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Speaker 1: My name is Tatasha Bamblet. I'm a proud First Nations

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Speaker 1: woman and I'm here to acknowledge country t glennyan Ganya, Niana,

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Speaker 1: kaka ya Ya bin Ahaka nian ar gay In, Nimbina,

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Speaker 1: yak um jar dominyamiga Umagahawakawaman, damon Imlan, Wumba, bang Gadabomba

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Speaker 1: in and now in wakah ghana on yakraum jar Watnadaa. Hello,

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Speaker 1: beautiful friends, we gather on the lands of the Aboriginal people.

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Speaker 1: We thank acknowledge and respect the Aberiginal people's land that

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Speaker 1: we're gathering on today. Take pleasure in all the land

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Speaker 1: and respect all that you see. She's on the Money

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Speaker 1: podcast acknowledges culture, country, community and connections, bringing you the tools,

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Speaker 1: knowledge and resources for you to thrive.

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Speaker 2: She's on the Money. She's on the Money. Hello and

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Speaker 2: welcome to She's on the Money, the podcast that helps

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Speaker 2: you build the kind of financial safety net you'll thank

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Speaker 2: yourself later for. Imagine this. You've woken up one morning

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Speaker 2: and you genuinely can't go to work anymore. You can't

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Speaker 2: push through it like you normally would. You are out

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Speaker 2: for the count. You call in sick thinking it's going

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Speaker 2: to be just a couple of days. But seven days

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Speaker 2: of your sick leave is gone, and before you know it,

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Speaker 2: two weeks has become six and you still have no

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Speaker 2: idea when you're going to be able to return to work.

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Speaker 2: Your pay it's dropped to zero. Your partner has also

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Speaker 2: burned through all their leave, taking you to appointments and

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Speaker 2: keeping the family afloat. Meanwhile, the bills keep landing exactly

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Speaker 2: on time, the mortgage, the groceries, the utilities, the childcare

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Speaker 2: direct debit that does not care if you haven't worked

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Speaker 2: in forty two days. At that point, the problem isn't

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Speaker 2: even a health issue anymore. It's a financial disaster unfolding

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Speaker 2: right around you. And you realize your entire safety net

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Speaker 2: was built on one assumption that you just stay healthy forever.

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Speaker 2: If hearing this has made your stomach drop a little bit,

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Speaker 2: it did for mine. Sorry, but that's actually my intention.

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Speaker 2: But the good news here is that I have brought

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Speaker 2: in the person who can help you make sure that

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Speaker 2: you never end up in that position. I'm Victoria Devine,

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Speaker 2: and with me is our go to for everything women

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Speaker 2: need to know about protecting themselves. Properly. Mister Phil Thompson

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Speaker 2: from sky Wealth, Welcome back to the show.

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Speaker 3: Thank you for having me.

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Speaker 2: I am very excited about this. I feel like I

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Speaker 2: was relatively dramatic with my introduction though, Yes, but did

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Speaker 2: you see where I was going with it?

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Speaker 3: I saw exactly where you're going, and we have clients

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Speaker 3: who have felt that experience as well.

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Speaker 2: Do you think I landed on the point. I didn't

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Speaker 2: say any specific illness, but I feel like I've dramatized

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Speaker 2: it enough for you to understand this can literally happen

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Speaker 2: to anyone, and it does peel Your entire career is

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Speaker 2: personal insurance. Everything you do work wise is about making

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Speaker 2: sure that people are protected. And I love it because

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Speaker 2: if you guys have been listening to my show for

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Speaker 2: a while, I also love it. But you work in

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Speaker 2: the space of income protection, life insurance, trauma insurance. We

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Speaker 2: are talking about the types of personal insurances that aren't

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Speaker 2: health insurance, and I am very vocal I would say

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Speaker 2: about how important these things are. I obviously have them,

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Speaker 2: and thankfully they so far feel have been the biggest

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Speaker 2: waste of money, like I've never claimed on them. How

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Speaker 2: good is that?

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Speaker 3: Yeah? Yeah, exactly. The same with me yet to claim

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Speaker 3: and hopefully never will life win.

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Speaker 2: But we've done whole episodes on exactly what these insurances

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Speaker 2: are and why they are so important for your financial security,

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Speaker 2: which I'm going to link into show notes, because this

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Speaker 2: episode is not about explaining what life insurance is compared

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Speaker 2: to TPD or what your trauma insurance could provide for you.

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Speaker 2: So we are going to dive into this episode because

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Speaker 2: I don't know. I want to do this episode because

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Speaker 2: being a woman is fun, I suppose, and you don't

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Speaker 2: have any experience with being a woman, but you deal

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Speaker 2: with women every single day and you ensure them every

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Speaker 2: single day, and when you are a female, it comes

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Speaker 2: with a whole extra layer of financial risk that literally

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Speaker 2: nobody warns you about. We have far more health events,

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Speaker 2: we have more time away from work, more chronic and

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Speaker 2: reproductive conditions, we have more mental health claims, and we

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Speaker 2: then get this, we live longer, which means our risk

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Speaker 2: profile when it comes to insurance is completely different to men.

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Speaker 2: So no wonder this stuff feels I would say, relatively

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Speaker 2: confusing and overwhelming at the same time as making me

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Speaker 2: a little bit mad. So this episode is all about

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Speaker 2: making insurance makes sense properly for women specifically. So if

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Speaker 2: you're male listening to this, welcome to the education series.

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Speaker 2: If you're a female listening to this, this one was

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Speaker 2: for you.

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Speaker 3: And if you're a male listening to this and you

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Speaker 3: have a partner, keep.

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Speaker 2: Listening exactly or you just so interested slay king, I

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Speaker 2: wanted to start by asking Phil, in your experience of

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Speaker 2: helping people over literally how many years have you been

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Speaker 2: doing this? I'd say, like twenty? This is crazy.

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Speaker 3: I'm not that old, thank you. I've been an advisor

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Speaker 3: for over fifteen.

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Speaker 2: Now over fifteen, who's not twenty?

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Speaker 3: Come on, I'm not that old. No, but you couldn't

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Speaker 3: stop forty.

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Speaker 2: Like I've been in finance for ten years and that

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Speaker 2: was my second career. You could have started at twenty,

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Speaker 2: but you were literally running away with the circus exactly.

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Speaker 3: This is kind of my second career as well. But

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Speaker 3: that's okay.

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Speaker 2: But you experience helping people get these insurances every day,

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Speaker 2: when are women most likely to look at insurance and

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Speaker 2: be prompted to actually do something about them.

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Speaker 3: There's some normal triggers getting insurance. So one of the

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Speaker 3: big ones is, hey, we're pregnant, We're now going to

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Speaker 3: have little ones that we're going to look after, and

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Speaker 3: so that's when a lot of people think about getting

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Speaker 3: insurance in place.

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Speaker 2: I feel like it's always life event focused, Like you

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Speaker 2: don't just wake up one day go she just really

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Speaker 2: get my stuff together. Feel I'll just give fill a buzz,

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Speaker 2: He'll set it up for me, Like I am so

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Speaker 2: evasive of everything, and that just feels like an admin

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Speaker 2: task I don't want to play with. As an insurance expert,

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Speaker 2: I need to know when. Would you say is the

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Speaker 2: worst time for women to go and start looking at

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Speaker 2: their insurances?

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Speaker 3: Yeah, so, I mean there's no bad time. If you're

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Speaker 3: getting insurance at any time, then that's the best time

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Speaker 3: to do it. But there are times where getting cover

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Speaker 3: becomes harder. So you know, if you've had a health event,

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Speaker 3: it can be harder to get insurance in place. If

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Speaker 3: you are pregnant and having time off work, it can

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Speaker 3: be difficulties getting some cover in place at those point

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Speaker 3: in time. So, no time's a bad time to get

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Speaker 3: insurance or think about insurance. But they're probably the hardest

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Speaker 3: in terms of underwriting.

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Speaker 2: So from an underwriting perspective and for those that don't

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Speaker 2: know underwriting is the process when an insurer kind of

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Speaker 2: looks at you as an individual. They look at your health, lifestyle,

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Speaker 2: your medical history, and then they make a decision individually.

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Speaker 2: You don't just apply and get put into a bulk lot.

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Speaker 2: They individually assess every single application. They decide what cover

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Speaker 2: they can actually offer you as an individual and on

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Speaker 2: what terms. Why is pregnancy such a specifically tricky time.

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Speaker 3: There are health events that happen after pregnancy and some

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Speaker 3: additional risk when it comes to pregnancies. During pregnancy, there

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Speaker 3: are a lot of additional health concerns, but it's also

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Speaker 3: time off work, so things like income protection or disability

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Speaker 3: cover is protecting your income and being at work. So

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Speaker 3: if you have an extended period of for maternity leave,

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Speaker 3: insurers will then depending on the timeframe of when you're

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Speaker 3: getting cover, they may not offer income protection until you're

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Speaker 3: back at work, which.

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Speaker 2: Kind of feels rude, not going to lie. So when

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Speaker 2: should women, especially those who are planning a pregnancy. They're

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Speaker 2: not pregnant right now, but they're planning to be pregnant

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Speaker 2: in the future, look at personal insurances to put themselves

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Speaker 2: in the best position or best position to have a

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Speaker 2: favorable outcome.

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Speaker 3: Really. As I said, today is the best time. But

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Speaker 3: if you are planning a family, a part of that

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Speaker 3: conversation and discussion is, you know how much time we're

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Speaker 3: going to have off work. You know how are we

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Speaker 3: going to fund this time? And as a part of that,

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Speaker 3: you should be looking at personal insurance as well, thinking

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Speaker 3: about getting that in place. So pre pregnancy is ideal.

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Speaker 3: But that doesn't mean that if you're pregnant you can't

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Speaker 3: get insurance covered. There are lots of options. It just

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Speaker 3: means that there may be limited insurers that we can use.

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Speaker 3: So some insurers will cover you all the way up

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Speaker 3: until birth for income protection, some will say, okay, you've

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Speaker 3: got to be in the first two trimesters before we'll

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Speaker 3: offer income protection.

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Speaker 2: Yeah, and that's where we've got to have good conversations

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Speaker 2: with our financial advisor when setting that up about our

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Speaker 2: life intentions. I always say that being a financial advisor

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Speaker 2: is such an intimate job. I think it's more intimate

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Speaker 2: that being someone's doctor. I mean, not physically intimate. Don't

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Speaker 2: get the wrong idea, but you get to know so

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Speaker 2: much about people, like beyond what your GP or what

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Speaker 2: your countent gets to know. Like I need to know, hey, Phil,

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Speaker 2: so you're setting up these insurances, you're planning on having children,

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Speaker 2: what does that look like? Have you got any health

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Speaker 2: history there? You know, what's your partner like, what's their income?

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Speaker 2: Like We're not just asking like doctor questions. We're asking

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Speaker 2: everything and putting it all in one bucket, which is

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Speaker 2: why it's so important to have these conversations. And then

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Speaker 2: on the flip side, I also wanted to caveat when

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Speaker 2: I was planning on getting pregnant with Harvey. My husband

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Speaker 2: and I were like, we need to look at our

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Speaker 2: health insurance, which is a completely separate conversation. But because

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Speaker 2: maternity wasn't covered in the standard, there was like this

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Speaker 2: big twelve month wait, but a massive loading. So my

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Speaker 2: health insurance absolutely doubled, like I would say, just over doubled,

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Speaker 2: because it then needed to include obstetric care and like

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Speaker 2: maternity and more hospital cover. It's not like that with

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Speaker 2: personal insurances, is it.

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Speaker 3: Yeah, So no, you aren't getting a one hundred percent

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Speaker 3: loading if you are pregnant getting income protection depending on

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Speaker 3: the individual, but you're going to be charged with standard

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Speaker 3: rates and individual same occupation, same income, same health history,

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Speaker 3: whether they're pregnant or not pregnant will be charged the

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Speaker 3: same premiums.

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Speaker 2: And disappointingly, which to you and I as an auto surprise,

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Speaker 2: but to everybody who maybe isn't insured, women are more

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Speaker 2: expensive to ensure than men, aren't.

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Speaker 3: They feel yeah, for income protection and trauma insurance, everything

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Speaker 3: else being equal, the premnians will be more if life

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Speaker 3: insurance and disability men get charged more.

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Speaker 2: I used to always caveat that with clients and be like, hey,

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Speaker 2: I'm going to do all these apps, but just know

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Speaker 2: the quotes that come back. Even though you're basically the

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Speaker 2: same age you met at high school, neither of you

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Speaker 2: have had health events, her insurance is going to be

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Speaker 2: more expensive than his. And it's just the way it

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Speaker 2: comes out of the wash because I'd had a few

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Speaker 2: conversations prior where I was presenting an SOA to a

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Speaker 2: client and They're like, well, why is his cheaper? And

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Speaker 2: I'd be like, oh, honestly misogyny, But in reality, you

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Speaker 2: are more risky. So when it comes to women, what

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Speaker 2: is the main thing insurers are looking at.

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Speaker 3: It's claim statistic. At the end of the day, insurance

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Speaker 3: companies are just the math geeks called actuaries at insurance companies.

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Speaker 2: They're real cool, they're real fun.

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Speaker 3: They are the cool guys. And sometimes the sales team

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Speaker 3: ignore all their numbers and just you choose whatever numbers

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Speaker 3: they want to get to get sales in the door.

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Speaker 3: But the actuaries are the ones that go okay based

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Speaker 3: on our claims data, and you know who's claiming on

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Speaker 3: these policies more. And so the reason income protection and

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Speaker 3: trauma insurance is more expensive for women is because the

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Speaker 3: claims supports that there are more claims and so therefore,

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Speaker 3: if you're going to use that policy more, you know

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Speaker 3: you're going to be charged one. Just like a twenty

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Speaker 3: three year old young man getting car insurance statistically more

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Speaker 3: likely to crash, these car more expensive, is more expensive

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Speaker 3: than me as a sub forty year old.

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Speaker 2: I didn't say at any point you were over forty.

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Speaker 2: I just said that you could have nearly twenty years experience.

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Speaker 3: I'm turning forty next year and I couldn't be happy.

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Speaker 2: Forty is the forty the pinical? Yeah, the best for

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Speaker 2: thirty Anyway, I want to know topic, what are the

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Speaker 2: most common health conditions that can impact an insurance application?

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Speaker 2: Because we know that there are some health conditions that

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Speaker 2: they'll look at and be like, oh, that that doesn't

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Speaker 2: mean anything at this point, So what can that look like?

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Speaker 2: And then on top of that, what can that then

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Speaker 2: mean for things like exclusions and loadings and all of

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Speaker 2: that fun stuff.

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Speaker 3: Yeah, so every insurance application will look at every individual's

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Speaker 3: health history. Things that are specific for women are things

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Speaker 3: like pregnancy complications, So things like preclampsy. Are we're talking

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Speaker 3: about like that one.

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Speaker 2: Yeah, I'm so good at this, but I didn't get

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Speaker 2: to claim income protection routs?

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Speaker 3: Yeah yeah, And then there's like things like gestational diabetes.

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Speaker 3: Some of those things will impact a future application, whether

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Speaker 3: it has no impact at all, there will be questions

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Speaker 3: about those things. But other specific health events for women

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Speaker 3: are things like endometriosis pcos and so there are specific

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Speaker 3: women's health events that impact an insurance application.

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Speaker 2: Yeah.

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Speaker 3: Now, some people may have this history, but it has

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Speaker 3: no impact on the application. Some may have different experiences

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Speaker 3: of the same diagnosis, but different experiences will have a

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Speaker 3: different outcome. I know.

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Speaker 2: It also covers things that I think are more obvious,

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Speaker 2: so like female specific cancers like breast cancer or cervical

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Speaker 2: cancer or ovary in cancer. And then I had a

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Speaker 2: lot to come up way back when, because I'm not

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Speaker 2: an advisor anymore, and that it feels like yesterday, but

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Speaker 2: also like six million years ago. And the insurance industry

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Speaker 2: has changed so much. But we used to have a

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Speaker 2: lot of conversation about the Bracker gene when it came

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Speaker 2: to breast cancer and them testing for that and if

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Speaker 2: you had a history of that. So they do go

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Speaker 2: very deep. They're not just going you got sick and

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Speaker 2: then you go nah, and then they go all right,

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Speaker 2: well good bro well good bruh, like that's not how

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Speaker 2: it works.

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Speaker 1: Like.

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Speaker 2: They actually will go very deep. And I would say,

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Speaker 2: like that medical questionnaire, any medical questionnaire for any insurer,

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Speaker 2: she's perfec. She's real pervy, So be prepared for that.

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Speaker 3: And what we do with SKY is we basically replicate

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Speaker 3: all those questions because we know there's a massive difference

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Speaker 3: between insurance companies based on a whole bunch of health histories.

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Speaker 3: So we actually ask all those questions up front so

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Speaker 3: we can get a really clear understanding. Because you know

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Speaker 3: the brackagene, some insurers view it differently, but even family

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Speaker 3: history of cancer if you've never experienced it or you

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Speaker 3: don't have the bragga gene. But your mother had breast cancer.

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Speaker 3: That will impact your insurance with different insurers at different times. Yeah,

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Speaker 3: and so all of those things we try and find

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Speaker 3: as much detail as possible. So at SKY we're very

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Speaker 3: pervy when.

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Speaker 2: It comes to you have to be and that's why

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Speaker 2: I'm like, hey, guys, just warning you. This is going

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Speaker 2: to be a pervy experience. But that's why you want

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Speaker 2: someone that's trusted and to be honest. I'd prefer you

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Speaker 2: to ask all of those questions upfront, because the reality

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Speaker 2: is if you went ahead and some financial advisors will

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Speaker 2: actually go great, I'd never want to invade on your

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Speaker 2: personal space. So what I'm going to do is you

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Speaker 2: can do the telling questionnaire and you can call the

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Speaker 2: insurer yourself and just do the whole questionnaire yourself. Sorry,

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Speaker 2: I need to control it a bit more because if

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Speaker 2: you disclose something on that phone call that I wasn't

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Speaker 2: aware of and would have been one of the reasons

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Speaker 2: I would never have sent you to that insurer. I

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Speaker 2: need to make sure that I'm sending you in the

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Speaker 2: right direction. And you might not think, oh, well, that's

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Speaker 2: a bit of a waste of time. That's not the

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Speaker 2: biggest deal. But if you get a decline from an insurer,

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Speaker 2: it makes it very hard to go to other insurers.

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Speaker 2: So we want to just like cover our bases. So

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Speaker 2: let your financial advisor be pervy, and I would say,

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Speaker 2: don't DIY because you don't know what you're stepping on,

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Speaker 2: like you disclosing, Oh yeah, my dad had a back issue,

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Speaker 2: and you don't think it's an issue that particular insurer might.

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Speaker 3: And this is why it's super important. You're talking about

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Speaker 3: advisors knowing a lot, Like you know, if you're a

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Speaker 3: wealth advisor doing superannuation, you just need to know the

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Speaker 3: financial outcomes, what is your life goals? And we can

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Speaker 3: kind of do that. But when it comes to life insurance,

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Speaker 3: we've got a it's like a puzzle that we're putting

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Speaker 3: together with each individual person based on the individual health

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Speaker 3: history and then picking the insuran that's best suited to

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Speaker 3: someone's health history.

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Speaker 2: Yeah. So going back to all of these women specific

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Speaker 2: health conditions, what happens if these things are pre existing

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Speaker 2: or you have already experienced them, can you still get cover?

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Speaker 3: Yeah? So I mean two examples.

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Speaker 2: I was about to ask you can I have some

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Speaker 2: interesting examples.

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Speaker 3: Let's talk about it.

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Speaker 2: So I thrive on being able to understand. An example,

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Speaker 2: I don't read a textbook.

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Speaker 3: So something like endometriosis very very common, and so someone

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Speaker 3: who has a diagnosis, but it's very well treated and

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Speaker 3: it doesn't lead to any time off work, you're going

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Speaker 3: to be covered generally at standard rates, depending on how

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Speaker 3: recent that diagnosis is. If it's recent, then there may

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Speaker 3: be an exclusion, but you could probably get it removed

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Speaker 3: in the future fairly easily. If someone is having more

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Speaker 3: severe pains and you know, maybe some time off work,

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Speaker 3: then there may be an endometriosis exclusion. If it is

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Speaker 3: really severe and a lot of time off work and

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Speaker 3: it has a really significant impact on your your lifestyle,

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Speaker 3: your work situation, they may actually decline cover out right.

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Speaker 3: So it's not so much what do you diagnose with,

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Speaker 3: it's more what is your actual experience, you know, as

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Speaker 3: an individual. So you know, two, the endometeriosis diagnosis can

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Speaker 3: lead to no impact at all on your insurance or

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Speaker 3: to a decline on your insurance.

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Speaker 2: Yeah, and that's really important to understand because sometimes you

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Speaker 2: might have chats at brunch with your girlfriend to be like, oh,

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Speaker 2: I didn't get insurance because like I had my endo,

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Speaker 2: and then you just assume that that would apply to

353
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Speaker 2: you as well, and that is not the case exactly.

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Speaker 2: And then you said before you can get exclusions removed.

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Speaker 2: And I think that's important to talk about as well,

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Speaker 2: because I got my insurance when I was pretty young,

357
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Speaker 2: because I was a financial advisor and I was like,

358
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Speaker 2: oh my goodness, like it's always the plumber that has

359
00:17:50,440 --> 00:17:52,359
Speaker 2: a leaky tap. I've got to get my stuff together.

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Speaker 2: And when I first got my insurance, says I had

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Speaker 2: a mental health exclusion because when I was a teenager,

362
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Speaker 2: I had an eating disorder hospitalized for it. I'm happy

363
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Speaker 2: to talk about it, but that was one of the

364
00:18:03,760 --> 00:18:06,359
Speaker 2: reasons why I was still seeing a psychologist to like,

365
00:18:06,440 --> 00:18:09,119
Speaker 2: you know, deal with all of those issues. And they

366
00:18:09,160 --> 00:18:12,800
Speaker 2: were like, look, we'll cover you, but like not for

367
00:18:13,200 --> 00:18:16,640
Speaker 2: eating disorder related health issues. And I was like, okay, cool,

368
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Speaker 2: accepted that. Five years later, I gave them all the

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Speaker 2: documentation to say I don't see a psychologist. I'm not

370
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Speaker 2: struggling with this anymore. I have gone to the doctor

371
00:18:24,640 --> 00:18:26,240
Speaker 2: and everything is good, and now I don't have a

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Speaker 2: mental health exclusion at all on my policy. So I

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Speaker 2: think that that's really important to kind of reiterate as

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Speaker 2: well that exclusions could be forever, Like there might be

375
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Speaker 2: really big ones where you've had lung cancer because you

376
00:18:39,359 --> 00:18:42,600
Speaker 2: were a smoker, and they're like, absolutely never lifting any

377
00:18:42,720 --> 00:18:45,600
Speaker 2: exclusion related to that. But if it's something that you

378
00:18:45,720 --> 00:18:48,800
Speaker 2: no longer struggle with and you might not or assuming

379
00:18:48,840 --> 00:18:52,200
Speaker 2: you won't relapse into they're pretty good at making sure

380
00:18:52,280 --> 00:18:54,159
Speaker 2: that they tick all the boxes and make sure that

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Speaker 2: their clients are in the best possible position exactly.

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Speaker 3: And the other example about cancer is a mainly family

383
00:18:59,680 --> 00:19:03,360
Speaker 3: history cancer. So if you you know, have your mother

384
00:19:03,440 --> 00:19:06,639
Speaker 3: had breast cancer when your mother was over forty but

385
00:19:07,040 --> 00:19:09,680
Speaker 3: under fifty two, insurers will look at it and go,

386
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Speaker 3: we will offer you cover without any exclusions. Everyone else

387
00:19:13,359 --> 00:19:15,520
Speaker 3: on the market will say, we'll either offer you an

388
00:19:15,560 --> 00:19:18,120
Speaker 3: exclusion or will charge your high premium if you want

389
00:19:18,160 --> 00:19:20,440
Speaker 3: that covered, if you'll give me that option.

390
00:19:20,600 --> 00:19:24,680
Speaker 2: They just said nah, no bueno. And then I was like,

391
00:19:24,760 --> 00:19:26,720
Speaker 2: ha ha ha, now I want it back.

392
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Speaker 3: But there are other ones, like, you know, if your

393
00:19:30,000 --> 00:19:31,760
Speaker 3: mother was actually over fifty, then you've got a lot

394
00:19:31,840 --> 00:19:35,399
Speaker 3: more options. And that's back to your point about this

395
00:19:35,560 --> 00:19:37,440
Speaker 3: is why we find out all this information up front.

396
00:19:37,480 --> 00:19:39,479
Speaker 3: Because we want to know how old was your mother

397
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Speaker 3: when she had breast cancer, Even though that's not your experience,

398
00:19:42,800 --> 00:19:44,399
Speaker 3: we want to know that because that can lead us

399
00:19:44,440 --> 00:19:47,159
Speaker 3: to recommend a more expensive product. But it's going to

400
00:19:47,200 --> 00:19:50,200
Speaker 3: cover breast cancer because given that you've had that family

401
00:19:50,320 --> 00:19:52,480
Speaker 3: history and it's been a part of your family, we

402
00:19:52,560 --> 00:19:54,480
Speaker 3: want to make sure likely to experience that.

403
00:19:54,680 --> 00:19:56,720
Speaker 2: And I actually want you to be covered for that.

404
00:19:56,960 --> 00:19:58,760
Speaker 3: Yeah, and it's more important to you because you've seen

405
00:19:58,840 --> 00:19:59,480
Speaker 3: the impacts of it.

406
00:19:59,720 --> 00:20:02,000
Speaker 2: Yeah. Absolutely, all right, Phil, Let's go to a really

407
00:20:02,080 --> 00:20:03,800
Speaker 2: quick break because when we get back, I'm when I

408
00:20:03,880 --> 00:20:06,680
Speaker 2: talk about my favorite type of insurance, only cool people

409
00:20:06,880 --> 00:20:09,800
Speaker 2: have favorite types of insurance, and that is income protection

410
00:20:10,240 --> 00:20:12,440
Speaker 2: because the stats show us a lot about how women

411
00:20:12,560 --> 00:20:16,080
Speaker 2: experience illness, how they experience time off work and recovery

412
00:20:16,320 --> 00:20:19,240
Speaker 2: differently to men. And I would say it's really important,

413
00:20:19,280 --> 00:20:22,160
Speaker 2: but also really I opening, so guys that don't go anywhere.

414
00:20:26,160 --> 00:20:28,600
Speaker 2: All right, Phil, we are back and we're talking about

415
00:20:28,600 --> 00:20:30,840
Speaker 2: my favorite type of insurance. Do you have a favorite

416
00:20:30,880 --> 00:20:32,040
Speaker 2: type of insurance or is it just me?

417
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Speaker 3: I actually think trauma is my favorite.

418
00:20:34,000 --> 00:20:36,040
Speaker 2: Why is it just cooler small novel?

419
00:20:36,640 --> 00:20:38,920
Speaker 3: No, because it's quite easy to get a claim.

420
00:20:39,200 --> 00:20:41,200
Speaker 2: Yeah, I like that too, But like I just love

421
00:20:41,320 --> 00:20:44,879
Speaker 2: the income protection protects your income and that's like low key,

422
00:20:45,000 --> 00:20:45,520
Speaker 2: very sexy.

423
00:20:45,680 --> 00:20:48,800
Speaker 3: Yeah it's cool. It's cool, But like trauma. Trauma is

424
00:20:48,840 --> 00:20:51,480
Speaker 3: like we've had this horrible diagnosis of cancer.

425
00:20:51,800 --> 00:20:52,720
Speaker 2: Here's a bunch of cash.

426
00:20:52,720 --> 00:20:54,240
Speaker 3: Here's some cash in your bank account.

427
00:20:54,400 --> 00:20:56,960
Speaker 2: See. I love that, but I want cash forever. You know,

428
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Speaker 2: not that income protection is forever. It's usually to the

429
00:20:59,800 --> 00:21:01,919
Speaker 2: age sixty five, just to be very clear, not going

430
00:21:01,960 --> 00:21:03,960
Speaker 2: to get it forever. But to me, that feels like

431
00:21:04,560 --> 00:21:07,000
Speaker 2: a long time. I can still achieve my financial goals.

432
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Speaker 3: And you know what the beauty is, you can have

433
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Speaker 3: both boo.

434
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Speaker 2: Can oh lust us. I love this for us. Let's

435
00:21:13,080 --> 00:21:16,200
Speaker 2: talk about income protection because I've got some stats and

436
00:21:16,200 --> 00:21:18,200
Speaker 2: I want to read them to you probably already know them.

437
00:21:18,520 --> 00:21:21,479
Speaker 2: But as women, we have higher rates of mental health issues,

438
00:21:21,720 --> 00:21:26,840
Speaker 2: especially around pregnancy. We have more autoimmune conditions, we have

439
00:21:27,040 --> 00:21:30,080
Speaker 2: more chronic conditions. As we hit our thirties, our forties,

440
00:21:30,160 --> 00:21:33,480
Speaker 2: and our fifties, we have more pregnancy and post natal

441
00:21:33,560 --> 00:21:37,840
Speaker 2: conditions that only women deal with. And what this means

442
00:21:38,440 --> 00:21:40,920
Speaker 2: is it can result in women being more likely to

443
00:21:41,000 --> 00:21:44,680
Speaker 2: lodge an income protection and trauma insurance claim than men,

444
00:21:45,200 --> 00:21:48,000
Speaker 2: so we should be insured. So with all of that

445
00:21:48,200 --> 00:21:51,360
Speaker 2: in mind, what do you think are the most important

446
00:21:51,400 --> 00:21:54,080
Speaker 2: things women need to know about income protection?

447
00:21:54,640 --> 00:21:57,600
Speaker 3: Yeah, so there's really two most important times when you

448
00:21:57,640 --> 00:21:59,639
Speaker 3: think about income protection. It's when you're setting out the

449
00:21:59,680 --> 00:22:01,800
Speaker 3: polls and when you're making a claim on the policy.

450
00:22:02,359 --> 00:22:04,520
Speaker 3: So when you're setting up the policy, what does your

451
00:22:04,560 --> 00:22:07,119
Speaker 3: work actually look like at that point in time, and

452
00:22:07,280 --> 00:22:09,360
Speaker 3: when you claim on the policy. Now, no one knows

453
00:22:09,359 --> 00:22:11,040
Speaker 3: when they're setting it up when they're going to claim,

454
00:22:11,400 --> 00:22:14,760
Speaker 3: but it's really important, especially for women to be understanding

455
00:22:14,840 --> 00:22:17,440
Speaker 3: how the policies work because some of the clauses with

456
00:22:17,560 --> 00:22:20,280
Speaker 3: income protection is at the time of claim, they'll look

457
00:22:20,320 --> 00:22:22,280
Speaker 3: back at the last twelve months and will cover you

458
00:22:22,440 --> 00:22:24,720
Speaker 3: for your last twelve months of income. Now, if you

459
00:22:24,880 --> 00:22:27,800
Speaker 3: haven't had an income, there are some features where they'll

460
00:22:27,840 --> 00:22:30,879
Speaker 3: look if you're on maternity leave, they'll look back a

461
00:22:31,000 --> 00:22:34,879
Speaker 3: bit further, but generally speaking, it's the last twelve months.

462
00:22:35,040 --> 00:22:38,040
Speaker 3: And so it's really important because men generally have a

463
00:22:38,119 --> 00:22:41,600
Speaker 3: more linear working relationship. You start work and you may

464
00:22:41,640 --> 00:22:44,240
Speaker 3: have some time off work, but women it's much more

465
00:22:44,440 --> 00:22:46,960
Speaker 3: broken up in terms of matt leave, part time work,

466
00:22:47,040 --> 00:22:49,480
Speaker 3: what does that look like? When it comes to income protection,

467
00:22:49,600 --> 00:22:51,520
Speaker 3: It's really important to make sure every time you have

468
00:22:51,600 --> 00:22:54,040
Speaker 3: a work change, if you're going on matt leave, you're

469
00:22:54,080 --> 00:22:56,600
Speaker 3: reaching out to your financial advisor or you're looking into

470
00:22:56,640 --> 00:22:59,000
Speaker 3: your policies that you have and going will this cover

471
00:22:59,160 --> 00:23:01,960
Speaker 3: me for this period of time? And so that's super

472
00:23:02,040 --> 00:23:04,520
Speaker 3: important because again we don't know when we're going to claim,

473
00:23:04,600 --> 00:23:06,399
Speaker 3: but if we do claim, these are the things that

474
00:23:06,520 --> 00:23:09,879
Speaker 3: everyone will read every line of a PDS when they

475
00:23:09,960 --> 00:23:11,720
Speaker 3: need a claim to see if they're eligible or not.

476
00:23:12,080 --> 00:23:14,320
Speaker 2: What happens when it is time to claim, and is

477
00:23:14,400 --> 00:23:16,800
Speaker 2: there anything specific we need to be aware of if

478
00:23:16,840 --> 00:23:20,040
Speaker 2: we're like pregnant, so obviously like the PDS and making

479
00:23:20,119 --> 00:23:22,520
Speaker 2: sure that it ticks all of the boxes, but like

480
00:23:22,960 --> 00:23:26,960
Speaker 2: should I be updating my insurer regularly or like what's

481
00:23:27,040 --> 00:23:28,120
Speaker 2: the claiming process?

482
00:23:28,440 --> 00:23:31,040
Speaker 3: Yeah, so we have a lot of conversations with people

483
00:23:31,160 --> 00:23:33,840
Speaker 3: going through this process and it's really just about understanding

484
00:23:33,960 --> 00:23:36,639
Speaker 3: what is your plan over the next few years. Do

485
00:23:36,720 --> 00:23:38,760
Speaker 3: you plan to be off work for five years because

486
00:23:38,760 --> 00:23:41,440
Speaker 3: you're going to have kids in quick succession? Are you

487
00:23:41,600 --> 00:23:44,280
Speaker 3: planning on taking you three months off and going back

488
00:23:44,320 --> 00:23:47,119
Speaker 3: to work straight away. Those two things will have a

489
00:23:47,240 --> 00:23:49,440
Speaker 3: very different outcome on what we do with your insurance.

490
00:23:49,920 --> 00:23:51,640
Speaker 3: So if you are planning on going back to work

491
00:23:51,640 --> 00:23:54,000
Speaker 3: within twelve months, generally you don't need to worry about

492
00:23:54,000 --> 00:23:55,760
Speaker 3: your income protection if you've set up properly in the

493
00:23:55,800 --> 00:23:58,560
Speaker 3: first place, because we'll still be covered at claim anytime

494
00:23:58,600 --> 00:24:00,879
Speaker 3: within that twelve month period. If you are planning on

495
00:24:00,960 --> 00:24:03,119
Speaker 3: a long period of time off work, then there's a

496
00:24:03,160 --> 00:24:05,560
Speaker 3: lot more questions about, Okay, have you had any health

497
00:24:05,560 --> 00:24:07,919
Speaker 3: events since when we took out the cover and today,

498
00:24:08,240 --> 00:24:10,480
Speaker 3: because even though at claim time you may not get

499
00:24:10,560 --> 00:24:12,879
Speaker 3: paid out of claim, you still may not want to

500
00:24:12,920 --> 00:24:15,000
Speaker 3: cancel it because you may be uninsurable because of those

501
00:24:15,040 --> 00:24:17,480
Speaker 3: health events that happened after the policy was in place.

502
00:24:17,960 --> 00:24:21,000
Speaker 3: So again it's a puzzle. It's all about putting this

503
00:24:21,520 --> 00:24:24,760
Speaker 3: intricate puzzle together based on everyone's unique situation.

504
00:24:25,000 --> 00:24:28,200
Speaker 2: I also want to touch on here how genuinely easy

505
00:24:28,280 --> 00:24:30,199
Speaker 2: it is to claim, because I think people go, oh,

506
00:24:30,280 --> 00:24:32,040
Speaker 2: my goodness, I'm going through all of this and then

507
00:24:32,080 --> 00:24:34,960
Speaker 2: you expect me to claim. Not if you have a

508
00:24:35,040 --> 00:24:37,920
Speaker 2: financial advisor, So what would that look like. Let's say

509
00:24:38,000 --> 00:24:42,680
Speaker 2: I experience a very significant health event I just call you,

510
00:24:42,840 --> 00:24:43,159
Speaker 2: don't I.

511
00:24:43,400 --> 00:24:45,359
Speaker 3: Yeah, pretty much. Not even one said up their policy

512
00:24:45,400 --> 00:24:46,240
Speaker 3: through a financial advisor.

513
00:24:48,000 --> 00:24:49,960
Speaker 2: Sorry, I mean, we can't give advice.

514
00:24:49,960 --> 00:24:51,560
Speaker 3: But if you have, then you reach out to your

515
00:24:51,600 --> 00:24:52,360
Speaker 3: financial advisor.

516
00:24:52,520 --> 00:24:52,639
Speaker 1: You know.

517
00:24:52,720 --> 00:24:54,960
Speaker 3: In our business, we've got a claims team and someone

518
00:24:55,000 --> 00:24:58,320
Speaker 3: who manages claims full time. That's their job, because unfortunately,

519
00:24:59,160 --> 00:25:02,040
Speaker 3: we've got a lot of clients climbing on their policies, which.

520
00:25:01,880 --> 00:25:04,359
Speaker 2: Is like good and bad, Like I don't want anyone

521
00:25:04,480 --> 00:25:08,760
Speaker 2: to experience that, but like to prove that it is necessary.

522
00:25:09,119 --> 00:25:12,200
Speaker 2: Phil has a full time individual that works on the

523
00:25:12,280 --> 00:25:17,040
Speaker 2: claims of his clients, which tells you unfortunately, claiming is

524
00:25:17,080 --> 00:25:19,000
Speaker 2: more common than you think, even if you don't see

525
00:25:19,040 --> 00:25:21,280
Speaker 2: it day to day or your friends or family have

526
00:25:21,400 --> 00:25:22,560
Speaker 2: never claimed on insurance.

527
00:25:22,680 --> 00:25:26,520
Speaker 3: Yeah, exactly. So in terms of like the process, just

528
00:25:26,680 --> 00:25:29,800
Speaker 3: let's just get to nitty gritty. Obviously, climbing on insurance

529
00:25:29,840 --> 00:25:32,440
Speaker 3: no one wants to do. But our process is reaching

530
00:25:32,520 --> 00:25:35,400
Speaker 3: out to our team and we kind of just get

531
00:25:35,440 --> 00:25:38,680
Speaker 3: a rough understanding of what's happened, and then we'll understand, Okay,

532
00:25:38,800 --> 00:25:41,760
Speaker 3: is this an income protection claim? Is it a trauma claim?

533
00:25:42,080 --> 00:25:44,600
Speaker 3: You know, if it's life insurance claim, then there's a

534
00:25:44,640 --> 00:25:46,680
Speaker 3: whole bunch of different forms that we need to we

535
00:25:46,760 --> 00:25:49,920
Speaker 3: need to fill in, So it depends on the claim experience.

536
00:25:50,040 --> 00:25:52,160
Speaker 3: But yeah, reach out to your financial advisor. They'll guide

537
00:25:52,160 --> 00:25:54,159
Speaker 3: you through the whole process. And if you don't have

538
00:25:54,200 --> 00:25:56,680
Speaker 3: a financial advisor or we don't have a relationship with them,

539
00:25:56,840 --> 00:25:59,680
Speaker 3: you can reach out to the insurance company directly, but

540
00:26:00,160 --> 00:26:02,080
Speaker 3: they're much less helpful. And in fact, we've had a

541
00:26:02,119 --> 00:26:05,240
Speaker 3: client who reached out directly to them and the insurance

542
00:26:05,280 --> 00:26:08,600
Speaker 3: company told them something that was not correct and we

543
00:26:08,800 --> 00:26:11,800
Speaker 3: got involved and that client now has one point six

544
00:26:11,840 --> 00:26:12,680
Speaker 3: million dollars in the bank.

545
00:26:12,920 --> 00:26:15,840
Speaker 2: Oh okay, I would love to be lied to by

546
00:26:15,880 --> 00:26:19,720
Speaker 2: an insurer in that case before we get ourselves in trouble.

547
00:26:19,800 --> 00:26:22,000
Speaker 2: Let's pivot and I want to talk about your favorite

548
00:26:22,040 --> 00:26:24,840
Speaker 2: type of insurance, trauma insurance. And I think a lot

549
00:26:24,880 --> 00:26:29,639
Speaker 2: of people are relatively confused about what trauma insurance actually is.

550
00:26:30,200 --> 00:26:32,200
Speaker 2: I think a lot of people think because they have

551
00:26:32,400 --> 00:26:35,639
Speaker 2: like private health insurance, or they already have their income

552
00:26:35,720 --> 00:26:39,560
Speaker 2: protection setup, that they don't need trauma insurance. So, Phil,

553
00:26:40,119 --> 00:26:42,119
Speaker 2: what is And I know we've done a whole episode

554
00:26:42,160 --> 00:26:44,199
Speaker 2: on this, but recap what is trauma insurance And how

555
00:26:44,359 --> 00:26:47,080
Speaker 2: is it very different to having private health insurance and

556
00:26:47,160 --> 00:26:47,800
Speaker 2: income protection.

557
00:26:48,320 --> 00:26:50,879
Speaker 3: Yeah, so trauma insurance is otherwise known as critical illness.

558
00:26:51,240 --> 00:26:54,200
Speaker 3: Different insurance use different terms, but it basically covers like

559
00:26:54,480 --> 00:26:59,359
Speaker 3: forty odd diagnosises or conditions. So the main ones are

560
00:26:59,480 --> 00:27:02,280
Speaker 3: things like cancers. That makes up fifty percent of females

561
00:27:02,359 --> 00:27:06,000
Speaker 3: claiming is on cancer, all types of cancer, and depending

562
00:27:06,040 --> 00:27:09,080
Speaker 3: on the policy, there may be different levels and stages

563
00:27:09,119 --> 00:27:11,000
Speaker 3: of cancer. You may be able to get partial claims

564
00:27:11,359 --> 00:27:13,080
Speaker 3: or you may be able to get a full claim.

565
00:27:13,440 --> 00:27:16,359
Speaker 2: But my girlfriends just got a partial claim actually, and

566
00:27:16,520 --> 00:27:20,520
Speaker 2: like this is not me being like yay melanoma, but

567
00:27:20,680 --> 00:27:23,560
Speaker 2: she had a melanoma cut out of her arm, tested it,

568
00:27:23,840 --> 00:27:27,080
Speaker 2: it was cancerous, but they'd gotten rid of all of it,

569
00:27:27,359 --> 00:27:31,160
Speaker 2: like very very lucky situation. And I was like, doar

570
00:27:31,440 --> 00:27:34,280
Speaker 2: insurance And turns out she did and got a nice

571
00:27:34,359 --> 00:27:36,640
Speaker 2: lump some payment for that inconvenience.

572
00:27:36,720 --> 00:27:38,960
Speaker 3: Yeah, And this is the funny thing. Most people don't

573
00:27:39,000 --> 00:27:41,480
Speaker 3: really think about, like things like that they would have

574
00:27:41,560 --> 00:27:43,359
Speaker 3: just gone to their GP and gotten a cutout, and

575
00:27:43,440 --> 00:27:45,680
Speaker 3: she did and super easy, and so you don't really

576
00:27:45,720 --> 00:27:48,400
Speaker 3: think that, oh, maybe I can claim on these so again,

577
00:27:48,480 --> 00:27:50,280
Speaker 3: that's why it's super important to have a relationship with

578
00:27:50,320 --> 00:27:53,159
Speaker 3: the advisor. Just send them an email, Hey, I had this,

579
00:27:53,800 --> 00:27:54,800
Speaker 3: can I claim on anything?

580
00:27:54,880 --> 00:27:57,679
Speaker 2: I love the claims that are like not like your

581
00:27:57,760 --> 00:27:59,760
Speaker 2: life hasn't changed at all. I want to give you

582
00:28:00,200 --> 00:28:04,000
Speaker 2: for that. It's so fun in comparison to obviously things

583
00:28:04,080 --> 00:28:06,040
Speaker 2: being a lot more dramatic, Like those are the ones

584
00:28:06,080 --> 00:28:08,280
Speaker 2: that I'm like, oh, it's a little bit.

585
00:28:08,200 --> 00:28:11,240
Speaker 3: Like everyone wins out of those ones because there's no

586
00:28:11,320 --> 00:28:13,680
Speaker 3: downside from a health point of view. And so yeah,

587
00:28:13,760 --> 00:28:17,440
Speaker 3: cancer is the majority for trauma, critical illness, other things

588
00:28:17,480 --> 00:28:21,440
Speaker 3: like harder to heart conditions, strokes, MS where it leads

589
00:28:21,480 --> 00:28:26,280
Speaker 3: to it, you know, degenerative diseases like MS or Parkinson's,

590
00:28:26,400 --> 00:28:28,760
Speaker 3: but you need to be pretty significant down the road

591
00:28:28,840 --> 00:28:32,200
Speaker 3: with those things. But that's what trauma covers any major diagnos,

592
00:28:32,359 --> 00:28:35,120
Speaker 3: not not every major diagnosis, but a lot of ones.

593
00:28:36,040 --> 00:28:38,720
Speaker 2: And I've got a list in front of me because

594
00:28:38,960 --> 00:28:40,840
Speaker 2: when I knew that you were coming in, I was like,

595
00:28:40,960 --> 00:28:42,960
Speaker 2: I'm going to be stats queen again, because like, you're

596
00:28:43,000 --> 00:28:45,320
Speaker 2: the professional, but I can bring some stats to the table.

597
00:28:45,880 --> 00:28:48,240
Speaker 2: So when you look at the data for women, I

598
00:28:48,320 --> 00:28:52,200
Speaker 2: would say it gets incredibly clear why it's so important

599
00:28:52,240 --> 00:28:56,400
Speaker 2: for women in particular to prioritize trauma insurance. So first,

600
00:28:56,520 --> 00:29:00,360
Speaker 2: at one in eight women will get breast cancer, percent

601
00:29:00,480 --> 00:29:05,280
Speaker 2: of autoimmune conditions occur in women, MS is three times

602
00:29:05,480 --> 00:29:10,240
Speaker 2: more common in women. Thyroid cancer is also three times

603
00:29:10,320 --> 00:29:13,560
Speaker 2: more common in women, and cancer rates mean women in

604
00:29:13,600 --> 00:29:16,760
Speaker 2: their thirties and forties are one of the highest trauma

605
00:29:16,920 --> 00:29:19,480
Speaker 2: claiming age groups, which a lot of you are going

606
00:29:19,520 --> 00:29:21,080
Speaker 2: to be like, oh my god, Like, I'm in my

607
00:29:21,200 --> 00:29:24,400
Speaker 2: thirties or I'm in my forties and I've never seen

608
00:29:24,480 --> 00:29:26,920
Speaker 2: my friends or family do that. That doesn't mean it's

609
00:29:26,960 --> 00:29:30,680
Speaker 2: not happening. You just haven't seen it. Thank thank God.

610
00:29:31,000 --> 00:29:33,600
Speaker 2: Like that is a good thing. So what do women

611
00:29:33,720 --> 00:29:37,120
Speaker 2: specifically need to understand about trauma insurance?

612
00:29:37,640 --> 00:29:40,920
Speaker 3: The Australian way of living is sheer, well, no, it's

613
00:29:41,040 --> 00:29:43,240
Speaker 3: not going to happen to me. And I think that

614
00:29:43,440 --> 00:29:45,840
Speaker 3: you don't actually need to look too far if you

615
00:29:46,000 --> 00:29:47,880
Speaker 3: just spend a bit of time thinking, do I know

616
00:29:48,040 --> 00:29:50,479
Speaker 3: anyone in my life who has had cancer, has had

617
00:29:50,520 --> 00:29:53,880
Speaker 3: a diagnosis or a scare in some regard, I'm going

618
00:29:53,920 --> 00:29:56,240
Speaker 3: to guarantee you almost every listener over the age of

619
00:29:56,320 --> 00:29:58,560
Speaker 3: thirty will have someone in their life close to them

620
00:29:58,720 --> 00:30:02,840
Speaker 3: who is under AG sixty who has experienced that is

621
00:30:03,040 --> 00:30:06,720
Speaker 3: so prevalent in Australia and this trauma insurance is as

622
00:30:06,760 --> 00:30:08,920
Speaker 3: you said, women are claiming on it more than men

623
00:30:09,000 --> 00:30:12,000
Speaker 3: are and it's super important that we have this policy

624
00:30:12,040 --> 00:30:15,520
Speaker 3: in place. Income protection. Being your favorite insurance is super

625
00:30:15,720 --> 00:30:16,480
Speaker 3: super important.

626
00:30:16,720 --> 00:30:19,600
Speaker 2: Cool people have favorite insurances feel don't say it.

627
00:30:19,640 --> 00:30:22,920
Speaker 3: Like I do asry And the reason why trauma is

628
00:30:23,000 --> 00:30:26,960
Speaker 3: my favorite is because it is generally the simplest. You

629
00:30:27,160 --> 00:30:29,560
Speaker 3: pay a premium if you have a diagnosis and we

630
00:30:29,640 --> 00:30:32,120
Speaker 3: can prove it, which the doctors will prove it anyway

631
00:30:32,160 --> 00:30:35,080
Speaker 3: because they want to diagnose it. Then we get a check.

632
00:30:35,560 --> 00:30:37,440
Speaker 3: You know, we don't actually get checks. It just gets

633
00:30:37,600 --> 00:30:38,080
Speaker 3: to positive.

634
00:30:38,880 --> 00:30:40,880
Speaker 2: But like old school it used to be a check.

635
00:30:41,000 --> 00:30:42,600
Speaker 3: It used to be a check, but it's just money

636
00:30:42,640 --> 00:30:45,280
Speaker 3: in your bank account. And the relief that people feel

637
00:30:45,320 --> 00:30:48,400
Speaker 3: of just going I don't need to stress or worry

638
00:30:48,640 --> 00:30:51,760
Speaker 3: about king of work or going into debt or does

639
00:30:51,800 --> 00:30:54,800
Speaker 3: my private health insurance cover me or not. People often

640
00:30:54,800 --> 00:30:58,880
Speaker 3: think I've got private health insurance that covers cost. Trauma

641
00:30:58,960 --> 00:31:00,760
Speaker 3: insurance just gives you money in the bank account you

642
00:31:00,760 --> 00:31:03,280
Speaker 3: can spend on whatever you want. There is no obligation

643
00:31:03,880 --> 00:31:05,760
Speaker 3: pub with it. You could do whatever you want. You

644
00:31:05,800 --> 00:31:07,360
Speaker 3: can pay down your mortgage with it.

645
00:31:07,600 --> 00:31:10,440
Speaker 2: Yeah, and that is very sexy. But the thing I've

646
00:31:10,680 --> 00:31:14,200
Speaker 2: liked about it historically is that that's that initial lump

647
00:31:14,320 --> 00:31:17,800
Speaker 2: sum payment that you often get before your income protection

648
00:31:18,040 --> 00:31:21,920
Speaker 2: kicks in. So like in a more dramatic situation where

649
00:31:21,960 --> 00:31:24,840
Speaker 2: you have been diagnosed with a cancer and you do

650
00:31:25,080 --> 00:31:29,160
Speaker 2: require ongoing treatment, that is the parking at the hospital.

651
00:31:29,280 --> 00:31:31,640
Speaker 2: It is those awful hospital sandwiches and being able to

652
00:31:31,680 --> 00:31:33,760
Speaker 2: pay for them and not going further into debt and

653
00:31:33,840 --> 00:31:36,480
Speaker 2: not being stressed about your mortgage or payments or you know,

654
00:31:36,600 --> 00:31:39,400
Speaker 2: the kid's school fees or whatever's coming out. And then

655
00:31:39,440 --> 00:31:42,280
Speaker 2: your income protection will kick in after that, and hopefully,

656
00:31:42,360 --> 00:31:44,240
Speaker 2: because it was such a good lump some payment, you've

657
00:31:44,240 --> 00:31:47,280
Speaker 2: got some leftover to kind of have a little bit

658
00:31:47,400 --> 00:31:51,360
Speaker 2: more financial freedom, which, honestly, in those circumstances I wish

659
00:31:51,480 --> 00:31:53,960
Speaker 2: everybody would have, because no one should be going into

660
00:31:54,040 --> 00:31:57,160
Speaker 2: debt when they're unwell. That's the most stressful time to

661
00:31:57,240 --> 00:32:00,080
Speaker 2: do it. If a woman is listening to this and

662
00:32:00,200 --> 00:32:04,520
Speaker 2: they're thinking, cool story, guys like you, guys are losers.

663
00:32:04,760 --> 00:32:08,600
Speaker 2: Who has favorite insurances and they're thinking, I don't. I

664
00:32:08,760 --> 00:32:11,440
Speaker 2: don't need to worry about this, Like I'm in perfect health,

665
00:32:11,640 --> 00:32:14,640
Speaker 2: my family they're fine. And you know what, I'm pretty

666
00:32:14,760 --> 00:32:18,600
Speaker 2: sure I have insurance in my superannuation. So it's fine.

667
00:32:18,880 --> 00:32:19,680
Speaker 2: What do they need to know?

668
00:32:20,360 --> 00:32:23,120
Speaker 3: Well, draal insurance will never be in your superher you.

669
00:32:23,120 --> 00:32:24,720
Speaker 2: Don't have that one. If you think it's in your super,

670
00:32:24,760 --> 00:32:25,120
Speaker 2: you wrong.

671
00:32:25,600 --> 00:32:30,000
Speaker 3: Yeah, pretty much. The superannuation insurance is amazing. You've got

672
00:32:30,040 --> 00:32:33,040
Speaker 3: an incredible supersystem. And as a part of that, the

673
00:32:33,080 --> 00:32:36,800
Speaker 3: trustees need to consider insurance for their members and so

674
00:32:36,880 --> 00:32:39,240
Speaker 3: a lot of them will have default cover. Most of

675
00:32:39,360 --> 00:32:42,320
Speaker 3: those default covers will not have income protection, so your

676
00:32:42,360 --> 00:32:45,440
Speaker 3: favorite insurance is often not included, which is low.

677
00:32:45,400 --> 00:32:47,360
Speaker 2: Key rude because it's like the coolest kind.

678
00:32:47,440 --> 00:32:50,240
Speaker 3: Like and they will never have DRAWM insurance. That's the

679
00:32:50,320 --> 00:32:52,640
Speaker 3: other thing. So draual insurance has to be paid out

680
00:32:52,680 --> 00:32:54,640
Speaker 3: of your bank account. It can't be funded through super.

681
00:32:55,120 --> 00:32:57,640
Speaker 3: And so the coolest thing about insurance is most of

682
00:32:57,640 --> 00:33:00,080
Speaker 3: the premiers can actually be funded through Super, except for

683
00:33:00,160 --> 00:33:03,200
Speaker 3: trauma cover that has to be paid personally. And the

684
00:33:03,320 --> 00:33:05,440
Speaker 3: reason for that is and the benefit of that is

685
00:33:05,520 --> 00:33:07,560
Speaker 3: it goes into your bank account when you claim, and

686
00:33:07,640 --> 00:33:08,440
Speaker 3: there's tax free.

687
00:33:08,600 --> 00:33:11,000
Speaker 2: I was about to say it's tax benefit. So it's

688
00:33:11,040 --> 00:33:14,480
Speaker 2: not just paid through supbranuation. It's the structure of the insurance.

689
00:33:14,760 --> 00:33:18,560
Speaker 2: So for example, with income protection, that would take over

690
00:33:18,640 --> 00:33:21,200
Speaker 2: your income and the ATO would look at it as

691
00:33:21,360 --> 00:33:24,280
Speaker 2: your income and then tax you as they deemed fit.

692
00:33:24,400 --> 00:33:27,880
Speaker 2: Whereas trauma completely isolated. All the cash is all yours

693
00:33:28,040 --> 00:33:30,400
Speaker 2: and it's just a lump some payment. You don't claim

694
00:33:30,440 --> 00:33:32,480
Speaker 2: it on tax. Taxman can't touch it.

695
00:33:32,640 --> 00:33:35,239
Speaker 3: Amount of times we get a trauma claim and they

696
00:33:35,280 --> 00:33:36,600
Speaker 3: send me an email and say, oh, how much money

697
00:33:36,640 --> 00:33:38,280
Speaker 3: do I need to set aside for tax one? It's

698
00:33:38,320 --> 00:33:41,680
Speaker 3: all yours, baby, It's just the best email. It's all yours.

699
00:33:41,720 --> 00:33:43,200
Speaker 3: You give it all all. I love that.

700
00:33:43,400 --> 00:33:46,760
Speaker 2: The other thing about having income protection inside superranuation is

701
00:33:46,840 --> 00:33:49,040
Speaker 2: you might go, well, Phil, I don't want trauma. I

702
00:33:49,080 --> 00:33:51,800
Speaker 2: don't have any free cash flow. I actually just checked,

703
00:33:51,840 --> 00:33:54,320
Speaker 2: I have life insurance and I have income protection. You

704
00:33:54,440 --> 00:33:57,800
Speaker 2: need to read the PDS's Sometimes that income protection policy

705
00:33:58,120 --> 00:34:01,360
Speaker 2: is not going to see you through to tirement if needed.

706
00:34:01,840 --> 00:34:05,200
Speaker 2: It's usually a two year policy, which I go, great,

707
00:34:05,600 --> 00:34:08,759
Speaker 2: But what happens after year two? Like what happens in

708
00:34:08,840 --> 00:34:11,040
Speaker 2: year three and four if I'm still unwell and can't

709
00:34:11,080 --> 00:34:14,520
Speaker 2: return to work. And that's a really important consideration because

710
00:34:15,320 --> 00:34:19,560
Speaker 2: I know that a lot of people could struggle through

711
00:34:19,719 --> 00:34:23,080
Speaker 2: the first two years without any insurance. And it's when

712
00:34:23,200 --> 00:34:25,200
Speaker 2: life gets real serious and you're like, wow, I'm not

713
00:34:25,320 --> 00:34:27,600
Speaker 2: going to achieve my financial goals. Now I'm having chats

714
00:34:27,800 --> 00:34:30,320
Speaker 2: with my partner about selling our house because we genuinely

715
00:34:30,360 --> 00:34:34,239
Speaker 2: can't keep trying to pay the mortgage. That's when I think,

716
00:34:34,440 --> 00:34:37,080
Speaker 2: if you have a long term illness, income protection really

717
00:34:37,160 --> 00:34:39,800
Speaker 2: needs to kick in at that point. So for me,

718
00:34:41,040 --> 00:34:43,400
Speaker 2: just make sure you're checking them and getting in the

719
00:34:43,480 --> 00:34:46,680
Speaker 2: right situation and seeing someone like you Phil. It doesn't

720
00:34:46,719 --> 00:34:48,520
Speaker 2: mean that we take it out of your insurance. It

721
00:34:48,560 --> 00:34:50,160
Speaker 2: can stay there. You just tweak it to make it

722
00:34:50,239 --> 00:34:51,800
Speaker 2: work better exactly.

723
00:34:51,960 --> 00:34:54,960
Speaker 3: Yeah, it's not a it's not a setting up through

724
00:34:54,960 --> 00:34:56,879
Speaker 3: a financial visor. Has to be paid all through cash.

725
00:34:56,920 --> 00:34:58,799
Speaker 3: So we can set it up so you're super Fun.

726
00:34:59,200 --> 00:35:01,040
Speaker 3: We don't move you, Soper Fun. You can stay with

727
00:35:01,160 --> 00:35:04,000
Speaker 3: Australian Super with aart wherever you are, so it doesn't

728
00:35:04,000 --> 00:35:07,719
Speaker 3: actually matter. But they can steal fund the good policies

729
00:35:07,920 --> 00:35:09,960
Speaker 3: and we can set it up properly. That's tailor for you.

730
00:35:10,040 --> 00:35:12,520
Speaker 3: Do you even have to touch your super as life changes,

731
00:35:12,600 --> 00:35:15,319
Speaker 3: as you become pregnant, as you do family planning, as

732
00:35:15,400 --> 00:35:17,719
Speaker 3: you take a few years off work, or take three

733
00:35:17,760 --> 00:35:20,320
Speaker 3: months off work, whatever that looks like, we can adjust

734
00:35:20,400 --> 00:35:21,959
Speaker 3: and mold it as you go along.

735
00:35:22,120 --> 00:35:24,239
Speaker 2: Yeah, you've just said taking time off work, And I

736
00:35:24,320 --> 00:35:26,920
Speaker 2: think that's also an important thing to touch on when

737
00:35:26,960 --> 00:35:29,800
Speaker 2: it comes to insurances that a lot of people don't know.

738
00:35:30,480 --> 00:35:35,960
Speaker 2: So some superanuation funds will automatically cancel a woman's insurances

739
00:35:36,640 --> 00:35:41,399
Speaker 2: that she holds inside superannuation after sixteen months of inactivity

740
00:35:41,560 --> 00:35:44,160
Speaker 2: inside her super fun. So if you've gone off work

741
00:35:44,239 --> 00:35:45,799
Speaker 2: for twelve months and then you're like, oh, I really

742
00:35:45,800 --> 00:35:47,719
Speaker 2: don't want to return yet, and you and your partner

743
00:35:47,800 --> 00:35:50,360
Speaker 2: have decided maybe we'll make it two years, and you

744
00:35:50,480 --> 00:35:54,040
Speaker 2: don't update your super fund and you have default insurances,

745
00:35:54,480 --> 00:35:56,880
Speaker 2: they are very likely to cancel those because they go, well,

746
00:35:56,960 --> 00:36:00,200
Speaker 2: she hasn't been making super contributions for sixteen months, Like

747
00:36:00,440 --> 00:36:03,960
Speaker 2: legally they have to cancel your insurances and you will

748
00:36:04,040 --> 00:36:06,560
Speaker 2: just get a note to say, hey, we cancel these.

749
00:36:06,560 --> 00:36:07,759
Speaker 2: They're not going to be like, hey, Phil did you

750
00:36:07,800 --> 00:36:10,560
Speaker 2: still want these, they actually just cancel them and they're

751
00:36:10,640 --> 00:36:13,719
Speaker 2: often very hard to get back, which I would say

752
00:36:13,920 --> 00:36:18,640
Speaker 2: disproportionately affects those on extended leave, which are usually women.

753
00:36:19,120 --> 00:36:23,080
Speaker 3: Ent. Yeah, I mean, this is protecting your super legislation

754
00:36:23,360 --> 00:36:27,279
Speaker 3: that was brought in twenty nineteen, and it says that

755
00:36:27,440 --> 00:36:31,799
Speaker 3: super funds legally have to can your insurance policies if

756
00:36:31,840 --> 00:36:34,680
Speaker 3: you don't contribute within sixteen months. Some super funds actually

757
00:36:34,719 --> 00:36:37,200
Speaker 3: make it even twelve months, because if they go over

758
00:36:37,280 --> 00:36:41,319
Speaker 3: sixteen months, then they've breached their obligations. That's so they've gone,

759
00:36:41,440 --> 00:36:44,759
Speaker 3: let's actually create safety net for us as a super fund,

760
00:36:44,960 --> 00:36:46,160
Speaker 3: and we'll cancel it twelve months.

761
00:36:46,280 --> 00:36:48,440
Speaker 2: Yeah, and they can do that because it's in your

762
00:36:48,520 --> 00:36:51,600
Speaker 2: terms and conditions. It's in your PDS for your insurance, which,

763
00:36:51,719 --> 00:36:54,560
Speaker 2: let's be honest, you and I read because that's really

764
00:36:54,640 --> 00:36:57,680
Speaker 2: fun nighttime reading. But nobody else is reading the pds

765
00:36:57,800 --> 00:36:59,600
Speaker 2: or the terms and conditions of their super fund. They

766
00:36:59,680 --> 00:37:01,720
Speaker 2: just go, i've got money in there, I've got insurance,

767
00:37:01,800 --> 00:37:06,440
Speaker 2: great tickbox, let's go. But then nobody's thinking about their insurances.

768
00:37:06,480 --> 00:37:09,080
Speaker 2: Once you're eleven months into your map leave, like it's just.

769
00:37:09,120 --> 00:37:12,080
Speaker 3: Not your priority Yeah, and they own the contract, they

770
00:37:12,200 --> 00:37:14,560
Speaker 3: get to say whatever they want. You just are an

771
00:37:14,600 --> 00:37:18,000
Speaker 3: insured person within their contract that they control and adjust.

772
00:37:18,360 --> 00:37:20,439
Speaker 3: And so again, you know, I'm glad we've got another

773
00:37:20,480 --> 00:37:23,440
Speaker 3: three hours to talk about insurance inside super because we

774
00:37:23,560 --> 00:37:26,200
Speaker 3: don't can adjust it and change it as they can.

775
00:37:26,280 --> 00:37:29,320
Speaker 2: We just continue this over lunch. All right, last question,

776
00:37:29,640 --> 00:37:32,640
Speaker 2: last question. I'm hoping that most of our audience is

777
00:37:32,760 --> 00:37:36,399
Speaker 2: now thinking I probably need to sort my insurances out.

778
00:37:37,040 --> 00:37:38,040
Speaker 2: What's the best next step?

779
00:37:38,360 --> 00:37:39,960
Speaker 3: So reach out to a financial advisor.

780
00:37:40,200 --> 00:37:41,440
Speaker 2: Just going to tell you to go see him.

781
00:37:41,760 --> 00:37:44,000
Speaker 3: You can come to Sky, for sure, but I would

782
00:37:44,080 --> 00:37:47,320
Speaker 3: recommend speaking to a financial advisor who specializes in this space.

783
00:37:47,719 --> 00:37:49,640
Speaker 3: And this sounds like a big sales spitch for Sky, but.

784
00:37:49,680 --> 00:37:53,440
Speaker 2: It's junk all the time. I'm like, even if you

785
00:37:53,520 --> 00:37:56,160
Speaker 2: want to go see a financial advisor for wealth creation,

786
00:37:56,719 --> 00:37:59,400
Speaker 2: go and see Sky first set up your insurances. And

787
00:37:59,480 --> 00:38:01,680
Speaker 2: this is not because I like you, It's because it's

788
00:38:01,680 --> 00:38:05,320
Speaker 2: actually the best, like the most financially viable option, because

789
00:38:05,560 --> 00:38:10,000
Speaker 2: any other financial advisor will see insurances as a hygiene factor,

790
00:38:10,360 --> 00:38:12,920
Speaker 2: they will see it as go tick all of those boxes,

791
00:38:12,960 --> 00:38:15,000
Speaker 2: but they'll charge you a couple of grand on top

792
00:38:15,080 --> 00:38:18,799
Speaker 2: of your SOOA to include insurances, and Sky's fees are

793
00:38:18,840 --> 00:38:20,040
Speaker 2: usually under five hundred bucks.

794
00:38:20,320 --> 00:38:23,240
Speaker 3: Yeah, And the reason why using a specialist firm really

795
00:38:23,360 --> 00:38:26,760
Speaker 3: matters is because, you know, we get discounts for our clients.

796
00:38:26,880 --> 00:38:30,279
Speaker 3: Like insurers can give us benefits, but they can't give

797
00:38:30,320 --> 00:38:32,600
Speaker 3: me any additional benefits they have to pass to our clients.

798
00:38:32,640 --> 00:38:35,960
Speaker 3: So legally loading waivers, we get discounts for our clients.

799
00:38:36,000 --> 00:38:37,480
Speaker 3: But that's not actually the best kind.

800
00:38:37,320 --> 00:38:38,880
Speaker 2: Of even take you out to lunch anymore.

801
00:38:38,960 --> 00:38:42,080
Speaker 3: Legally, yeah they can, but it's yeah, you have to go.

802
00:38:42,080 --> 00:38:45,400
Speaker 2: To macas basically because no fine dining. No fine dining,

803
00:38:45,480 --> 00:38:48,080
Speaker 2: that's too much of a benefit financial advisor.

804
00:38:48,239 --> 00:38:50,960
Speaker 3: So, but a specialist firm will know, will ask the

805
00:38:51,040 --> 00:38:54,279
Speaker 3: health questions. That is fundamentally what I believe the most

806
00:38:54,360 --> 00:38:57,480
Speaker 3: important thing for anyone getting insurance is start with having

807
00:38:57,520 --> 00:39:00,920
Speaker 3: an an understanding of your health history first before recommending

808
00:39:00,960 --> 00:39:03,719
Speaker 3: a product. If anyone that you go to is saying

809
00:39:03,760 --> 00:39:06,279
Speaker 3: this is product's the best because it's the cheapest or

810
00:39:06,480 --> 00:39:09,239
Speaker 3: because it's the easiest for us to work with for me,

811
00:39:09,520 --> 00:39:11,279
Speaker 3: that's not the right answer. The right answer is this

812
00:39:11,480 --> 00:39:13,960
Speaker 3: is the right insurance company for you based on your

813
00:39:14,160 --> 00:39:17,560
Speaker 3: individual health history. Because you know, two individuals having the

814
00:39:17,600 --> 00:39:20,840
Speaker 3: same occupation, same age, same everything else may have a

815
00:39:20,880 --> 00:39:24,000
Speaker 3: different health history and same diagnosis may still get a

816
00:39:24,000 --> 00:39:26,719
Speaker 3: different outcome. And so yeah, working with a specialist firm

817
00:39:26,760 --> 00:39:30,040
Speaker 3: who really investigates your health history first is super important.

818
00:39:30,360 --> 00:39:33,600
Speaker 2: Agree, It's like, literally couldn't agree more. Now. Our community

819
00:39:33,719 --> 00:39:35,879
Speaker 2: has been listening to us yap for I would say

820
00:39:35,880 --> 00:39:38,520
Speaker 2: about forty minutes now, and I reckon that's their cap

821
00:39:38,840 --> 00:39:41,759
Speaker 2: on insurance conversations. It is not our cap. So we're

822
00:39:41,760 --> 00:39:44,920
Speaker 2: going to continue this offline and maybe brainstorm some other

823
00:39:44,960 --> 00:39:47,239
Speaker 2: ways we can get fell back on the pod this year.

824
00:39:47,600 --> 00:39:50,040
Speaker 2: But Phil, thank you for joining us again today. Thank

825
00:39:50,080 --> 00:39:53,239
Speaker 2: you for letting me talk insurance, what our favorites were

826
00:39:53,400 --> 00:39:55,960
Speaker 2: drop that you used to be in the circus. Literally

827
00:39:56,120 --> 00:39:58,080
Speaker 2: no one breaks it down as well as you do,

828
00:39:58,280 --> 00:40:00,759
Speaker 2: and our community absolutely loves you for it. So I'm

829
00:40:00,880 --> 00:40:04,640
Speaker 2: very grateful, and guys, obviously a very shameless plug. If

830
00:40:04,719 --> 00:40:06,880
Speaker 2: you want a chat to feel all the team at

831
00:40:06,920 --> 00:40:09,960
Speaker 2: Skywealth about getting your own safety nets sorted. I'm going

832
00:40:10,000 --> 00:40:11,400
Speaker 2: to make sure that all of the links are in

833
00:40:11,440 --> 00:40:13,320
Speaker 2: the show notes for you. It's all going to be

834
00:40:13,480 --> 00:40:15,200
Speaker 2: very clean and clear. You can just stalk them on

835
00:40:15,320 --> 00:40:17,839
Speaker 2: socials as well. That's a good idea. And if you've

836
00:40:17,920 --> 00:40:21,400
Speaker 2: learned something today, please make sure that your hit subscribe

837
00:40:21,640 --> 00:40:25,000
Speaker 2: so that you never miss an episode. All right, thank

838
00:40:25,040 --> 00:40:28,360
Speaker 2: you Phil and goodbye. We will see you guys on Friday.

839
00:40:28,520 --> 00:40:28,840
Speaker 3: Thank you.

840
00:40:34,400 --> 00:40:36,920
Speaker 2: Bid By shared on She's on the Money is general

841
00:40:37,000 --> 00:40:40,840
Speaker 2: in nature and does not consider your individual circumstances. She's

842
00:40:40,880 --> 00:40:44,320
Speaker 2: on the Money exists purely for educational purposes and should

843
00:40:44,360 --> 00:40:47,520
Speaker 2: not be relied upon to make an investment or financial decision.

844
00:40:47,920 --> 00:40:50,359
Speaker 2: If you do choose to buy a financial product, read

845
00:40:50,400 --> 00:40:54,520
Speaker 2: the PDS TMD and obtain appropriate financial advice tailored towards

846
00:40:54,560 --> 00:40:57,839
Speaker 2: your needs. Victoria Divine and She's on the Money are

847
00:40:57,920 --> 00:41:01,160
Speaker 2: authorized representatives of money up A p T Y L

848
00:41:01,239 --> 00:41:03,839
Speaker 2: t D A B N three two one six four

849
00:41:03,960 --> 00:41:06,920
Speaker 2: nine two seven seven zero eight A F S L

850
00:41:07,080 --> 00:41:08,799
Speaker 2: four five one two eight nine