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World Bank chief warns of financial crisis World Bank chief Robert Zoellick on Saturday warned of a "new and more dangerous" time in the global economy...
US Recession Risks Rises The threat of a new recession is rising in the United States, economists say, as they slash their ..
Unsafe US debt remains safe haven US Treasury bonds remain a hot ticket for investors looking for a low risk investment in a volatile market despite the unprecedented ...
US borrowing tops 100% of GDP US DEBT shot up US$238 billion (S$287.2 billion) to reach 100 per cent of gross domestic project after the government's debt ceiling was lifted
Consumers consumed by debt The average consumer may feel far removed from the heated debates concerning the $14.3 trillion debt ceiling. But the truth is...
Financial Crisis II. Get out of debt now There is increasing talk among traders and financial analysts that the latest slump in global share markets
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insurance planning

 

Scriptural Financial Freedom Obtaining God's blessings

 

 

 

 

 

 

Why Insurance Planning?

The basic purpose of insurance is to transfer the risk that you are not willing or unable to take, to a company that is willing to take the risk in return for compensation. Its objective is to protect the family income in the event of death or disability of the bread winner. Thus the risk of loss of income is passed on to the insurance company.

The key theme expounded in life insurance sales is "protection". God's command for the household bread winner in 1 Tim 5:8 is to provide for his family. In today's context, it is possible that your spouse may have to go to welfare if they are not protected.

 

When buying insurance, one must always have a long-term view. Typically, when you are young and trying to accumulate money, starting a family, having children, you will have a large need for insurance but usually not able to afford much with a limited sum of money. That will be a balance of finances. In your thirties and forties, you do not know what your future will be like in your sixties and seventies. Having a permanent insurance available at this stage is wise financial planning.

You may ask: Is insurance scriptural? The Bible has no mention of insurance and therefore assumed to be not scriptural. However, just like Joseph, it would be wise to store up for your family that they may survive a famine. In today's uncertain economy, having a plan to provide for your family is a command in scripture.

 

The Bible does show many ways to overcome any financial crisis. Many of these principles are laid out in our successful course, the Scriptural Financial Freedom series. To learn more, you can download the Small Groups kit from our estore.

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Financial Freedom Tips & Toolbox

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