Financial Services _Çô Client Services RFC121 Lecture Notes - Lecture 9: Disability Insurance, Life Insurance
5 Jun 2018
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Chapter 9
Life, Health and Disability Insurance
Learning Objectives - Chapter 9
Define life insurance and describe its purpose and principle.
Determine your life insurance needs.
Distinguish between the two types of life insurance policies and
analyze various types of life insurance.
Select important provisions in life insurance contracts.
• Create a plan to buy life insurance.
• Define health insurance and explain its importance in financial
planning.
• Recognize the need for disability income insurance.
• Understand the value of supplemental health insurance.
Learning Objective # 1
Define life insurance and describe its purpose and principle.
An Introduction to Life Insurance
▪ Life insurance is obtained by purchasing a policy, with the insurance
company promising to pay a lump sum to the person specified
(beneficiary) at the time of the insured’s death, or sometimes while they
are still alive.
▪ In some policies money is paid to the policy holder (the insured) if he/she
is still alive at a future date
▪ Company makes promise to pay in exchange for the payment of a
premium
The Purpose of Life Insurance
▪ The purpose of life insurance is to protect someone who depends on you
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