Would you drive cross-country without a spare tire? Would you play at Wimbledon without an extra tennis racket? Of course not! And, I would not travel as much as I do without some kind of life insurance.
Insurance is not specifically defined in Scripture; however, the principle of future provision is. Provision – not protection.
Insurance can be used to provide where a potential loss would be excessive. It can help a family when a major illness or disability strikes. It can provide income in the loss of a spouse, pay medical bills, and help repair a damaged home. When another’s loss must be considered, like with automobile liability coverage, insurance is vital. As Solomon said, “A prudent man sees evil and hides himself, the naïve proceed and pay the penalty.”
Insurance can be a wise choice to protect what God has blessed you with. But, do not allow insurance to replace God. The goal is Wise planning grounded in Truth – so that our families are protected.
There are pros and cons associated with any kind of insurance – so you must evaluate your needs versus the costs. No one plan fits everyone and your needs will change over time.
Most young families can afford only term life insurance. The older the person is, the more costly the policy will be.
A trustworthy independent insurance agent can help you make a wise decision. Remember the Bible tells us to seek wise counsel. So look for an agent who has your interest at heart and not his or her own. Get references from people you know well. Then make sure the agent thoroughly defines the insurance plan in writing. Compare prices and remember, …” in an abundance of counselors there is victory.”
Insurance is a way to responsibly provide for those you love. Plan well so that you can live simply and give generously.
It’s important to have a plan for your finances, but it can be hard to know where to start. Crown’s Money Map can help you! It’s a visual aid to show you how to prioritize and reach biblical financial goals. Download your free guide at crown.org/moneymap