Filling The Gaps With Insurance
Week 1-Insurance: Transferring Risks
Each of us is exposed on a daily basis to various risks in our lives. We recommend you periodically conduct a risk analysis (a) to identify the risks to which you are exposed and (b) to determine for which of those risks you want to self-insure and for which you want to transfer the risk to someone else by purchasing insurance. You may want to utilize a insurance professional or a certified financial planner in this process.
The most common areas of risk exposure are:
- Legal liability – we live in a litigious society
- Vehicle accidents
- Damage to house and other personal property
- Major illnesses
- Physical/mental disability
- Loss of life
- Aging and personal care
Effective Christian financial planning includes periodic risk analysis and filling the gaps with insurance.
Prayer Focus: Ask the Lord to lead you to the qualified professional who can assist you in analyzing the risks to which are you exposed.
Next Week: Primary Types of Available Insurance
The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.