In regard to Karl Weisenbeck’s “First Person” article, “Like a good Scout,” I have to say I am upset at The Baptist Courier regarding the content.
As a consumer and “student” of financial products, I believe that while the author does not come right out and say so, he is endorsing cash-value insurance. When one uses the term “rented” for term insurance and “owned” for whole-life, he has revealed his bias. This is terminology that insurance salespersons have been using for decades to sell cash-value polices.
This advice is clearly not in the best interests of God’s people, or anyone, for that matter. When families are in need of insurance most is usually when their expenses are highest, as in raising children and getting them off to college. Low-cost term insurance is the correct product. They cannot afford the correct amount of whole-life insurance.
If you follow biblical principles, your need for life insurance should decline as your children become self-sufficient and your savings multiply.
As for as the company the author represents, from the information I have been able to find via the Internet, it is a prepaid burial services company – another bad idea, financially speaking.
I do agree with him when he says, “The process of being prepared initially involves education – the acquisition of specific knowledge that allows one to make informed decisions.” If you acquire specific knowledge on life insurance and prepaid burial, you will stay away from both of these products.