Is buying insurance biblical ? In other words, if we buy insurance, do we lack trust in the Lord ? Since it is not specifically mentioned in the Scripture, then let it be treated as a matter of conscience. Let each pray and decide.
Scripture does advise not to guarantee loan for anyone for fear of unforeseen default consequence affecting oneself and family.
Proverbs 22:26-27 NLT
Don’t agree to guarantee another person”s debt or put up security for someone else. If you can’t pay it, even your bed will be snatched from under you.
So it is analogous and reasonable to take steps to mitigate unforeseen circumstances such as buying insurance for, in my opinion, insurance is like a collective pooling of resources in a community to help any individual in the community facing unforeseen emergency that require financial aid.
Whenever the Lord warns of impending disaster in Scripture, He expects the faithful to act to prepare. The story of Joseph in mitigating the famine faced by his family is one good example.
We are also told to be prudent.
A prudent person foresees danger and takes precautions. The simpleton goes blindly on and suffers the consequences.
In my opinion, one ought to buy insurance such as hospitalisation insurance, fire insurance, travel insurance and dependent income insurance.