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. ESV 1 Timothy 5:8
So no one wants to think about dying, especially if you have a family. However, dying is the only thing in life that’s certain, and part of our spiritual formation involves considering our death. While I should revisit this on so many other levels, part of dying, when it comes to our money management, is ensuring (by insuring) that our family has adequate provisions. Yes, if you are living hand-to-mouth, you trust the Lord to provide for your family in your absence. However, if God has provided you with adequate income, securing term life insurance is part of your spiritual formation as you provide for your family, even in your death.
Selecting the amount of insurance is a good exercise as well in spiritual formation. It’s tempting to overvalue our life…thinking more highly of us than we should. Do we really want our legacy to be that we left our family millions of dollars or that we simply provided for them (and perhaps left it a bit tight so they still trust the Lord). We should consider future standards of living and inflation, but balance that with other investments, social security, and other possible benefits. Investigating and weighing all of these things is part of wrestling with our humanity…realizing “it is appointed unto man once to die…” On the positive side, life insurance rates are incredibly low now. I was looking to raise my policy since we are adopting more children, and found I was able to double my benefit for nearly the same price I was paying. It’s fun to provide for your family and be a good steward at the same time!
As I’ve shared before, on Fridays I generally try to evaluate aspects of my time use, finances, and other general “stuff” God has entrusted to my care. By setting aside one day a week, it’s easily manageable, and some things like life insurance only need to be evaluated every few years. My prayer is that you will continue to allow God to form every area of your life, including parts of your life that impact others after death.