Financial Preparedness: Adequate Insurance

Having adequate insurance is a very important step in your financial preparedness. This includes insurance for your home, car, health, and even life. Home and car insurance seem pretty standard for most people, but health and life insurance are ones that tend to be forgotten until they are needed.


Many people are fortunate enough to have health insurance covered through their jobs. However, many are not. My family is one of the ‘nots’. Here’s our story: After Hubby and I were married and he started work in a good job, we had great health insurance coverage through the company. However, with the changes in the economy came changes for our family. Hubby was let go and so was our health insurance. We weren’t quite sure what to do about that situation (we’re still pretty young and inexperienced with things like this). Temporary jobs have come and gone, some with health insurance, some without. The job he got a little while back (and currently holds) is one that comes without insurance. With two little girls, we were both uneasy about the situation, but didn’t know if our uneasiness warranted spending a bunch of extra money each month for private health insurance (neither of us is too keen on relying on the government for our healthcare needs… so that wasn’t an option we investigated much). But after reading a story in the Ensign which referred to Elder Tanner stating that we should always have health insurance (source), the uneasiness really started to heighten. Then about a month later, Hubby said to me one night, “We just need to get it. I feel like we should have it.” So we got it. We did a little research and picked one that we felt comfortable with (not too high of a deductible in combination with not too high of a premium for a good amount of the benefits we want). Yes, it makes our monthly budget a little tighter, but it has brought us peace. And it’s a good thing too, because about 2 months after getting it, I ended up going to the ER with some heart issues and it now turns out that I need heart surgery. Wow. To say that we are grateful we followed the council and promptings to get adequate insurance is an understatement. We could easily have had our savings wiped clean and found ourselves in a pile of debt. Needless to say, we will not ever consider going without proper health insurance again. It is just simply something that must be factored in to our expenses.

My point in sharing this is that I hope you will all take a good look at your situations and make sure you are adequately covered for any uncertainties that may pop up in life. We cannot afford to not be prepared. (Well, maybe some people can, but I am not one of them!) If the monthly budget is already stretched thin, see what you can do to lower other expenses. There are plans available for all types of budgets, so if you aren’t already covered, find one that will work for you. It’s just one more step to our total financial preparedness. 🙂

“Nothing seems so certain as the unexpected in our lives. …Every family should make provision for proper health and life insurance.”  -President N. Eldon Tanner (source)

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