Introducing insurance

This activity pack introduces young people to the concept of optional and compulsory insurance, as well as asking them to weigh up the benefits between taking out insurance or saving up for emergencies. It also gives participants an opportunity to respond to a case study of a young person who is taking out an insurance policy; they’ll be challenged to think about the key risks, considerations and tips on the choices they would make in response to this situation.

Learning outcomes

By the end of this lesson, participants will be able to:

• Understand the concept of insurance as paying money to a provider who will then pay you compensation if you suffer a loss, damage or injury
• Explain and understand key insurance terms, demonstrating an ability to apply their knowledge to a real-life situation
• Identify which kind of items insurance can be bought for
• Differentiate between optional and compulsory insurance
• Consider the benefits of insurance versus saving money to pay your own way out of emergencies

To access worksheets for all twelve activity packs in one place, use our ‘Setting yourself up for financial independence’ workbook.

Other LifeSkills lessons are also suitable for use with care leavers to support them on their employability journey, here are some to get started with:

• Problem solving
• Tailoring your CV using networks
• Interview Skills
• Aiming high (proactivity)

As a signatory to the Care Leaver Covenant, LifeSkills created with Barclays have worked directly with young people who have experienced care as well as the adults supporting them to create twelve activities adapted from existing financial education content. Activities include case studies, quizzes, discussions and practical tasks to build skills, knowledge and confidence, and can be delivered one-to-one or in a small group. Each pack includes guidance for support workers, worksheets for young people and useful signposting. Young people can register on LifeSkills to access further interactive resources on managing their money and building skills for the world of work here barclayslifeskills.com/young-people.