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Introduction to Life Insurance and Retirement Savings

Learn more about the benefits of life insurance and retirement savings with this personal financial planning course.

Finances and Banking
Free Course
Life insurance is a contract between an insurer and a policyholder whereby the insurer pays a guaranteed sum to the named beneficiaries upon the death of the insured. It is considered one of the pillars of personal finance that needs to be considered by every household. This course will give you an in-depth look at life insurance and its different types. You will also study Traditional Individual Retirement Accounts (IRAs) and Roth IRAs.
  • Duration

    1-2 Hours
  • Assessment

    Yes
  • Certification

    Yes
  • Publisher

    Khan Academy

Description

Modules

Outcome

Certification

View course modules

Description

Term life insurance and whole life insurance are two important kinds of life insurance policies. This course will discuss the difference between whole and term life insurance. You will learn that a term life insurance policy lasts for only a fixed number of years depending on the policy while a whole life insurance policy lasts for the duration of the policy holder's life. This course will also discuss premium and beneficiary.

The acronym IRA stands for Individual Retirement Account. This course will discuss the Traditional IRA and Roth IRA, which are two crucial types of IRAs. You will learn that if you withdraw money early from a Traditional IRA account, you will have to pay penalties and taxes. This course will also discuss the 401(K) which is very similar to a Traditional IRA. You will learn that in the Roth IRA tax is not deferred, while in a 401(K) tax is deferred.

Having adequate life insurance and retirement savings are two very important aspects of personal financial planning. This course will make sure you understand the basic forms of both life insurance and retirement savings with an emphasis on its application in the U.S. You will learn how it can help support dependents, and provide immediate cash at death that can help pay the deceased's debts, funeral expenses, and income or estate taxes. So, check out the course today, and start learning more about your important personal finances.

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Learning Outcomes

Having completed this course the learner will be able to: - Describe the difference between whole and term life insurance. - Describe the difference between Traditional and Roth IRA. - Describe the features of a 401(K).

Certification

All Alison courses are free to enrol, study and complete. To successfully complete this Certificate course and become an Alison Graduate, you need to achieve 80% or higher in each course assessment. Once you have completed this Certificate course, you have the option to acquire official Certification, which is a great way to share your achievement with the world. Your Alison Certification is:

Ideal for sharing with potential employers - include it in your CV, professional social media profiles and job applications
An indication of your commitment to continuously learn, upskill and achieve high results
An incentive for you to continue empowering yourself through lifelong learning

Alison offers 3 types of Certification for completed Certificate courses:

Digital Certificate - a downloadable Certificate in PDF format, immediately available to you when you complete your purchase
Certificate - a physical version of your officially branded and security-marked Certificate, posted to you with FREE shipping
Framed Certificate - a physical version of your officially branded and security-marked Certificate in a stylish frame, posted to you with FREE shipping

All Certification is available to purchase through the Alison Shop. For more information on purchasing Alison Certification, please visit our faqs. If you decide not to purchase your Alison Certification, you can still demonstrate your achievement by sharing your Learner Record or Learner Achievement Verification, both of which are accessible from your Dashboard. For more details on our Certification pricing, please visit our Pricing Page.

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