This program will help you undo financial bondage.
Only the LORD
can truly help your family recover from incidents, emergencies, and
catastrophes. Yet, it’s prudent to consider insurance a portion of your plan to
cover future risk in various areas of your life because He always empowers each
person and gives you a part to play in carrying out His will on earth to produce
fruit that blesses and rewards your efforts.
One area you
need to consider is insurance against loss greater than the ability of your
estate (assets and cash flow) to handle if you were to die leaving dependents
behind, or have an accident that destroys your ability to earn income to care
for yourself and dependents, or sustain huge damage to property needed or
desired such as homes or cars. If you have enough wealth to self-insure the
risk or a portion thereof then you will not need insurance but could buy it if
it is more cost effective to pay a small annual premium while you continue to
invest your assets for much greater future growth.
You may be
required by law or loan contract to purchase home and auto insurance. Choosing
less coverage or higher deductibles at discounted premium could be best
regardless of the type of coverage (liability, health, disability, long-term
care, etc.). This means you self-insure more of the loss in each of these
situations. Insurance premiums usually vary a lot from one insurer to another.
So, it is always good to shop around with five or more insurers to find one
that has coverage options, along with a history of good customer service, you
need at the lowest possible price.
If you have
saved enough money to provide your dependents an annual income that equals or
exceeds your current income, you may not need to purchase insurance not
required by law or creditors. Yet, you should purchase the types needed when
your family would experience a financial crisis or liquidity problems due to
lack of assets and income from which to continue the family’s current
lifestyle. No one can know their exact loss exposure until an incident occurs,
however there are people and professionals who can help you (a) derive good
estimates, (b) identify whether your wealth would be able to totally or
partially self-insure risk of loss, and (c) select levels of coverage and
deductibles on each type of insurance you need in ways that protect your family
and fit your financial situation.
Insurance
purchases are always based on a loss cost estimate in case of mishap and thus
benefits you choose may not cover all you need when incidents, emergencies, or
catastrophes occur. Thus, after having done all you can to reasonably prepare
for the future by seeking His guidance and consulting with godly counselors,
put your total trust in the LORD and take reasonable action to help safeguard
you and your family against possible loss. He will cause all things to work
together for good for everyone who loves Him, who is called according to His
purpose!
Please pray for this ministry, email me with any
questions, and contact me to speak at your business or ministry conference or
workshop. May the LORD bless you richly as you follow His plan!
Psalms 124,
127:1-2, Matthew 6:30-34, Philippians 4:6-7, James 2:17
Please forward these bondage-breaking articles to other
people who can use helpful insight!
You can find books authored by Randy Parlor and Karen
Parlor at
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