When we think of insurance, we often consider the immediate—car accidents, home theft, or even life insurance. But there’s a silent peril that lurks in the shadows, one that can upend our lives more drastically than death itself: the loss of income due to disability or illness.

In our latest podcast episode, I sit down with Warren Ingram, a certified financial planner, to dissect this critical but under-discussed topic.

Warren paints a stark picture of the catastrophic outcome that awaits families when the breadwinner can no longer bring money home. It’s not just about the individual; it’s about the dependents whose lives could be thrown into turmoil. The conversation takes us through the nuances of disability and dread disease insurance, highlighting the complacency that many of us harbor. We trust in state systems and Social Security, but often, these are insufficient to maintain the lifestyle we’re accustomed to.

The discussion shifts to the resentment that builds over years of paying for insurance that seems to offer no immediate return. Warren offers a counterintuitive perspective: as we age and our assets grow, we should potentially decrease our disability insurance. This approach frees up resources to invest in productive assets, striking a balance between protection and prosperity.

But how do we avoid the trap of over-insuring? How do we prevent the catastrophe of not having enough to invest in our future? Warren provides actionable advice, urging us to review our current policies and understand the benefits provided by employers and the state. It’s a delicate dance between ensuring adequate coverage and fostering financial growth.