Different types of insurance
Lesson details
Learning outcome
I can describe why insurance is important and identify situations where insurance may be needed through calculations.
Key learning points
- Insurance provides financial protection from different types of risk
- If no insurance is in place, the financial consequences could be bad
- An assessment can help determine whether insurance is worth it for an individual case
Keywords
Insurance - Insurance is a means of protection from financial loss.
Common misconception
Insurance is always the right choice.
Insurance cover differs and what is right for one person may be wrong for another.
Teacher tip
Pupils may wish to consider how different levels of risk affect their attitudes towards insurance. They could investigate personal insurance for actors and stuntmen to see how risk affects cost.
Content guidance
Depiction or discussion of sensitive content
Supervision
Adult supervision recommended
Licence
except where otherwise stated. See Oak's terms & conditions (Collection 2).Lesson video
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Prior knowledge starter quiz
6 Questions
Q1.A is the product of a number and an integer.
Q2.The lowest multiple is the lowest number that is a multiple of two or more numbers.
Q3.What is the lowest common multiple of 4 and 6?
Q4.What is the lowest common multiple of 12 and 204?
Q5.What is the smallest multiple of 3 that is also bigger than 100?
Q6.What is the smallest multiple of 7 that is also bigger than 100?
Assessment exit quiz
6 Questions
Q1.Laura wants to insure her phone. Her phone costs £129. The first insurance deal costs £7/month and lasts 24 months. In total, how much will it cost to insure the phone?
Q2.Laura wants to insure her phone. Her phone costs £129. The first insurance deal costs £7/month and lasts 24 months. When will she have paid more for insurance than the cost of the phone?
Q3.Laura wants to insure her phone. Her phone costs £129. The second insurance deal costs £8.50/month and lasts 18 months. In total, how much will it cost to insure the phone?
Q4.Laura wants to insure her phone. Her phone costs £129. The second insurance deal costs £8.50/month and lasts 18 months. When will she have paid more for insurance than the cost of the phone?
Q5.Laura wants to insure her phone. Her phone costs £129. The third insurance deal costs £7.90/month and lasts 15 months. In total, how much will it cost to insure the phone?
Q6.Laura wants to insure her phone. Her phone costs £129. The third insurance deal costs £7.90/month and lasts 15 months. When will she have paid more for insurance than the cost of the phone?
To help you plan your 8 financial education lesson on: Different types of insurance, download all teaching resources for free and adapt to suit your pupils' needs...
To help you plan your 8 financial education lesson on: Different types of insurance, download all teaching resources for free and adapt to suit your pupils' needs.
The starter quiz will activate and check your pupils' prior knowledge, with versions available both with and without answers in PDF format.
We use learning cycles to break down learning into key concepts or ideas linked to the learning outcome. Each learning cycle features explanations with checks for understanding and practice tasks with feedback. All of this is found in our slide decks, ready for you to download and edit. The practice tasks are also available as printable worksheets and some lessons have additional materials with extra material you might need for teaching the lesson.
The assessment exit quiz will test your pupils' understanding of the key learning points.
Our video is a tool for planning, showing how other teachers might teach the lesson, offering helpful tips, modelled explanations and inspiration for your own delivery in the classroom. Plus, you can set it as homework or revision for pupils and keep their learning on track by sharing an online pupil version of this lesson.
Explore more key stage 3 financial education lessons from the Tax, insurance and inflation unit, dive into the full secondary financial education curriculum, or learn more about lesson planning.