Insurance Deep Dive: free beginner lessons
Insurance Deep Dive is a FinCon topic with 5 short lessons. Protect yourself with the right insurance coverage. Each lesson takes about five minutes and ends with a quiz.
What will I learn in Insurance Deep Dive?
You will work through: Types of Insurance, Health Insurance Basics, Auto & Renters Insurance, Life Insurance: When You Need It, Disability Insurance.
What is in each Insurance Deep Dive lesson?
Types of Insurance
Insurance is simply paying someone else to take on your financial risk: 🏥 Health: Medical bills can bankrupt you 🚗 Auto: One accident can cost $50,000+ 🏠 Home/Renters: Fire, theft, liability ⚰️ Life: Protect people who depend on your income ☂️ Umbrella: Extra liability coverage You trade small, predictable payments for protection against catastrophic costs.
Not all insurance is equally important: 🔴 Must-have: • Health insurance • Auto insurance (legally required) • Renters/homeowners insurance 🟡 Important if applicable: • Life insurance (if you have dependents) • Disability insurance 🟢 Consider: • Umbrella policy (if you have assets to protect) • Pet insurance
Which insurance is generally considered essential for everyone? Health insurance is essential—a single hospital visit can cost tens of thousands. It's a must-have regardless of age or health.
Know the lingo: 💰 Premium: Your regular payment 📋 Deductible: What you pay before insurance kicks in 📊 Copay: Fixed amount per visit ($20 for doctor) 📈 Coinsurance: Your percentage after deductible (you pay 20%) 🔝 Out-of-pocket max: Most you'll pay in a year After hitting your out-of-pocket max, insurance pays 100%.
What happens after you reach your out-of-pocket maximum? The out-of-pocket max is your safety ceiling. After reaching it, insurance covers everything else that year.