The purpose of insurance is to transfer or manage risk.
Types of insurance include:
1. Homeowners/renters insurance
2. Auto insurance
3. Health insurance
4. Disability insurance
5. Long-term Care insurance
6. Identity Theft insurance
7. Life insurance
Jesus told His followers that the sin stain in our world results in trouble that will come to everyone living in this world.
“I have told you these things, so that in me you may have peace. In this world you will have trouble. But take heart! I have overcome the world.”
The disciple James writes that one thing for sure in this world is that nothing is certain.
Now listen, you who say, “Today or tomorrow we will go to this or that city, spend a year there, carry on business and make money.” 14 Why, you do not even know what will happen tomorrow. What is your life? You are a mist that appears for a little while and then vanishes. 15 Instead, you ought to say, “If it is the Lord’s will, we will live and do this or that.” 16 As it is, you boast in your arrogant schemes. All such boasting is evil. 17 If anyone, then, knows the good they ought to do and doesn’t do it, it is sin for them.
So, should Christians have insurance?
"It is better to trust in the Lord than to put confidence in man" (Ps. 118:8).
"...God shall supply all your need according to His riches in glory" (Phil. 4:19).
As a young man and early in my marriage, I felt that having insurance indicated that I did not trust God to protect me or my stuff. Raising a family of five made me reconsider. Insurance is not specifically mentioned in the Bible. If something is not specifically mentioned in the Word of God, then we must draw from the principles and teaching of the whole testimony of Scripture.
Here are some of the biblical principles to guide us. We are to obey the authorities over us. Thus, when we are required by law to have insurance, such as auto liability and home owners insurance if you have a mortgage loan, we must obey. We are to take care of our families. We should plan ahead for the future benefit of our families. This could also include preparing for the undesired and unforeseeable early demise of a parent. Life insurance can be seen as a lack of faith, love of money, prudent planning, or possibly wise stewardship of funds.
1 Timothy 5:8
If anyone does not provide for his relatives, and especially for his immediate family, he has denied the faith and is worse than an unbeliever.
No one would consider it be wrong to buy an umbrella on a sunny day for protection on the possibility of rain in the future. Having faith and trust in God does not mean that we'll never have serious sicknesses, accidents or unforeseen calamities that require additional funds. And if that is the case, then wisdom would have us prepare for that eventuality if we are able to do so. Very few people go through life without sickness and no one goes through without death. As followers of Christ, we need to understand that faith is not blindly going through life oblivious to our mortality and the massive expenses left behind. Rather, it is having the God Spirit necessary to submit to whatever God brings our way.
So now what?
1. Evaluate “what if” scenarios
o “What if” a tornado, hail, accident, death
o About what types of insurance you should carry
o About amount of insurance you should carry
§ Not enough = neglect
§ Too much = greed