- Budgeting
- Cash Management
- Consumer and Mortgage Loans
- Debt and Debt Reduction
- Time Value of Money 1: Present and Future Value
- Time Value of Money 2: Inflation, Real Returns, Annuities, and Amortized Loans
- Insurance 1: Basics
- Introduction
- Understand What Church Leaders Have Said Regarding Insurance
- Realize the Importance of Insurance
- Understand the Key Principles of Insurance Planning
- 1. Know Yourself and Your Goals
- 2. Know Your Budget and How Much You Can Afford
- 3. Understand in Detail the Costs and Benefits of Each Insurance Product
- 4. Insure Against High-Cost, High-Severity Losses Only
- 5. Work Only with High-Quality Individuals and Institutions
- 6. Review Your Insurance Needs Annually
- Summary
- Assignments
- Insurance 2: Life Insurance
- Insurance 3: Health, Long-term Care, and Disability Insurance
- Insurance 4: Auto, Homeowners, and Liability Insurance
- The Home Decision
- The Auto Decision
- Family 1: Money and Marriage
- Family 2: Teaching Children Financial Responsibility
- Family 3: Financing Children’s Education and Missions
- Investments A: Key Lessons of Investing
- Investments B: Key Lessons of Investing
1. Know Yourself and Your Goals
Insurance is a tool that can help you plan for the future while living in the present. However, before you can develop an insurance plan, you must know what is important to you and what you want from life. Insurance is not an end in itself: it is a tool to help you achieve your personal goals. What are your goals? Your goals may include replacing your salary should you die, or salary replacement.
Once you determine your goals, the challenge becomes figuring out which insurance products can help you reach your goals the fastest. You should understand each insurance product well. While it will take a significant amount of time to understand insurance products individually, we can increase your understanding of the main insurance products with a general overview.
Recognize that your insurance needs will change over time: your needs for insurance will not be constant throughout your life. Plan for the future, but live in the present.
