Catholic Investing | Invest Catholic | Life and Disability Insurance | Insurance, Money, Family, Would, Errhilite

Life and Disability Insurance

Published by InvestCatholic.com

Thursday, 22 May 2008

Let’s say that you have an ATM machine in your garage. Every couple of weeks, you go out to the garage and the machine spits out some money. You take that money and use it to support your family. One day you think, what happens if my ATM breaks? Then you find out that you can set aside some part of the money you receive and insure that your machine continues to provide the money that your family needs. Would you do it?

When I ask families the question, “What is your most valuable asset?” The answer is often their house. I would make the case that the answer should be the salary that is earned to support the family and pay for that house.

There are many ways to protect this asset. The two most common are Life Insurance and Disability Insurance. Both are contracts with an insurance company that pay if an event happens - death of a wage earner in the case of Life Insurance, and an inability to work in the case of Disability Insurance.

Insurance is not an exact science. However, there are a few points you should consider from a Catholic perspective when making insurance decisions.

How big is your family?
What is your current financial situation?
How much premium can you afford?
Are you a one income family? If something happened, would the spouse want to work full-time again?
What are your monthly commitments?
What happens to my insurance if I have a job change?

Despite its importance, many families are underinsured.

If you would like to receive an insurance quote from a company that meets the Invest Catholic screens or more information, please submit the information. We are not licensed to sell insurance in all states. In some cases, we may provide a referral.

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Last Updated ( Thursday, 22 May 2008 )

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