One of the most important things we can do for our children is teach them life skills. And, the earlier we teach them those skills, the bigger impact we can have on them as they one day transition into adulthood. You may have never even considered that insurance is something you should discuss with your kids, but it is vital that you teach them about it and its importance. And, that includes all types of coverage for vehicles, homes, businesses, our health, and more. Here are five tips for teaching your children about the importance of insurance.
1. Ask Them Questions
When it comes to kids, it’s always a good idea to pique their interest first. You don’t want to start talking and lose their attention right away. So, a good way to start is by asking them questions. Do you know what insurance is? Can you name some types of insurance? Do you know what insurance does? The more interactive you are, the more you can teach them in a way they will not forget.
2. Know When to Talk to Them
Next, it’s extremely important that you choose the right time to talk to your kids. That means choosing the right age. If you talk to them when they are too young, they may not understand or remember. So you do have to consider the age and maturity level of the child before deciding the right time to talk to them about financial matters like insurance.
3. Give Them Examples
Examples and illustrations can really help a child understand insurance overall and the importance of it as well. Explain to them how if their house got flooded, it would be hard to pay for repairs without coverage. Or, if they get sick and have to go to the doctor, then health coverage will make it affordable so they can get the medicine they need.
4. Talk About Real Life
A real-life example they have been a part of can really help kids understand the importance of insurance. It may be that you got in a traffic accident, or perhaps a grandparent passed away. While these are serious matters, they can certainly serve as good examples so that children can understand just how important insurance really is.
5. Let Them Ask Questions
Finally, for a child to really understand grown-up matters like insurance, you do need to leave the door open for questions when you first have the discussion and then later down the road when they may think of other things they want to ask. Make sure that no question is too small and make sure they are comfortable coming to you with those inquiries.
Talking to your kids about important life matters early on is very important. That way they can grow up with the skills they need to live a successful life. Use these five tips to talk to your kids about the importance of insurance and you will find it easy to explain in a way that will stick with them.