From time to time we’re asked, “is insurance biblical?” Another way to phrase the question might be, “Should people of faith worry about insurance?” The word "insurance" isn't in the Bible, but "faith" appears hundreds of times.
From time to time we’re asked, “Is insurance biblical?” Another way to phrase the question might be, “Should people of faith worry about insurance?” Maybe it would help to define “faith.” You won’t find the word “insurance” in the Bible, but “faith” appears hundreds of times providing a clue as to what God may think about insurance.
The word “faith” appears in the Bible anywhere from 300 to 500 times, depending on your translation. And in many of those verses a promise is either stated or implied. For example, Ephesians 2:8 reads, “For by grace you have been saved through faith. And this is not your own doing; it is the gift of God.”
Romans 10:9 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.”
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 promise is that having that 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.”
So, by faith we are promised eternal salvation not safety from the 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.”
The third reason I think the Bible supports the idea of insurance is that we’re told to provide for our loved ones. 1 Timothy 5:8 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.”
Further, the Bible says we’re obligated to compensate others whom we’ve harmed. Exodus 21 and 22 are full of examples of this. If we love our neighbor as ourselves, we’ll make them whole if we caused their suffering.
So those are the reasons why I think insurance is “biblical.” In short, because it’s practical, wise and it helps us follow several of God’s financial principles.
Here are a couple of questions we answered from our callers on this program:
I heard you offer suggestions about investment companies, but I’ve never heard you talk about Edward Jones. Is there any reason for this?
My mortgage company offered a forbearance. I have 8K in credit card debt. I accepted the forbearance for about 6 months. They told me that I would have the choice to put it on the back of the loan or pay it off in payments. I would like to use it to pay off the credit card debt. Do you have advice on this?
My husband and I are both retired. We have a home in FL that is paid off. We bought a new home and have investments to pay off the line of credit. Our investment advisor is telling us to keep the loan, but I don’t like having debt. Should we pay it off now?
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