3 Reasons Insurance is Biblical

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For example, Ephesians 28 reads for by grace you have been saved through faith and this is not your own doing, it is the gift of God. Romans 10 nine makes the same promise when we openly express our faith. It says because if you confess with your mouth that Jesus is Lord and believe in your heart that God raised him from the dead, you will be saved and in acts 21 when the Philippian jailer asked Paul and Silas, what must I do to be saved and they said, believe in the Lord Jesus and you will be saved you and your household. So we get a clear picture of what faith is and what it does.

Faith is believing that Jesus Christ is the son of God, that he died on the cross for your sins and that he is the only way to eternal salvation. The promises that having faith will save you from eternal damnation, and there could be no greater promise or gift we shouldn't attach other meanings to biblical faith or assume promises not made the Bible doesn't say we won't have hardships in this life, including financial setbacks. In fact, quite the opposite. In John 16 Jesus says I have said these things to you that in me you may have peace in the world you will have tribulation, but take heart I have overcome the world and in Romans 1212 we find rejoice in hope, be patient in tribulation, be constant in prayer and finally in acts 1422 through many tribulations we must enter the kingdom of God.

So by faith we are promised eternal salvation, not safety from troubles of this world. That's the first reason why I think the concept of insurance doesn't run counter to Scripture.

The second reason is that the Bible repeatedly tells us that it's wise to take precautions. Proverbs 27, 12, reads the prudent sees danger and hides himself, but the simple go on and suffer for it.

And in Proverbs 1316 we find in everything. The prudent acts with knowledge but a fool flaunts his folly. And finally, Ecclesiastes 712 tells us for the protection of wisdom is like the protection of money and the advantage of knowledge is that wisdom preserves the life of him who has it that King Solomon is telling us that while we must accept the circumstances God lays before us wisdom, like money and can make hardship easier to endure having a plan to recover lost assets in case of a financial calamity is certainly wise and that's exactly what insurance is the third reason I think the Bible supports the idea of insurances that were told to provide for loved ones of first Timothy 58 reads, 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 of Proverbs 1322 tells us a good man leaves an inheritance to his children's children, but the sinner's wealth is laid up for the righteous, and in second Corinthians 1214 it reads children are not obligated to save up for their parents, but parents for their children unless you've managed to save up an enormous quantity of wealth. How would you be able to provide for your family without insurance.

Should something happen to you.

Further, the Bible says were obligated to compensate others whom we've harmed the Exodus 21 and 22 are full of examples of this. While you probably don't have oxen that will trample your papers vineyard. The lesson is clear. If we love our neighbor as ourselves will make them whole. If we caused their suffering.

If you caused someone serious injuries say in an auto accident. Do you have the resources to make them whole, to compensate them for their medical expenses and lost income almost certainly need insurance to do that. Finally there is the fact that insurance is often required by law, and Christians are to obey civil authority as long as it doesn't conflict with God's law.

So those are the reasons why think insurances quote biblical insured because it's practical, wise, and it helps us follow several of God's financial principles.

I hope that's been an encouragement to you today and that you can take this apply to your financial life, your calls and asked 800-525-7000 800-525-7000. This is moneywise live stay with us will be right back to let you join this to them moneywise live last. This is the program we recognize that God owns everything, and therefore were stewards and money that is a tool to accomplish God's purposes. How does that apply to your financial life. All that's we want to talk about today were to mine the Scriptures and see if we can pull out the principles that apply to what you're dealing with is it how much to save or invest is it whether or not you're on track for having enough when you get to a later season in life. Is it how to give more effectively.

Or what about that debt you been looking to pay off whatever's on your mind today we'd love to hear from you would got lines open and will take phone calls here in just a moment. Here's the number 800-525-7000. That's 800-525-7000. Look forward to speaking to you. First, it remind you about the moneywise app that's available in your app store today. Whether you are on the Google system or Apple.

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That's just been my experience over the years in counseling probably thousands of families through this is that that's the net result. A year later they've got this other new dad to and then the credit card debt is back so I think that would be my first concern.

The second is just the tendency with that lower payment lower interest rate to say, well, my best intention was to put 200 a month but you know we had some unexpected expenses over here are this came up on the side and men. We really love to take that trip we been stuck in the house for a long time and so we kind of find other ways, and we help rationalize that by reminding ourselves that that interest rate is a bit lower so I think for those reasons I you know encourage you to perhaps stay on the current track you're on yellow and just continue to take away at these debts and get them paid off sooner rather than later, but if you were to say to me, Rob, I really dealt with all that I've demonstrated. I can live on a budget. You know we been very strict with applying this money.

We have every intention to continue to do that and I've looked at both the cost of taking this out as well as the interest rate it just makes a lot of sense.

Then of course on paper that can work to your advantage as long as those other elements don't creep in here does that make sense though so I think that's really the decision you need to make him the only other option I would throw out there which is probably a bucket number three if you will, is a credit counseling or forensic Christian credit counselors.org will be delighted to at least take a look at what they could do with this. These accounts would be closed. It does in fact enter enter your credit score. Although it may be noted on the report that you're in a credit counseling program but essentially they get the interest rates down unit one fixed monthly payment through credit counseling and pay this off 80% faster, on average, so I would at least give that a look before you made your final decision. Their wonderful folks though. Pray with you a bill, encourage, you will analyze your situation and tell you exactly what they can do. And again, it's Christian credit counselors.org and Colleen, I appreciate your call today. Hope that was helpful to you, but let's head to just well stay in the state of Florida Winterhaven Deborah, thank you for calling out can help you ever held in good health. The only medicine I take thyroid and kinda that time could buy long-term care insurance. I get much older or aesthetic that my understanding will take you so it's a good time to buy but I can't bring myself to give. I like the one premium thing so I can't can't get myself to pay the hundred and $50,000 for the insurance now when I didn't $50,000 into a separate fiber account and let it compound and get paid for myself getting money on premium yeah how are you getting the hundred 50,000 can walk me through the mouth.

Well, I find it quite and I made 200 or more, and in January I catch that out so I have that hundred and 50,000 available.

Plus I paid the capital gains tax. At that time. Short-term, so I have the money to do it. That money actually in the stock market now making 18% on my own financial advice.

Actually, some of the radio that's really good and so will I pay premium insurance premiums or something. I might not told about life insurance with the writer for lawn care insurance, but you're still paying premium for life insurance has been a pretty big achievement that the insurance package seemed to lose money well you know it's the first of all I think the key here is recognizing that long-term care is expensive yellow's bottom line is about 7/10 people will require long-term care in their lifetime.

Now, for how long averages somewhere around your 18 months to three years and you know the costs per month can be very high and that's really the benefit of the insurance given just the percentage the high percentage of people that will need it for some period of time and then the the ongoing costs of me nationally.

Last year the monthly median cost for in-home care was around 4500 a month community in assisted living. About the same and then the nursing home facility. No private room can run you upwards of $9000 a month. So even though hundred 50,000 sounds like a lot, and it is clearly it's a significant amount of money you could run through that if you needed no nursing home care for an extended period of time now to your point long-term care insurance isn't cheap and so I think if you would have to find that policy that works for you in terms of the daily benefit you're looking for the inflation rider which you know that's going to continue to make these costs increase over time, which would pretty much you require that you have this hundred 50,000 invested to outpace that but through a policy like that as long as it fits in your budget, which clearly you can at the very least pay for the premiums out of the funds you're describing would give you that added peace of mind that if you had, you know, a real need in this area that was very expensive that you have the staying power. You know to continue with that for as long as you needed it without running through this money, but clearly coming to your point, it's something you may not use, as with insurance your most insurance we don't ever want to have a claim right but it's there to offset a risk and probably the biggest risk you have in terms of eroding your wealth in this season of life is this need for healthcare, so I think you just gotta balance those to Deborah and perhaps getting you know a life insurance usually long-term care insurance specialist who can walk you through the various types of policies. The coverages the riders, the cost and then compare that to the averages of what you might have to spend if you were 701 of the seven of 10 people that need this type of care bill for some period of time and then at the end of the day. You just gotta prayerfully make that decision as the steward of these resources and if you decide to stick no rely on these funds and what they will grow to between now and when you need them. That's certainly a viable option. The other is you know to invest in an insurance policy that would be there to at least take up a good portion of the daily costs that it would take to fund this type of care to some extent that the current premium is usually only up to four years.

There is really not many are any insurance that will pay more than four years and now I have now what you will face sure sure well it's good word but keep in mind, on average, you will need less than the average is 18 months to 3604 years with the outside done your homework right back after the moneywise.

I'm so glad to have you with us today. Phone lines are open 800-525-7000 just before the break-in. We were talking to Deborah and we were discussing long-term care insurance and this is a challenging area because again, the cost for long-term care if you needed in 7/10 Americans 65 years and older will. I can be very expensive and yet these policies are very expensive as well. Average annual premium around $2700 for a single woman about to 2000 for single man over 3000 for a couple really does require and that's the annual premiums that you consider fully whether this is something that makes sense for you and can fit well within the budget and then what type of policy what company is the best one because costs can vary significantly for similar policies from company to company, then what is the right daily benefit amount should you have inflation protection. What kind of waiting period before it kicks in.

And then what's the benefit. For the length of time that it will last.

On average women need the services longer than men.

Nearly 4 years, about two years for men and so this is something that I just encourage you to get with a knowledgeable expert professional that specializes in long-term care insurance before you make a decision as to whether it's right for you to consider your options. Make sure it fits well within the budget and compared the cost to the assets that you have, to see if this is a risk that you have the ability to offset with insurance so I connect with somebody in your area to explore this if you're going to do with the best age range to do it is between age 55 and 65 and I hope that helps you go back to the phones. Jeff is in Chicago, Illinois Jeff, thank you for your patience. I can help you a good actor, no question. I'm looking to retire next three years and they employer work for has a cash balance retirement which I can take the annuity or they would just pay me the cash they paid me out annuity and nightly in roughly $200,000.

Yeah, I mean the cash with the roughly $200,000 and I owe hundred thousand dollars on my home so I was wondering if it makes sense to pay that the whole market that atenolol refinance rate percent just taking that big of a chunk out of the retirement benefit.

Does that make sense. Talk to Jeff about usage. I believe your three years out from retirement. What will your income picture look like at that point, might I receive a pension from the military and I don't have all 750,000 in my 401(k) at my IRA. Also, I met Galatzer now just to sell my minimum expenses would be covered but paid out the house would actually leave a little more margin in my budget very good. I like this plan a lot because you have other assets, namely the 401(k) merely gores $1 million. You got to military retirement.

By the way, thank you for your service are and I like the idea that you would be debt-free by the time you reach retirement even though you have a low interest rate on that being unencumbered the flexibility and freedom, not to mention the peace of mind that comes from that I think is something you really enjoy. I think the key is, what's the timing that makes sense from a tax standpoint in terms of recognizing these withdrawals from the pension so I work with your tax preparer on that it could be Jeff, do you want to spread this out over the next three years and time.

The payoff over three tax years with your retirement date so that that is your entering retirement you got your expenses as low as possible which I know you'll really enjoy. Take some of the pressure off the income that you have any investments but not required to pay any additional tax that is as necessary so I would check on that.

But apart from the tax picture.

I love this idea being completely debt-free, given other assets that you have all the best to you in this exciting new season of life that you called folks were to pause for a brief break, much more to come on moneywise.

My phone lines open 852-5000 thank you for joining us today on moneywise live for God's word in your financial life around plastic calls and questions on anything financially love to hear from you what's on your mind today 800-525-7000 is an article we have. Let's see five lines open 800-525-7000 would love to hear from you today but said to Lincoln, Nebraska Trudy, thank you for your patience. How can I help you today. I like pictures old.

I'm on a very limited income under table and I make 1973 from government ability and 144 right now, it might be a play that is the right around $1150 and I have no new debt.

I do have them all that I need to take care of and my main concern is I really old IRS that around 24,000 10 years old and telemedical got 3000, and that Colorado Christian University, 2000, so that that night that I have no new debt and make total expenses roughly my eye.

I just did the math and I'm down to 280 amount is all he is all I really can afford to put in it and do the right thing with light guided by didn't let yes so I get my name? There is very little that how can I Colorado Christian alone is 21% interest and make the interest on the IRS that I'm trying to understand how to manage it.

Yes, so have you contacted them to see either party to work out any kind of offers in terms of getting interest rate down a repayment plan and what is the status of these are you current on all of these debts.

I am not current on actually any of the other medical data collection and Colorado Christian I agent that new debt that they that they that limit the collections. I didn't have my is unable to make payments on time and felt leading to collapse it. I spoke with the collection agency and if they look this is related yet to pay $100 a month in order to overcome the interest alone and so that the large chunk of what I have and I find the IRS's concern I have and made an attempt to make arrangement with that let them for five years. So okay and how they doing in the garnishments of your disability know that no okay well obviously on the limited income you have, you know that money only goes so far and so you know what I would just say to you is that the extent to which you have the ability beyond your you know your necessary expenses to keep the roof over your head, and utilities paid and you keep food on the table. Any additional money you know can be used to pay these.

I would prioritize the IRS first when you have the ability to do so and you can certainly negotiate a payment plan or submit what's called an offer in compromise and perhaps I would check with your church to see if there's a tax professional or a CPA that that would be willing to help you is just a ministry to you and to volunteer their time somebody who understands you know how to do these types of payment plans with the IRS. That's obviously the most important because the IRS can tarnish a portion of your monthly benefits to pay for the arrears and they're not doing it to this point. That's a good thing. Obviously you don't have the funds to do it.

But beyond that, I think you know just generally speaking, Trudy you want to be transparent with these collection agencies letting them know where you stand, even perhaps furnishing you know the details of the income that you have coming in and so they understand how limited the funds are you're dealing with them at the end of the day. You can only do what you can do sort of have to trust the Lord that he will continue to provide and and give you some wisdom here.

As you navigate this but if you were to look at perhaps trying to begin to chip away at these I would start with the IRS and I would have some representation to do that so I prayerfully consider a call to your church if you can connect with somebody to help.

The only other thing I would offer is that perhaps you check in with our friends@christiancreditcounselors.org. They typically work with credit card debt and I realize this is not that but that they would have some ideas on how you can approach each of these and perhaps would be willing to help you work on a spending plan or budget are moneywise coaches would be happy to help you know cost as well just go to our website moneywise live.org and click connect with the coach, so I realize this is a big weight on your shoulders so we just can ask her moneywise live community to be praying for you and let us know as you progress through this what God does. Along the way and I'm confident of between Christian credit counselors and or coaches that we can get you some assistance and have somebody that can walk with you through this journey and we appreciate your call today, very, very much.

800-525-7000 out to Chicago, Illinois John, thank you for holding today. How can I help you all out. My wife and I have $105,000. We wanted grandchildren $15,000 each to make deposit 529 plans and I'm curious to know if that amount exceeds the IRS calendar. Your gift tax so you have a suggestion that help estimate that well.

One of the many benefits of saving for future education and 529 is that the contributions are considered gifts for tax purposes. So you know in 2021. You can gift up to 11, then the half million dollars without having to pay federal estate or gift tax because of the lifetime exclusion if you wanted to stay under the annual gift exclusion.

It would be $30,000 per child between you and your wife could you get 15,000 each per beneficiary without using part of the lifetime gift tax exemption or having to pay gift taxes so I think given the amount of money they were talking about and of the number of grandkids that you have. You probably will be able to stay even under that you annual gift exclusion and then beyond that you could spread it out over a couple of years to make sure that you do. Depending on how the math works out. So I think this is a great option and obviously be a huge blessing for these kids as they then have this money to grow between now and college.

The only other question would just be if the 529 is not already been set up John.

I would encourage you to visit saving for college.com to run some analysis, both on what amount is needed to be saved, but more importantly what's the best plan for you to use is that the state of Illinois. 529 or is it some other state based on just any tax benefit you would get. Not to mention the performance of all of the states and saving for college.com every quarter ranks all of them and could give you a pretty detailed analysis on which one is the best or at least the recommended one for you and your grants And grandkids to settle make sense okay. We appreciate your call today.

All the best to you Sir LOL we've covered a lot of ground today. Dad's talked about paying off the mortgage document saving for college and talked about saving for retirement. What's the question on your mind. We got a few lines open 800-525-7000 800-525-7000 little later in the broadcaster friend Bob Dole was stopped by Bob's market veteran and market analyst to give us his weekly moneywise market that's coming up in the last broadcast much more to come on moneywise live 800-525-7000 back to moneywise live on Rob last program I got your financial life taking your calls and questions today before we head back to the phone here in the final segment of the broadcast. Today it's a Monday. It's time for moneywise market commentary or good friend Bob Dole stopped by at this time each Monday. He's chief investment officer across more global investments of faith-based investment management firm. Bob is in a market veteran and analyst somebody that his counsel is really sought after and has been for a long long time were grateful that he gives us his insights each week into what's happening in the markets and Bob here we go again. Give us your posts on the US economy just based on the latest data.

It's been raging forward there. We seeing any change very strongly. I hate to throw any flight in the ointment.

But things are slowing a little bit will get the Empire manufacturing survey last week. Robbie got retail sale. They were little short of expectations. Look in economy is mature United States can't stay at this blistering pace forever, but for the balance of the year it will still be most likely above trend. So, still strong, yeah. Very good. Obviously, the Fed's reaction to all of this is something that the market is watching very, very closely what the new insights we see there. Meeting last week reminded that emergency monetary conditions and the freaking money era won't be here forever.

They have the process in front of them moving from where essentially get the Lord on the accelerator to eventually they will put the brake on.

And that's not going to be a straight line and as it relates to the markets. Rob, the Fed has been the market best friend.

It's still friends. Just maybe not the best friend anymore eventually returned to neutral and actually don't become is slowly turning from this massive tailwind to left positive force, and to repeat that process not an event. The pace of the economy, the pace of inflation will dictate how many quarters it takes for the Fed to begin the tapering process and eventually raised all the cycles of the market in the Fed it seems like some things never change. Are you surprised at the resiliency though of US stocks in the midst of all of this, I am Robbie. Amazing how well the stock market had done out listeners know that last week was a tough week.

A lot of it back today that we have rising inflation, the unemployment picture improving but not as fast elected the uncertainty about fiscal policy. All the geopolitical tensions that you you know about and that the tax package. The spending package with Pres. Biden very much in disarray. That's enough for the market to save claimant built for little bit but this strong economy and strong earnings of just how in the market that reasonably hire yeah continues to remain strong in earnings continue to remain strong as well as in the right absolutely right I you know I got I think I said it a few weeks ago we urinate more when it comes the stock market, one hand pulling hard is this strong growth in the economy of the unbelievable earnings you just referenced.

Pretty soon we'll be talking about you know the second quarter earnings report. The other end of the tug-of-war is this how long it takes for inflation to come back in for interest rates to move up and I think that's what got the market, up one day down the next up one week down the next and not progressing upward at the PC. It was boiled with from the Lozier go well always fascinated to hear your insights problem.

What you're seeing around us generally good news so will be happy about that since I look forward to you stopping by again next week. We appreciate your time. My friend talk soon.

By all right Bob Dole's chief investment officer across more global investments you can find out more cross Mark global.com where investments and values intersect.

Let's head back to the phones today to Florida. Ryan is been very patiently waiting Ryan, how can I assist you. I think you might call I not real sure where to start about try to make this super concise, so my wife and I are in a lot of that, some of which we did most of what we did our old another portion. I did not inherit on purpose or on my own so when we sold our home. We moved from Indiana to Florida in 2017 S. ever bought out they were sold did everything that I was supposed to do.

You know, we set a budget for what the net proceeds of the housework are moved about a month and 1/2 after I moved I got a call from the title company that told me that they overpaid overpaid out by $12 because did not date. They neglected to take out the firm when we bought the house, which was a HUD home and then basically what it boils down to is at the end of the day for their mistakes, to which again I budgeted everything perfectly. They ended up not only suing me for $12,000 that they overpaid me, but they got all the damages, saying, stating that I withheld information really does not sell anyway I digress yet so it basically. So now I have a $41,000 on top our student loan of 70 my student loan 55,000 my life student loan and you know were not even on our old gold with the comedown parent for a year and that you don't buy a house, so an hour trying to rent at the you know higher prices.

Obviously both my wife and I are college-educated working, but the main thing is I got the first portion is that you know how to get out and then my my other half to that is basically for the last four years. What I've had to do is make sure that I earn the most income so that they don't garnish my wages but it's like I don't want to have to do that for the rest of my life. And so, biblically speaking, I don't know what the right answer is. I want to pay somebody $41,000 for something that I didn't do as well as I thought you were rapidly carried his burden every day. It's very, very old, so I just wanted to measure thought, yeah. Well first of all, I'm so sorry to hear about all that you been through I know this is something that's can weigh heavily and it's a bit frustrating.

You know when you go into something with the best of intentions, well thought out well planned in your case trying to honor the Lord with each of these decisions and buying the house that you can afford and you're just starting out, trying to while you're paying off student loans, then you have this thing come out of left field with this 12,000 that's no more than tripled.

I realize that can be something that is just confusing and difficult to process and yet we need to find a path forward where you can honor the Lord in your obligations and we can provide for your family at the same time. Is this issue with the 12,000 that's now 41 is that resolved in the house that was it resolved by a court or how how did that come down know not resolved by a court date big after judgment, but basically what they did was they assigned it to an attorney here in Florida and I had to hire an attorney who said that she wishes that she out I had talked to her before anxious could help me out but I digress they basically all are doing is consistently checking on my finances to make sure that I have Major Windfall and so I Have To like Every Six Months. Now I Have To Go through a Process of Filling out All the Paperwork and Paying an Attorney to Make Sure That I like Is That They're Not Not Come Garnish My Wages Because Technically Part State Law in Florida As Long As I Make over 51% of the End, I'm Okay. But That Also Hold Back My Life, Which Is Very Discouraging Because She's a Nurse, and She's Trying to Get Her RN but She's Afraid That If She Make More Money Than Make Them Work Is Try to Work off of the 12,000 That You Originally Owed and Work on a Payment Plan That Everybody Would Agree to Is Is There the Option to Negotiate at This Point Are They Close the Door. I'm Not Certain. Honestly, I Know When I First Offered Back to Them.

They Walked and Said No but You Know There's I Suppose the Possibility of Maybe Renegotiating That and That's Something That I Need to Ask God to Help Me on My Pride for Because You Might My Anger Towards the Situation That Line or You Anything I Didn't Do Anything to Make My Life Miserable. But Then God Said so, and They Did Overpay You so You Got the Money Is Not Your Yes Right so I Know You so I Think the Key Is Immune.

Obviously, the Student Loans Are What They Are.

The Author Federal Loans Are to Be Income-based Repayment Options That Will Allow You to Manage That Even Though That That's High and Forget the Politics of It.

A Portion of That or All of It May Even Be Forgiven at Some Point, a Space That Was Being Bantered around in Washington. I Think We Need to Really Focus in on the 41,000 and Start by Making It a Matter of Prayer Asking the Lord to Intervene I Can Just Tell You Ryan You Know You've Sought to Honor Him This Entire Way. I Just Want You to Be Honest and Just Say Lord I Want to Trust You with This. I'm to Submit This to You All Follow Whatever Lead You Have but I'm Just Can Ask You to Intervene Miraculously and Soften Hearts, Where Needed. I Would Talk to Your Attorney about Re-Approaching Them about Starting up Payments to the Extent You Have the Ability to Do so off about 12,000 and See If You Can Get to Somebody Who Would Be Willing to Perhaps Consider This Again and I Think If You Could Start Making Some Progress Where You're Not Filing Every Year and Looking at All the Who's Making the Most Money You Guys Would Be Free to Follow the Leading of the Lord and Do Whatever He Has for You Based on This New Negotiated Payment Plan. He Would Feel a Whole Lot Better. So What You Start There. I Will Be Praying for You and I Want to Encourage You to Check That Came with Us along the Way. Unfortunately, God Bless You My Friend Moneywise Live Was a Partnership between Radio and Moneywise Media Want to Say Thank You to My Erica.

Thank You for Being Here Will Be Back Tomorrow Another Edition Moneywise Live Joined by a Bullet for You