"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."
1 Timothy 5:8
As leaders of our homes, we are instructed to provide for the welfare of those in our charge. One way we can provide is to ensure we have adequate levels of insurance. The following are best practices for insurance coverage in various areas of our lives.
Home & Auto
Use higher deductibles – usually around $1,000.
Carry hefty liabilities on your home and car – recommended $500K.
Carry an Umbrella Policy for an added layer of protection.
Carry high deductible - $1,000 or higher.
Do not reduce maximum payout.
Live a healthy lifestyle to reduce medical costs.
Make use of a Health Savings Account (HSA); grows tax free.
Often an overlooked insurance.
If you are less than 35, there is a one in three chance you will be disabled for at least 6 months in your working career.
Carry term life insurance equal to 10-12 times your annual compensation in order to provide income to your dependents.
Carry $250,000 for a non-working spouse.
Long-term Care Insurance – Do not consider until you are 60 years old.
Identity Theft – Consider subscribing to Life-Lock or a similar type service.
One of the greatest gifts we can give our family is providing adequate levels of insurance protection. Let’s take a moment and review our current policies in each area to ensure we have been proactive in our stewardship and in securing our families’ needs in the case of loss.
Steve Crawley, PhD
Ministers Resource Services