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018: Why You Probably Need Life & Disability Coverage with Peachie Thompson
Manage episode 485502494 series 3553731
“The healthier you are, the cheaper it is. The younger you are, the cheaper it is. When you get some sort of disease, the more premium you’ll have to pay. There is no workaround for that.”
Our host, Joey Loss, interviews Peachie Thompson, founder of Peach Insurance Services, on why life and disability insurance are foundational for sound financial planning, especially for young families.
Peachie makes it clear that the younger and healthier you are, the cheaper insurance is. Yet, many delay action until it’s too late.
She tells the story of a 24-year-old woman who qualified for top-tier rates but delayed payment. When diagnosed with a benign brain tumor, she lost eligibility for affordable coverage—an avoidable outcome. Another example includes a COVID-era surge in insurance interest when people suddenly faced their mortality. Unfortunately, many were uninsurable by then. Without a doubt, timing is everything.
Peachie also gives her thoughts on disability insurance and how it protects income when illness or injury prevents work. It's crucial for single-income households and is often misunderstood. Many rely on employer-sponsored group plans without realizing limitations, like caps and tax implications. Private coverage, Peachie explains, is portable, customizable, and often essential to supplement group plans.
It’s important to build your foundation during those “boring” healthy years—before triggering events force reactive decisions. This also includes structuring insurance payouts through trusts to protect beneficiaries from future spouses, lawsuits, or creditors.
After all, the cost of ignoring life or disability insurance can far outweigh the premiums. It’s not just financial coverage—it’s peace of mind and protection for the people who matter most.
Key Topics:
- Why You Need to Be Thinking About Life Insurance Now (00:00)
- What Happens When You Take Too Long to Buy Insurance? (10:00)
- Disability Insurance: What It Covers and Why It’s Misunderstood (20:20)
- Group vs. Private Disability Coverage (24:42)
- How Insurance Complements Estate Planning (36:17)
Resources:
This podcast is brought to you by Joey Loss, CFP®, Adam Van Wie, CFP®, and Strivus Wealth Partners. Through Strivus, Joey and Adam provide financial planning and investment management services to clients across the country from their home base in Jacksonville Beach, Florida.
You can find show notes and transcript of the conversations here: Strivus Wealth - Wealth Unplugged.
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Read our audio, video, and written content disclaimer here.
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