Is insurance scriptural? The Bible has no mention of insurance and therefore assumed to be not scriptural. However, just like Joseph, it would be wise to store up for your family that they may survive a famine. In today's uncertain economy, having a plan to provide for your family is a command in scripture.
Is purchasing insurance a lack of trust in God? This a principle based on wisdom. If you did not purchase insurance and you are married with children, it is possible that your spouse would have to go on welfare (by the government). Your family's needs could go unmet. Insurance would give your family the opportunity to move on properly.
How much insurance do I need? First you need to determine what are your goals. Secondly, what kind of insurance is needed. Then decide the amount needed for long-term liquidity needs.
What if I can't afford the amount of insurance needed? The you need to get as much insurance as you can for the dollars available. You also need to have a plan concerning insurance usage, and financial alternatives.
Do insurance needs change? Yes, they do. You need to periodically evaluate your insurance needs. Circumstances will call for it, for example, marriage, children at different stages, income and lifestyle changes.