AGLS Exam 3- FLASHCARDS - Love and Money done
What is the average cost of a wedding?
35,000 including honeymoon
What is the average cost of a honeymoon?
5,000
What are the three largest line items in most weddings?
Venue, engagement ring, and honeymoon
What is marriage intended for and what should you plan for?
A lifetime
What can money cause couples to do?
Argue and even divorce
What percent of people believe financial infidelity is as bad as cheating?
55% of people
What are the top 3 lifetime mate preferences for a male?
- Kindness. 2. Physical attractiveness. 3. Humor
What are the top 3 lifetime mate preferences for a female?
- kindness. 2. Good financial prospect. 3. Physical attractiveness
What should couples do before marriage?
Build a good foundation
What should couples do to learn about each other?
Commit to open and honest conversations. Merging and alligning your lives. Understand there will be compromises. Work as a team after you are married. Talk about your dreams
What percent of couples in healthy marriages are likely to discuss money together?
94%
What percent of couples in unhealthy marriages are likely to discuss money together?
45%
What are the three things to discuss on tackling debt as a couple?
Discuss reasons for the debts, methods for preventing future debts, and a plan for paying it back
Who do most couples rely on who for their healthcare coverage?
Their employer
What is a CoPay?
Payment required for a standard office visit
What is a PPO?
Employer negotiates with a group of doctors/hospitals for healthcare for employees
What is a deductible?
Annual limit you must reach before co-insurance will pay a set % of additional cost
What is a premium?
Monthly payment required to receive insurance coverage
What is an HMO?
Typically cheaper, but requires Primary Care Physician referral for in-network specialist
What is the earnings multiple approach?
Policyholder takes out insurance on their life to be paid out to beneficiaries upon death
What is the needs approach?
Purchasing enough to cover burial expenses, transitional funds, and/or potential medical expanses, household debts, and even dependent expenses
What does disability insurance do?
Provides money if a person is incapacitated due to illness or injury
What is a will?
Your wishes for your assets to be distributed upon your death
What is a financial power of attorney?
An agent oversees your finances if you are incapable of doing so
What is a living will?
Your wishes for life support & organ donation if incapacitated
What is a medical power of attorney?
An agent makes medical decisions if you are incapable of doing so
