Activity One: Insurance explained
1. Write the word ‘insurance’ on the white/blackboard.
2. Ask if anyone knows what this word means? In what contexts have they heard the word used?
3. Explain to the class insurance is something that protects you against unforeseen circumstances. Insurance helps you to cover the financial (money) loss of an unexpected event. If you have insurance then you have an arrangement with an insurance company where you pay a set amount each month and in return they make a bigger payment to you in the event of specific loss, damage or illness. Having this type of arrangement, or insurance policy, is a way of protecting yourself against future risks (things that may or may not happen).
4. Ask students to name the different things/events for which people can get insurance.
5. Explain the types of insurance that might be more familiar/relevant for young people – travel insurance, gadget (laptop) insurance and car insurance.
6. Explain that some types of insurance are compulsory and others are optional (see Teacher Resource Sheet: Insurance explained). There are different types of insurance for different types of risks.
Activity Two: Gadget insurance
1. Ask the class if anyone knows what types of things gadget insurance would cover.
2. Explain that the class are going to look at an email from a person looking for advice about whether or not to get gadget insurance. In their group they should talk about and respond to this email.
3. Divide the class into small groups.
4. Distribute one copy of Student Worksheet: Gadget insurance to each group.
5. Take feedback from a selection of groups.
6. Remind students that some types of insurance are not a choice, for example, if you own a car, by law you must have car insurance. If you get caught without car insurance you will pay a fine, get penalty points and may be disqualified from driving. However, other types of insurance are optional, for instance you can decide whether or not to insure your mobile phone or laptop etc.
7. Conclude by explaining that regardless of the type of insurance you are signed up to you are signing a legal document. As with all legal documents it is important that you read everything carefully, make sure you understand everything in the document, before you sign it. Insurance policies (whether compulsory or not) are a way that you can protect yourself against future risk.