Managing my money
Managing my money

This free course is available to start right now. Review the full course description and key learning outcomes and create an account and enrol if you want a free statement of participation.

Free course

Managing my money

Week 8: Insurance

Introduction

The rationale of insurance – household risk management. When to buy cover and when to self-insure? Apply the financial planning model to insurance decisions.

Martin introduces the final week of the course. The focus here is insurance – both compulsory and optional. How do you decide whether the optional types are worth paying for? In this week you revisit behavioural factors that influence financial decision making, and you tackle the end-of-course test.

Download this video clip.
Skip transcript

Transcript

Martin Upton
So we're nearly at the end. Over the past seven weeks we've covered income and expenditure, debt and borrowing, savings and investments, and retirement planning.
In this final week of Managing my money, we look at insurance. Most households will be familiar with this, whether it's insurance for a car or a home, or optional insurance like travel, medical or contents insurance, which you need to decide whether to purchase or take the risk of going without.
You'll look at a variety of insurance products and ways you can keep down insurance costs without compromising the protection you need.
Once again the news has been full of this financial subject, due to the multiple number of natural disasters and calamities which have led to high insurance payouts, including the recent floods in the UK. Much focus has been on whether people have been insured, whether the insurers will meet all the costs incurred, and whether in the future they may refuse insurance cover to those people or areas there are at major risk.
As you will know, all the weekly tests have been building towards a final test at the end. Your score for this test, combined with those from the past seven weeks, will be aggregated to give you your final score.
Enjoy this final week and good luck in the test. I'll be back for a final word after you complete it.
End transcript
Copy this transcript to the clipboard
Print this transcript
 
Interactive feature not available in single page view (see it in standard view).

This course is presented with the kind support of True Potential LLP.

The True Potential Centre for the Public Understanding of Finance (True Potential PUFin) is a pioneering Centre of Excellence for research in the development of personal financial capabilities. The establishment and activities of True Potential PUFin have been made possible thanks to the generous support of True Potential LLP, which has committed to a five-year programme of financial support for the Centre totalling £1.4 million.

MMM_1

Take your learning further

Making the decision to study can be a big step, which is why you'll want a trusted University. The Open University has over 40 years’ experience delivering flexible learning and 170,000 students are studying with us right now. Take a look at all Open University courses.

If you are new to university level study, find out more about the types of qualifications we offer, including our entry level Access courses and Certificates.

Not ready for University study then browse over 900 free courses on OpenLearn and sign up to our newsletter to hear about new free courses as they are released.

Every year, thousands of students decide to study with The Open University. With over 120 qualifications, we’ve got the right course for you.

Request an Open University prospectus