What Does the Bible Say About Insurance?
What does the Bible say about insurance? Specifically, nothing. The word “insurance” appears in the Bible exactly 0 times.
What is Insurance?
To get a biblical perspective on insurance, we need to take a step back and ask ourselves what insurance is in the first place. Insurance is a tool to protect against losses from a future potential risk. It is looking into the future and saying, “I see danger on the horizon and I’m going to prepare myself for it.”
For example, you might purchase disability insurance because you know that about 30% of workers entering the workforce today will become disabled before retiring. You will likely take other precautions to protect your health, but when you see the potential loss of income that a disability would cause, you purchase insurance to protect yourself and your family from that threat.
The Wisdom of Being Proactive
While the Bible doesn’t say the word “insurance,” it does say in Proverbs 22:3 (NCV), “The wise see danger ahead and avoid it, but fools keep going and get into trouble.” Being proactive about future dangers earns you the “wise” label in the Bible. Not doing so makes you a fool. It appears that the wisdom of Proverbs would support the idea of purchasing insurance products.
The Benefits of Prioritizing Protection
One of the most common arguments against purchasing insurance is that the funds used to pay the premiums could be better used elsewhere. They could be invested for growth where they would provide a much greater return. In most situations, that is true. You probably won’t build wealth as fast if you use some of your money to purchase insurance instead of investing it.
Is there anything in the Bible that speaks to that? Let’s take a look at the book of Nehemiah. The background for the book of Nehemiah is that because of their sin, the Israelites were exiled, sent to live in foreign countries, and Jerusalem was destroyed and abandoned. With permission from their foreign rulers, Nehemiah and a small group of Israelites had taken on the task of rebuilding the city. Unfortunately, the neighboring people did not want them to rebuild and set out to stop them. This is how Nehemiah responded to that threat:
From that day on, half of my men did the work, while the other half were equipped with spears, shields, bows and armor. The officers posted themselves behind all the people of Judah who were building the wall. Those who carried materials did their work with one hand and held a weapon in the other, and each of the builders wore his sword at his side as he worked. (Nehemiah 4:16-18)
Do you think the builders worked as efficiently with swords at their sides or those who carried materials were able to carry as much with a weapon in one hand? Of course not! How could they? Arming themselves slowed their progress and hindered their building efforts. But the Israelite’s goal wasn’t to build fast, it was simply to build. Nehemiah understood that while arming his men would slow them down, it would ensure their ability to keep working. If they weren’t armed, they could easily be wiped out by the enemy, and then nothing would get built. Under God’s direction, he decided that slow progress was better than risking no progress at all.
The same principle applies to insurance premiums. They may slow your progress toward your financial goals, but they protect your ability to keep progressing.
Conclusion
While the Bible doesn’t specifically talk about insurance by name, it does tell us that it is wise to be proactive about future dangers and important to have a strong defense, even if it slows your progress. Insurance is a modern-day tool that can be used to implement these biblical principles.
If you have a heart to align your personal finances with what the Bible says about money, you have come to the right place! We walk with people just like you on their stewardship journey as a trusted guide with expertise in the modern financial system and deep knowledge of biblical principles. To learn more about how we can serve you, schedule a free introductory phone call here.
About Guide Financial Planning
Guide Financial Planning is led by founder Ben Wacek, who is a Christian fee-only Certified Financial Planner® and Certified Kingdom Advisor®. He has a passion for helping people of all income levels make wise financial decisions and steward their resources from an eternal perspective using Biblical principles. Based in Minneapolis, MN, he works with clients both locally and virtually throughout the country and abroad. You can follow the links to learn more about Guide Financial Planning and our team and the services we offer.