A4: Managing personal finance

Question 1

What are the advantages and disadvantages of a individual savings account? (ISAs)

Question 2

What are the advantages and disadvantages of a deposit and savings account?

Question 3

What are the advantages and disadvantages of a Life insurance?

Answer 3

Advantages:
Money is given to a persons family when they die

Disadvantages:
High costs

Question 4

What are the advantages and disadvantages of home and content insurance?

Answer 4

Advantages:
Covers home expenses

Disadvantages:
Have to pay extra for the coverage of valuable assets

Question 5

What are the advantages and disadvantages of car insurance?

Answer 5

Advantages:
Covers car damages

Disadvantages:
Does not cover your personal injuries

Question 6

What are the advantages and disadvantages of pet insurance?

Answer 6

Advantages:
Covers the health and wellbeing of your pet

Disadvantages:
Additional fees must be paid to unexpected events such as pet a injury

Question 7

What are the advantages and disadvantages of health insurance?

Answer 7

Advantages:
Covers your physical and mental wellbeing

Disadvantages:
Doesn’t cover your personal injuries

Question 8

What are the advantages and disadvantages of travel insurance?

Answer 8

Advantages:
Covers your trip expenses and loss of goods

Disadvantages:
Only covers for you when your on holiday