protects your house from disasters, thievery, etc.

Property Insurance: Paying for it Most often, you must pay a deductible before insurance takes over

Property Insurance: What you get Replacement value—this means they give you money to replace the property

Disability Insurance If you get hurt/disabled, you get money to help you cover costs

Long Term Care Insurance Pays for long term care for elderly

Volcano Insurance?