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Life Insurance Coverage

Are you carrying adequate life insurance? 

Some people think life insurance is bad. They see it as a lack of trust or faith in God to provide for their families. However, I think it’s wise to take advantage of this tool. The purpose of life insurance is to allow your family members to pay the bills and continue on despite your absence. Bills like your death expenses. A funeral, burial and related expenses should be covered. I don’t believe in buying expensive caskets, but make your own estimates on what you’ll need. Now total your mortgage balance, car loans, student loans and any other debts that would be a heavy burden on your survivors. Be sure all of those are covered by your insurance amount. Include future education expenses. This calculation can be tricky because you need to predict the cost of college, tech school, or skill training for your children.

Once you’ve covered funeral expenses, debts and education, calculate your future income and earnings. Now add all four categories to estimate how much life insurance is appropriate, then tweak the number to reflect your personal circumstances. For most families, this exercise will work out to an amount in the high six-figures, possibly even $1 million or more, but don’t be alarmed. With term insurance, you can boost your death benefit by hundreds of thousands of dollars for a few hundred dollars a year. 1 Timothy 5:8 says we’re to provide for members of our household. Insurance is a means to fulfill that charge. 

Does credit card debt limit the money you can spend on life insurance? Contact Christian Credit Counselors. They’ll create a debt management plan that works for you. For more information call the Crown Helpline: 800-722-1976 or visit online at