There are two main arguments when Christians discuss purchasing life insurance:
- It shows a lack of faith in God for the Christian to purchase a life insurance policy.
- Life insurance is a wise investment and should be purchased by all Christians who cannot afford to self-insure.
I think the latter argument is correct and can be supported by Scripture.
What is Life Insurance?
Before getting into the arguments for and against life insurance, here is a simple definition from dictionary.com
Life Insurance - insurance providing for payment of a sum of money to a named beneficiary upon the death of the policyholder or to the policyholder if still living after reaching a specified age.
What does the Bible Say?
Even though the Bible does not speak to the modern idea of life insurance, we can use wisdom when reading the Bible to arrive at the idea that life insurance does not show a lack of faith or trust in God. Here are the main two reasons I think life insurance is a good idea for the Christian:
- To provide for your family if you were to suddenly pass away. (Proverbs 13:22, Ephesians 5:25)
- To pay off your debts that you promised to repay if you were to die. (Psalm 37:21, Ecclesiastes 5:5, Romans 13:7-8, Proverbs 22:7)
Words of Caution
Even though I support Christians purchasing life insurance, here are a few instances when it might not be the best idea. These reasons include:
- If you are heavily in debt and cannot pay the monthly obligations you’ve agreed to, I think you should repay what you have promised before purchasing life insurance.
- If finances are so tight that you can’t afford the monthly payment, you can try to lower expenses or increase income to be able to afford life insurance in the future.
- If you are placing all your hope and trust in insurance, you might want to check the motives of your heart. It still may be wise to purchase the insurance for the sake of your family, but ask the Lord to give you a proper attitude and outlook on life insurance (and all things related to your finances).
There was a time in our life when we could not afford life insurance. There is no shame in that. But if your monthly spending plan has the flexibility to afford a small monthly payment, I believe it is a prudent decision for you and your family. It is important to focus on the bigger picture, though. Our faith, hope, and trust rests in Christ, not insurance. Insurance serves as a way to make arrangements to take care of our family and debts if the Lord calls us home sooner than expected.
In an upcoming blog post, I’ll share why I think term insurance is a better choice than whole life insurance and also discuss “how much insurance do I need.”
Do you think I’m wrong? Does purchasing insurance show a lack of faith in Christ?