In order to provide your loved ones with the amount of money that's necessary to maintain the standard of living to which they've been accustomed in case an accident were to kill you or render you unable to earn a living, you should purchase life, disability, automobile, homeowners, and other types of insurance as mechanisms to cover the loss of expected future income. However, you should analyze your true need for insurance in discussions with family members and trusted advisors before you purchase non-mandatory insurance and decide the limits of liability and benefits that are best suited for you and your family.
The decision on what’s needed should consider the amount of household income expected before and after an occurrence, amount of savings, emergency funds, and liquid assets available to cover living expenses or a portion thereof, amount of bills, how much you income you have left after bill payments to faithfully pay the premium so coverage does not lapse, time period during which you need particular types of coverage, how long the insurance benefits will need to cover living expenses for surviving dependents, etc. Also, you should consider the benefits different types of insurance will provide if future claims are made against them and what you and your family stand to lose if accidents occur.
Once you've purchased the amount of risk protection that is best for you or available to you, just stand on the fact that God will take care of you and give you peace through Jesus Christ to guard your heart and mind in situations. He will provide for you far beyond what you could prepare for or take care of if a situation occurs. Remember that God is your true source of protection and other tools are resources He allows and equips you to use. This should help you avoid purchasing unnecessary and unaffordable insurances that eat up dollars that can be invested for your future financial growth and stability. In most instances, insurance should be used to manage risk and not as investments that provide high returns.
Please pray for this ministry and email any questions. May God bless you richly as you follow His plan!!!
Psalms 124, 127:1-2, Matthew 6:30-33, Philippians 4:6-7
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You can find books authored by Randy Parlor and Karen Parlor at www.Amazon.com
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