by Marsha C.
Member since:
February 13, 2007

October 22 Investing For the Future (Christian)

October 22, 2008 08:24 AM UTC
views: 0 | comments: 12
Good understanding wins favor, but the way of the unfaithful is hard.  Proverbs 13:15


Look at insurance as provision in the case of premature death, not as an investment.  The cash reserves in your policies can be used as emergency funds, but loans against the policy reduce the death benefit to your dependents.

Taken from the Investing for the Future by Larry Burkett.

Comments: 12

Marsha C. Oct 22, 2008, 8:26am UTC
I know over the years my mom has gotten money from mine and my brothers life insurance policies in the form of loans....I believe it's all paid back now.
Rae M. Oct 22, 2008, 8:31am UTC
I think he gives some really good advice here.
♠~Dnbuster~♠ ~. Oct 22, 2008, 8:52am UTC
thanks, great info!
Anna D. Oct 22, 2008, 9:30am UTC
Cash reserve in an insurance policy is a very bad investment. All you do is give money to the insurance and seldom get out what you put in. Thanks
Anna del C.
Author of "The Elf and the Princess"
and "Trouble in the Elf City"
Bob B. Oct 22, 2008, 11:31am UTC
Good advice, Marsha.
Elaine S. Oct 22, 2008, 11:55am UTC
good advice
Melissa J Oct 22, 2008, 12:51pm UTC
Amen to that. Ours collects interest, but we've never even thought about taking money from it. We would need all we could get if one of us were to pass away.

Here's a 10, thanks for posting at Up All Nite Café.
Jeff S. Oct 22, 2008, 3:48pm UTC
I hope Larry Burkett was not pushing whole life insurance (cash value policy which has a savings component inside). They are equivalent to a payday loan of insurance, a really bad stuff. Buy level-term life insurance at 1/10 of the premium of cash value insurance premium, and invest the 9/10 of the premium in a safe quality investment. You'll have 100 times built up in 20 to 30 year.
Robert M Oct 22, 2008, 6:36pm UTC
Wise advice
I was not mature enough to take out a policy of that kind early on. So I paid for one all my work days and it ended when I quit. I'm impressed with you all.
Jeff S. Oct 23, 2008, 11:29am UTC
We covered insurance topic in our Financial Peace University class last night.
Say NO to:
1. cash value life insurance (whole, universal, variable, etc.)
2. cancer, accidental, double indemnity insurance (AFLAC type)
3. mortgage protection, credit card protection
4. baby insurance (Gerber)

Say YES to:
1. disability insurance
2. level term life
3. Long term care (at age 60)
4. $500,000 liability limits on car and homeowners insurances
5. umbrella policy if you have higher net worth
6. ID theft insurance ( www.zanderins.com )

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