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Real Stories

Dependents and Insurance

Materials Needed: magazines, newspapers, internet sources and/or professional insurance agents

The facilitator should begin this activity by stating the following:
In introducing the program segment, "Get Insured," Donald Faison says: ôKids give you something to think about besides yourself." In the segment, "Get Insured," he further states, "If you have dependents like Rochelle, you also need protection if something should happen to you."
Next, ask these questions:

  1. If you became responsible for a dependent, how would your financial life change?
  2. What types of insurance would you need to protect that dependent?

Facilitator Tip: This activity could be completed by the participants individually or the task could be divided among the members of the group, with each participant researching some of the questions listed below and then reporting back to the large group.

Participants should be directed to use magazines, newspapers, internet sources and/or professional insurance agents to obtain the following information:

  1. What is the approximate cost of raising a child to age eighteen?
  2. What is the estimated cost of a college education eighteen years from now? (private vs. public)
  3. How do the answers to numbers 1 and 2 affect your insurance needs?
  4. What is the most affordable life insurance option for someone with a minor dependent? What other options are available?
  5. Why is disability insurance a necessity for a person with a minor dependent?
  6. Why is health insurance that covers the minor dependent a necessity?
  7. What options are available to provide health insurance for a minor dependent?
  8. What local community resources are available to assist single parents with insurance needs?
  9. Why is purchase of renters insurance a wise financial investment?

After participants have conducted preliminary research, they should obtain cost quotations from two or more insurance companies for each type of insurance: life, disability, health, renters and so forth.

Participants must submit a well-organized written report that synthesizes the information they have obtained.

The facilitator should conclude the activity by:
Directing participants to bring their reports to class on a designated day to use as a basis for class discussion.