Do you let your anxieties control how you manage transactions? Spirituality and managing insurance, for instance, aren't really so far apart.
"What kind of spiritual meaning can I find in managing my insurance?" was a question posed to me by a doctor who had just looked at the monthly cost of all his insurance and was devastated to see that the cost was more than his monthly food bills.
The doctor had gone along with buying as much insurance as his insurance agent had requested. When I asked him why he didn't question the agent, he admitted he didn't have the courage to argue. I told him that he had just answered his question concerning the spiritual meaning of insurance. He seemed a little bewildered until I explained that in his case the spiritual meaning would come from his finding the will power to contradict his insurance agent. He laughed and said that was quite right.
Many people have difficulty in dealing with their insurance because they are intimidated by the subject. To help them get over their fears, I have them write down the costs, coverage and other pertinent facts. I then have them examine these facts in the context of their total financial picture. Having this overview immediately reduces their anxiety because it tells them how much their insurance costs; how much they can afford; and what is covered.
Once people have their fears under control, they are much more receptive to looking at the spiritual implications of dealing with their insurance. In analyzing their attitudes, I find there are people who fall into two emotional extremes; over-insuring or denial. The doctor above bought more insurance than he needed because in his anxiety, all he could think of was maximizing his protection. Others, equally intimidated, will avoid getting any insurance. These people prefer to deny their need rather than face up to it.
Most of us fall somewhere between these extremes. But few of us feel comfortable enough with insurance to examine it as thoroughly as we should. Unfortunately, in recent years, insurance costs have fed into our fears by increasing so much that in many cases we can't afford to buy enough insurance to protect ourselves.
When clients are in this situation, I try to get them to realize that their real security has to be within themselves, not in their insurance. Instead of looking at what they need to buy for complete protection, I suggest they purchase only an amount they can afford to buy based on their monthly income and expenses. I explain that the peace of mind they will have in buying insurance they know they can afford is more important than trying to buy larger amounts that are beyond their budgets.
Besides the issues surrounding the purchase of insurance, there are issues relating to divulging insurance information, which can have a profound effect on one's spirit. Years ago when I was living in rural Maine, I learned an important lesson when I was buying some insurance on a chicken coop on my property. The previous owners had moved into the coop for the summer. I thought they were going to use it only for their pottery business but they decided to live there.
The coop had no live-in accommodations, only a wood stove and a kiln. I was concerned about the fire hazard, and tried to persuade them to leave, but to no avail. I knew I needed insurance on the coop to protect myself, but I was afraid the insurance company wouldn't give it to me if I told them the couple was living there.
When I saw the insurance agent, I couldn't bring myself to tell him that the couple was living in the coop. The agent said nothing except that he'd be in touch with me in a few weeks. He never called, but I learned later that he was a good friend of the couple and knew all along that they were living in the coop.
This experience forced me to do some soul searching. I realized my fears had undermined my integrity. The psychic pain was enough to prevent me from doing another evasive act. I went to another agent and disclosed everything -- even the fact that I had withheld information to the previous agent. The second agent was sympathetic and agreed to insure the coop after he saw it. I found that confronting my fears was a powerful antidote to my guilt and shame.
How we handle our insurance can provide an important test of our integrity, and for that reason alone we can't afford to let our anxieties control how we manage these transactions.
Fred Brown, personal financial consultant, is the author of the recently published book, Money and Spirit, published by A.R.E. Press. The book can be ordered directly by telephone at (800) 723-1112. To contact him on line, use 03111,3337@compuserve.com or telephone (505) 466-2436.