Join Financial Advisor Tim Russell, CFP® and Rev. Drew Gysi as they discuss Life Insurance, Long Term Care Insurance, and whether or not you might need it.
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Ben Franklin once said, "Nothing is certain but death and taxes." I believe that if Ben Franklin was alive today he would add a third certainty: Insurance.
This is one of those love-hate relationships that many of us have...
Insurance is, sadly, a needed and necessary item for many of us today. One of the questions that we get on a regular basis in our Life Institute Stewardship Lifestyle Seminar is “what insurances do I need and why?” Today we will not be able to cover all the insurances that you should be looking into, but we will look at two key insurance policies that you should at the minimum investigate or just outright get, especially if you are married, to care for and protect your family.
Why bring up the topic of insurance? Well, in being a good steward of what the Lord has put into our care, insurance to provide for and protect your family in your absence is a good and right thing to have. Now, in Biblical days they did not have the Geico Gecko or the Aflac Duck, so insurance as we know it was not a thing in those days. But, if there was one family that should have had life insurance in the Bible, it would be the Widow that Elisha did a miracle for.
2 Kings 4:1-7 ESV - Elisha and the Widow’s Oil
“Now the wife of one of the sons of the prophets cried to Elisha, “Your servant, my husband, is dead, and you know that your servant feared the LORD, but the creditor has come to take my two children to be his slaves.” And Elisha said to her, “What shall I do for you? Tell me; what have you in the house?” And she said, “Your servant has nothing in the house except a jar of oil.” Then he said, “Go outside, borrow vessels from all your neighbors, empty vessels and not too few. Then go in and shut the door behind yourself and your sons and pour into all these vessels. And when one is full, set it aside.” So she went from him and shut the door behind herself and her sons. And as she poured they brought the vessels to her. When the vessels were full, she said to her son, “Bring me another vessel.” And he said to her, “There is not another.” Then the oil stopped flowing. She came and told the man of God, and he said, “Go, sell the oil and pay your debts, and you and your sons can live on the rest.”
In this situation, the husband died and the wife was left destitute. To be clear, Elisha is not saying that you need life insurance. But his commands to for the widow fulfills the same purpose as our modern day life insurance.
1 Timothy 5:8 ESV
“But if anyone does not provide for his relatives, and especially for members of his household, he has denied the faith and is worse than an unbeliever.”There is a key word that is here in this verse: PROVIDE. This word has a unique meaning from the Greek language.
προνοέω: to care for or look after, with the implication of continuous responsibility—‘to look after, to take care of, to see to.’
It is ONGOING. There is not a statement of ending (until death).
How would your family survive with the loss of your income due to death?
LONG TERM CARE INSURANCE (NURSING HOME)
3 Options to Pay for Long Term Care
Crisis Planning - Protecting assets for the community spouse (healthy spouse) to avoid becoming destitute. You may benefit from working with an Elder Care Attorney along with your financial advisor. For more information or to get help finding an attorney, call 800-688-5800.
Being a good steward of what the Lord has put into our care, is our Biblical responsibility! To take care of our family, both today, and in our incapacity or absence, is still our responsibility (remember “PROVIDE - CONTINUAL PROVISION”). Look ahead and see whatever potential problems that may come your way. It would be good and right (and even Biblical) to make sure that you have your financial house in order so that if something does happen to either spouse, that there will be the needed funds to take care of the remaining spouse along with any kids still in the home.
God can, and does still do miracles today, but should we rely on that? Shall we wait and delay and just trust God that He will step in to take care of our family in our incapacity or absence? Absolutely! We can trust God. But we should not presume upon miracles. We need to be proactive as we plan and provide for our spouse and family in case future issues and problems come our way. Be a good steward. Speak to someone that can assess your situation and help you put a plan of action together that will care for and provide for your family in your absence.
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