Protecting What You Value Most
“When the storm has swept by, the wicked are gone, but the righteous stand firm forever.” (Proverbs 10:25)
As we look at insurance, it’s necessary to bring up the many destructive events that could possibly occur in your future. These are unpleasant to think about and easy to mentally avoid, yet they are possible and catch many people totally unprepared. Our purpose here is to think about all of these possible, ugly events once very thoroughly so that we never have to think about them again. In fact, once we are certain that we have done everything possible to protect ourselves from all unlikely events that we can imagine, we are thus free to never think about them again. This is far superior to the situation most find themselves in. They don’t want to think about these possible events, and yet, every once in a while, something horrible happens to someone they know, or to someone on TV, and doubt enters their own hearts because they are not certain what would happen to them or their family if such an event occurred in their life. By discussing and taking very thorough action, such doubts will never have a place in your heart because you will have educated yourself and taken all the necessary steps to protect your family. Let’s look at the main types – Property Value and Human Life Value (HLV) – of insurance that individuals and families have. Most of the scriptures that apply to building a solid foundation for insurance protection don’t point as directly towards property value, but instead seem to point more towards protecting your HLV. But protecting your property value is still important, as seen in Proverbs 12.27:
“The lazy man does not roast his game, but the diligent man prizes his possessions.” (Prov 12:27)
The two main types of Property Value Insurance that most Americans have are:
- Automobile Insurance
- Homeowner’s Insurance.
Sometimes people have boats that need insurance. Some people place a jewelry rider on their homeowner’s policy, or have business property insurance. These are all types of insurance that we examine with our clients. If you have significant property that is not covered and thus exposed to the risk of loss, then of course you need to look into protecting these adequately. There are four main Protectors of Human Life Value through insurance. These are:
- Liability – If someone sues you for millions of dollars
- Disability – If you lose your ability to earn an income through work
- Health – If you need an incredibly expensive procedure
- Life – If you live much longer or much shorter than expected
If a major catastrophe occurs in any of these areas it could drastically affect the quality of your life. In fact, any of these would affect your life and that of your family far more than losing your car or your house would – even though these would be serious. If you had to choose one area to protect between your property and your HLV, perhaps you are starting to see that your HLV would be the more important one to protect. However, there is no reason to choose. You should have the maximum protection that you can have in every area where you are exposed to risk. Why? We’ll get into that tomorrow.
What do you think of the ideas in this post? Do you agree?