Chuck Bentley Answers: Do I Have Enough Life Insurance?

Dear Chuck,

With the coronavirus panic everyone seems to be focused on stocking up on face masks, hand sanitizer and toilet paper. For me, I’m not sure I have enough life insurance. How much do you recommend that I buy and when should I purchase some? 

Preparing for the Worst

Dear Preparing for the Worst,

I heard on the radio today that fear is far more contagious than the coronavirus. Fear certainly seems to have infected millions of people across the world evidenced by some of the behaviors you listed in your question. While your concern is very legitimate, there are many other reasons and motivations to be sure you have adequate life insurance; so I don’t want you to make a rash decision driven by fear to buy a policy based upon the highly unlikely event that you will contact the virus and die.

By the way, I don’t think having insurance is a nullification of faith in God. It is wise to be properly insured; therefore, even apart from this virus threat you probably should get proper insurance as soon as possible.

Good Reasons to Have Life Insurance

The average man leaves far less than minimum assets necessary to provide for his family upon his death. That includes total life insurance. Some reasons include ignorance, slothfulness and debt. Most Americans have not been taught good stewardship (which includes preparing to leave an inheritance) and many know what to do but procrastinate until it’s too late. Debt, often a priority problem, keeps many from finding affordable life insurance.

Unless the Lord returns first, we will all die. Talking about death neither hastens nor delays it; it only makes it easier for those left behind if you rationally prepare for the inevitable.

“The simple believes anything, but the prudent gives thought to his steps.” (Proverbs 14:15 ESV) A great reason to have adequate life insurance is to be prudent and take care of your family’s needs.

Another reason is to ensure your heirs have an inheritance in the event of your untimely death. God leaves no subject untouched in His Word, including inheritance. In biblical times, the sons inherited their father’s properties and provided for the rest of their family. What’s not so obvious is that in most instances, the sons received their inheritance while their fathers were still living. This enabled a father to oversee their stewardship while they were learning.

●  “A good man leaves an inheritance to his children’s children…” (Proverbs 13:22a ESV)

●  “House and wealth are inherited from fathers…” (Proverbs 19:14a ESV)

I’ve carried term life insurance since our first child was born and carried some (but a lesser amount) on my wife. This policy allows for a tax-free sum of money paid to a dependent after one’s death, providing financial security for a spouse or dependents faced with numerous decisions and possible lifestyle changes when death occurs. It is a means to pay bills and provide for future expenses depending on the dollar amount and management of the dependent.

If you have a mortgage, debt, minimal savings and dependents, you should have life insurance. Honestly answer this question: “Will my death impact anyone else’s finances?” If so, get more specific to determine how best to be prepared.

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SOURCE: Christian Post, Chuck Bentley

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