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

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Speaker 1: and I'm here to acknowledge country t Glennan Ganya, nian Ar,

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Speaker 1: Kaka Yahi and beIN a Waka nian our gay in

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Speaker 1: In Bina, yak rum Jar, Domenyama, Domagahawakaman, dam I Milan,

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Speaker 1: Mumma bang gadaboma in and now in Waka Ghana yakrum

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Speaker 1: Jar water Nadaa. Hello, beautiful friends. We gather on the

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Speaker 1: lands of the Aboriginal people. We thank acknowledge and respect

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Speaker 1: the Aboriginal people's land that we're gathering on today. Take

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Speaker 1: pleasure in all the land and respect all that you see.

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Speaker 1: She's on the Money podcast acknowledges culture, country, community and connections,

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Speaker 1: bringing you the tools, knowledge and resources for you to thrive.

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Speaker 2: She's on the Money.

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Speaker 3: She's on the Money.

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Speaker 2: Hello, and welcome to She's on the Money, the podcast

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Speaker 2: that's here to get your finances on track this year.

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Speaker 2: Welcome back to another episode of our summer starter series.

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Speaker 2: And if this is the first episode you're listening to

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Speaker 2: in the series, my friend, I'd actually really recommend pressing

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Speaker 2: stop heading back to episode one. I've linked in the

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Speaker 2: show notes for you. That's where I want you to start.

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Speaker 2: That's where I start with budgeting, because everything builds from

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Speaker 2: there once you know what's coming in and going out.

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Speaker 2: The next steps honestly, they make a lot of sense.

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Speaker 2: But today I wanted to talk about personal insurance. And

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Speaker 2: I know for a lot of you, and I know

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Speaker 2: for a lot of people this actually sits in there

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Speaker 2: it's too hard, or I'll deal with it later, or

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Speaker 2: I hate admin basket. But the reason I wanted to

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Speaker 2: include it in this series is because it is one

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Speaker 2: of the most important things that really really matter. If

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Speaker 2: you sat down with a financial advisor or me an

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Speaker 2: ex financial advisor, one of the first things they would

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Speaker 2: look at is whether you're protected in case you lose

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Speaker 2: your biggest wealth building tool, and that is your ability

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Speaker 2: to earn an income. I am wildly passionate about this

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Speaker 2: topic because it's something I've seen make an enormous difference

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Speaker 2: to people's lives. And when I ask the community what

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Speaker 2: they wanted to understand and get sorted this year, overwhelmingly,

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Speaker 2: personal insurance came up time and time again. This episode

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Speaker 2: breaks down the different types of personal insurance that exist,

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Speaker 2: what they actually do, and why relying on default cover

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Speaker 2: through your superannuation can actually leave you way more exposed

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Speaker 2: than you realize. Think of this part as getting your

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Speaker 2: foundations in place, so let's jump straight into it. I'm

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Speaker 2: usually joined by miss becksay ed, but there's a different

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Speaker 2: guy in front of me today, Mister Phil Thompson. What

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Speaker 2: gives you the audacity to think that you should be

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Speaker 2: on cheese on the money?

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Speaker 4: I'm beck too point zero. Oh God, you've got.

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Speaker 2: Longer hair than yes. If you don't know the voice,

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Speaker 2: I'm not surprised. It's because we always talk about Phil

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Speaker 2: on the podcast, yet haven't had him on before. Phil

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Speaker 2: is the CEO and director also a financial advice at

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Speaker 2: Sky Wealth, which if you've heard of before. Again, I'm

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Speaker 2: not surprised because all I do is talk about the

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Speaker 2: importance of life insurance TBD income protection and making sure

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Speaker 2: that you are protecting your income because to me, that

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Speaker 2: is the biggest asset that you will ever have in

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Speaker 2: your life. And Phil, I thought the end of January,

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Speaker 2: it's now time to give my community and absolutely kick

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Speaker 2: up the pants to get their personal insurances sorted because

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Speaker 2: arguably it's more important now than ever, especially during a

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Speaker 2: cost of living crisis where everybody is so stressed about finances,

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Speaker 2: and also we all seem to think that we're a

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Speaker 2: little bit untouchable. Yeah, so Phil TLDR. I want to

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Speaker 2: know what do you do? Why do you do it?

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Speaker 4: Yeah? So we're a financial advice for We just specialize

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Speaker 4: in personal insurance. So that's all we do. So anyone

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Speaker 4: who needs investment advice, toubranuation advice, that's not what we do.

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Speaker 2: You're not the guy.

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Speaker 4: Yeah, we're not the people for that. So we just

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Speaker 4: do personal insurance. We just help people decide how much

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Speaker 4: cover they need, and we work britively with our clients

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Speaker 4: about the level of cover.

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Speaker 2: Just decide how much you need. You also talk about

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Speaker 2: like how important it is and understanding the claiming process

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Speaker 2: and all of the other stuff. I feel like that

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Speaker 2: simplifies it too much, correct, You don't just go, oh

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Speaker 2: you need X, Yeah, thank you.

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Speaker 4: We talk about the need. Really, it's just about like,

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Speaker 4: you know, how much insurance do you need? What are

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Speaker 4: the terms of that policy going to look like? So

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Speaker 4: we'll discuss potential exclusions, loadings, and then we'll talk about

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Speaker 4: a cost. At the end of the day, insurance costs money.

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Speaker 4: So it's just about getting that balance between the level

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Speaker 4: of cover that's appropriate and what's an affordable cost.

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Speaker 2: Yeah, and I am really really passionate about personal insurances.

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Speaker 2: I think it's the one thing that you should really

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Speaker 2: be prioritizing. Let's do a really quick basic recap. So

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Speaker 2: we've obviously done episodes on Cheese on the Money before

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Speaker 2: about what personal insurances are, and I have discussed the

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Speaker 2: four main types of personal insurances feel that you would write.

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Speaker 2: So we've got life cover, so death insurance basically really

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Speaker 2: easy to claim, like, let's be honest, pretty simple criteria.

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Speaker 4: Yeah, if you pass away. There are things like terminal illness,

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Speaker 4: so if you've got less than twenty four months to live,

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Speaker 4: you may be able to get that life insurance paid

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Speaker 4: out early.

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Speaker 2: Then we have TBD, which is total and permanent disability insurance,

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Speaker 2: then trauma insurance, and then we've got income protection, which

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Speaker 2: is arguably my favorite type of insurance. Did you know

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Speaker 2: people have favorite types of insurance or is it just

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Speaker 2: like the people in this room right now maybe.

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Speaker 4: Have favorite type insurance geeks.

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Speaker 2: Yeah, let's break them down a little bit before we

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Speaker 2: dive into it, because I don't want to assume that

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Speaker 2: everyone is just looking at this going like, oh, great,

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Speaker 2: Phil can help me with my car insurance. That's not

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Speaker 2: what you do. So let's start with arguably my favorite

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Speaker 2: type of insurance, income protection. Why do we need it,

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Speaker 2: what is it, how do we get it, and why

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Speaker 2: should we not just rely on the fact that we

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Speaker 2: have two years cover in our super Sometimes.

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Speaker 4: Yeah, income protections the most important because your incomes are

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Speaker 4: most important. When everyone thinks about their financial goals and

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Speaker 4: objectives that they want to achieve, they need their income

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Speaker 4: to be able to achieve it, and so we need

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Speaker 4: to be able to protect that income if something bad happened.

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Speaker 4: So a lot of supercover will cover up to two years.

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Speaker 4: And so what that means is if you're injured, ill, sick,

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Speaker 4: can't work for most reasons, then you'll get paid a

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Speaker 4: monthly payment from the insurance provider after that initial waiting period,

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Speaker 4: so you've got to wait a certain amount of time.

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Speaker 4: So it's kind of like car insurance excess. You've got

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Speaker 4: to pay a certain amount with car insurance excess, so

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Speaker 4: that's the waiting period. After that waiting period, you get

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Speaker 4: your monthly payment until you're back at work. So if

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Speaker 4: you're only out of work for six months, then the

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Speaker 4: payment stop once you're back at work. If you can't

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Speaker 4: ever work again, then you'll get paid or up until

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Speaker 4: the benefit period. So most super funds will have a

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Speaker 4: benefit period of only two years, but you can get

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Speaker 4: income protection with a benefit period till age sixty five.

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Speaker 2: I feel like I've had a lot of conversations, especially

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Speaker 2: in my community over the last few years, where people go, oh, well,

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Speaker 2: I only need two years, it'll sort out.

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Speaker 4: Then.

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Speaker 2: Is that the reality of the circumstance, Phil.

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Speaker 4: Yeah, it's really interesting. So most aims are less than

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Speaker 4: two years, so the majority of claims that are paid

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Speaker 4: out finish within two years. However, majority of the money

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Speaker 4: insurance companies pay is for the income protections claims that

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Speaker 4: go over two years. So what that means is statistically

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Speaker 4: you're less likely to need it after two year period,

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Speaker 4: but the majority of the payments that are paid out

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Speaker 4: is for that long term claim. So it's a matter

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Speaker 4: of going, do I want to protect the biggest downside risk,

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Speaker 4: which is I can never work again. So that's what

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Speaker 4: that age sixty five benefit period policy covers the biggest

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Speaker 4: downside risk. If I just want to cover the majority

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Speaker 4: of times I'm going to need it. Well, yeah, a

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Speaker 4: two year benefit period's okay, but you're going to lose

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Speaker 4: millions and millions of dollars worth of benefits if you

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Speaker 4: don't have that longer term benefit period policy.

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Speaker 2: And there are a lot of reasons why it's so

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Speaker 2: important to consider the amount of times people are like, oh,

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Speaker 2: but that's okay, Like, you know, if something happens, I'll

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Speaker 2: move back in with my parents for a little while,

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Speaker 2: or you know, don't worry, like I can always apply

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Speaker 2: for sentling. And if you're in a circumstance where your

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Speaker 2: income is essentially equivalent to centiling, I totally understand why

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Speaker 2: you might do that. But phil you're a dad, you've

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Speaker 2: got three beautiful girls, would it be appropriate to not

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Speaker 2: have income protection in your circumstance?

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Speaker 4: No, not at all. I mean, my wife's currently not

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Speaker 4: earning an income and she's trying to write a book

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Speaker 4: and it's amazing. But if I wasn't able to earn

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Speaker 4: an income, would be stuffed. So that's why, you know,

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Speaker 4: it's kind of like home insurance. If I've got a

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Speaker 4: home that's worth half a million dollars or a million dollars,

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Speaker 4: do I want to cover fifty thousand dollars because most

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Speaker 4: of the claims that only cover fifty thousand dollars, Or

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Speaker 4: do I want to cover the moon dollar house that

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Speaker 4: if it burned down or I could fully replace it.

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Speaker 4: So that's why I'm a big believer in a long

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Speaker 4: benefit period and making sure that you cover the right

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Speaker 4: level of cover for your income.

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Speaker 2: Yeah, I was a little bit cheeky. Obviously, I had

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Speaker 2: the privilege of being a financial advisor when I was younger, ah, younger,

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Speaker 2: and so I actually set up my income protection when

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Speaker 2: I was fit and how healthy and hadn't had any

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Speaker 2: babies and didn't have a lot of health complications. Should

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Speaker 2: we be setting up our income protection once you know,

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Speaker 2: life gets serious, like we're a dad of three? Or

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Speaker 2: should we be doing what Victoria did and set it

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Speaker 2: up when they're young and go, Hm, the policy is

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Speaker 2: a lot cheaper now. It's like, when do we try

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Speaker 2: and talk about income protection?

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Speaker 4: Yeah, I mean it's an interesting conversation. I like to

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Speaker 4: set up early. The earlier you are, the less health

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Speaker 4: complication you have. Generally speaking, so the earlier the better,

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Speaker 4: But also just from a financial point of view, As

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Speaker 4: a twenty five year old, if you've got a full

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Speaker 4: time income, and think about that income if you couldn't

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Speaker 4: work until a sixty five retirement age, or by the

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Speaker 4: time a twenty five year old gets to retirement, it'd

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Speaker 4: be seventy five. So the long term cost of that

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Speaker 4: loss of income is actually greater for a twenty five

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Speaker 4: year old than it is for a fifty five year old.

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Speaker 4: Even though you may have less financial kind of obligations,

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Speaker 4: you may not have a family yet, you may not

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Speaker 4: have a house, that loss of income is actually much greater.

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Speaker 4: So when we're talking specifically income protection, the earlier the better.

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Speaker 4: When we're talking about things like life insurance, which I'm

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Speaker 4: sure we'll get to, maybe that's not necessary for someone

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Speaker 4: who doesn't have dependence, doesn't have a mortgage. So for

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Speaker 4: income protection, the earlier the better.

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Speaker 2: Yeah, I agree, and I think that's why it's one

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Speaker 2: of my favorite types of insurance, which honestly, the more

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Speaker 2: I say it, the more I'm like, you're a bit

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Speaker 2: of a loser, Victoria. But it's my favorite type because

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Speaker 2: I think it's applicable across the board, and it's not

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Speaker 2: necessarily one that you can switch on and off. If

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Speaker 2: you have an income. It is a no brainer to

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Speaker 2: me to protect that because how many times do you

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Speaker 2: see people buying new cars and they're so happy to

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Speaker 2: pay for the extra insurance, and they're like, oh no,

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Speaker 2: I wouldn't just get third party, I'd get comprehensive because

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Speaker 2: that's so important. I go, but what about you? What

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Speaker 2: if you can't work? Like if I crash my car tomorrow,

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Speaker 2: Phil and it doesn't have any insurance on it, let's

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Speaker 2: pretend I did pay for third party, because we don't

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Speaker 2: want to implacate anybody else. But I'm out of car,

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Speaker 2: and I'm going to go to work, and I'm going

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Speaker 2: to earn an income, and I'm going to save up

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Speaker 2: and buy another car. And it's not the biggest deal

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Speaker 2: in the entire world. A lot of money, and yes,

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Speaker 2: it's going to feel like trash not having it, lots

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Speaker 2: of regret. But you know what's worse. If you have

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Speaker 2: a fully functioning car and then somehow you've injured yourself.

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Speaker 2: You can't drive your car, you can't go to work,

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Speaker 2: you can't earn an income, and all of a sudden,

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Speaker 2: the car repayments are unobtainable. You're not able to keep

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Speaker 2: that you have to move back in with Mum and dad,

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Speaker 2: you have to change your lifestyle significantly. And while yes,

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Speaker 2: most claims are under two years, if they aren't, you've

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Speaker 2: actually shot yourself in the foot for your entire life.

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Speaker 2: So your goals, your values, what you wanted to achieve

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Speaker 2: in your life, it's just not going to happen in

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Speaker 2: the same way. Whereas I look at income protection and go, well,

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Speaker 2: it's not just income protection, it's kind of like life

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Speaker 2: and goal and value protection. Because if something happened to

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Speaker 2: me and I can't work every again, well at least

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Speaker 2: I get to kind of have the lifestyle within the

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Speaker 2: breadths of my illness that I really want to have,

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Speaker 2: and I'm not constricted by the fact that now I

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Speaker 2: basically have to be on stentillin. Can I just go

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Speaker 2: from hypothetically earning eighty or ninety thousand dollars a year

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Speaker 2: down to forty thousand dollars a year and scrimping by

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Speaker 2: And it's a situation I didn't technically have to put

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Speaker 2: myself in. So I'm wildly passionate about it, mainly because

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Speaker 2: I'm very black and white. I'm like, it just makes sense, guys.

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Speaker 4: The other thing I was going to say is a

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Speaker 4: lot of people come and say, well, I've got some

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Speaker 4: work cover. Work cover will pay me. The great thing

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Speaker 4: about income protection you can be traveling overseas and injure

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Speaker 4: yourself and still be eligible for a claim of foreir

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Speaker 4: income protection. You can be at home looking after the

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Speaker 4: kids and you pull your back because you're playing with

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Speaker 4: the kids like I do every second week.

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Speaker 2: It feels like yeah, and I still feel like that.

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Speaker 4: And you can claim on your income protection. So with

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Speaker 4: the income protection, not like work cover work cover, you

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Speaker 4: need to prove that it was a workplace injury before

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Speaker 4: you'll get paid any work cover income protection. It really

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Speaker 4: doesn't matter how it happened or what happened. It's just

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Speaker 4: a matter of can you work or not. If you

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Speaker 4: can't work and you meet the definitions of the policy,

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Speaker 4: then you'll get paid out income protection.

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Speaker 2: So I feel like insurance is something that a lot

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Speaker 2: of us just go this happens to other people, not

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Speaker 2: to me, or this is something that just isn't going

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Speaker 2: to happen. I'm fit, I'm healthy. I've shared on the

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Speaker 2: podcast before that I had to do an income protection

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Speaker 2: claim a while ago. For I would say, friend, they're

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Speaker 2: now a friend because I've exited the industry, but just

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Speaker 2: like somehow managed to keep him as a pow. But

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Speaker 2: he was the fittest, healthiest guy I had ever met. Like,

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Speaker 2: you know the guy that gets up at like five

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Speaker 2: am so they can cycle for two and a half

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Speaker 2: hours before work. Can you just be like like red, Yeah,

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Speaker 2: like the boy, Like he was crazy, Like his diet

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Speaker 2: was immaculate. Like every time we went to the beach,

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Speaker 2: I'd be like, nobody else is going to be happy

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Speaker 2: wearing swimsuit around you, mate, like you are putting us

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Speaker 2: all to shame. He got hit by bus and he's

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Speaker 2: fine now, so it's okay. But he was riding the

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Speaker 2: same path that he rode every other morning because, as

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Speaker 2: I said, happy liker guy, he got his by a

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Speaker 2: literal bus and broke his pelvis in like four different places.

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Speaker 2: Couldn't go to work. You know, had a whole heap

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Speaker 2: of other broken bones as well. But in addition to that,

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Speaker 2: had a whole heap of spinal injuries that needed long

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Speaker 2: term support for. And he's still on income protection because

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Speaker 2: he can't go back to work. He was a chippy.

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Speaker 2: What are you going to do at work if you've

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Speaker 2: broken all of your bones, and you know you can't

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Speaker 2: stand prolonged periods of time. His income could have been

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Speaker 2: completely wiped. And I mean he was a jippy, he

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Speaker 2: was self employed, he had a pretty good income, well

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Speaker 2: able to prove all of that. And now he's still

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Speaker 2: able to support his family and do exactly what he

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Speaker 2: needs to do. But to me, that was always a

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Speaker 2: really good example of I remember rolling on into work

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Speaker 2: that day, I had a coffee in my hand, and

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Speaker 2: I sat down at my desk and like, I had

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Speaker 2: a miscall on my phone and to be honest, hadn't

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Speaker 2: really thought about it, got an email and went, oh,

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Speaker 2: I need to call. Like it was one of those

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Speaker 2: things that even shook me as a financial advisor because

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Speaker 2: I think sometimes when doing things like income protection insurance,

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Speaker 2: it's for illnesses that are prolonged, and often you go, oh,

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Speaker 2: they've been saying they're not being well, or they've been

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Speaker 2: going through testing, or it doesn't come as a shop.

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Speaker 2: But to me, I was like, life is really fragile

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Speaker 2: and really dangerous. Have you had a lot of claims

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Speaker 2: like that?

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Speaker 4: Yeah, I mean most of our claims people wouldn't have

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Speaker 4: thought it had happened we've got. You know, a lady

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Speaker 4: who was thirty four had breast cancer four months after

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Speaker 4: her trauma and income protection was put in place, and

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Speaker 4: she was arming and ring and I looked back. We'd

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Speaker 4: spend like six months working with her kind of you know,

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Speaker 4: trying to work out if the premiers were okay, and

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Speaker 4: she was arming and ring. Finally went ahead and said, oh,

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Speaker 4: I probably don't need this. Four months later, was on

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Speaker 4: income protection and got a trauma payment. One of my

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Speaker 4: really really close friends, the first day of the work

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Speaker 4: year last year, gave me a call and he works

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Speaker 4: in the industry, and I said, I know you're not

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Speaker 4: meant to be working a day, Get off your phone,

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Speaker 4: get off your emails, and he's like, well, it's actually

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Speaker 4: a personal call. I've just found out I've got pancreatic cancer.

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Speaker 4: And so, you know, my first work day of last year,

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Speaker 4: I went to the hospital and he's been on income

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Speaker 4: protection for twelve months, got a trauma payment as well,

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Speaker 4: and the first day of this year, unfortunately, we submitted

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Speaker 4: a terminal illness claim for his life policy. So he

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Speaker 4: got paid his trauma payment, he got twelve months worth

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Speaker 4: of income protection, and now he's getting his life insurance

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Speaker 4: paid out early while he's still around, and for him

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Speaker 4: it's incredibly important. He's got two young boys, just a

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Speaker 4: year younger than two of my oldest girls, and for

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Speaker 4: him it's so important for the money to hit his

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Speaker 4: bank account before he passes away. He knows, and he

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Speaker 4: knows they're going to be comfortable financially and not struggle

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Speaker 4: because his wife isn't working. And so yeah, I mean

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Speaker 4: it's obviously hard to talk about, you know, given you know,

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Speaker 4: he's a client, but also a really close friend. We've

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Speaker 4: been working together for.

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Speaker 2: Eight years and this happens right, and he.

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Speaker 4: Is incredibly fit, like he is the same guy like

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Speaker 4: to me, I look back and go, well, that's why

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Speaker 4: I don't go to the gym, because you may have

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Speaker 4: banker out of cancer. And so yeah, it's really full

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Speaker 4: on in the work we do helping people with claims.

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Speaker 4: But that's why I like, especially this year, it's so important.

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Speaker 4: The work I do is helping people get insurance. And

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Speaker 4: of course it's a cost. All insurance cost money, and

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Speaker 4: it's about strucking that balance between the level of cover

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Speaker 4: and the cost. But some covers better than nothing. Because

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Speaker 4: my good friend, you know, we had a conversation many

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Speaker 4: many times about getting insurance and he worked in the

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Speaker 4: industry and now he's got it and it's getting paid

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Speaker 4: out and it's making a massive difference for his family.

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Speaker 2: That actually kills me. You have been a financial advisor

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Speaker 2: of for years and years and years, and I have

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Speaker 2: no NW since before you were doing just insurance only advice.

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Speaker 2: And I remember how long ago was it that you

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Speaker 2: decided to delve just straight into insurance.

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Speaker 4: Yeah, twenty twenty.

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Speaker 2: Yeah, So I remember you called me and you're like,

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Speaker 2: I'm thinking this model it's going to work. And I

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Speaker 2: just remember I think it was like during COVID, I

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Speaker 2: was having these conversations with you about what it looks

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Speaker 2: like and how it was going to work, and I

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Speaker 2: just remember going, like, you know, I at the time

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Speaker 2: was a holistic financial advisor, and I was like, I really,

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Speaker 2: you know, like being able to provide the value to

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Speaker 2: the client to be financial advice when it comes to

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Speaker 2: investment and insurance, and then there's savings and goals. And

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Speaker 2: now I look at it and go, Victoria, you are

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Speaker 2: so silly. Phil's model is genius because you know the

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Speaker 2: inside outs of the insurance world. You're not just looking

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Speaker 2: at you know, investment, which, to be honest, if you're

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Speaker 2: a financial advisor, that often takes up a lot of time,

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Speaker 2: and you know, I'm not throwing other financial advisors under

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Speaker 2: a bus, because that was me as well. But often,

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Speaker 2: if you're a financial advisor that does investment insurance and

390
00:18:43,160 --> 00:18:47,960
Speaker 2: you know budget cash loow goal savings and superannuation insurance

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Speaker 2: kind of becomes what I would call a hygiene factor.

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Speaker 2: You kind of tick a box and go, well, my

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00:18:52,480 --> 00:18:55,280
Speaker 2: client needs that, will get it away. But I'm excited

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00:18:55,320 --> 00:18:58,280
Speaker 2: about the investment side of things. So as much as

395
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Speaker 2: you focus on it and you kind of hear about

396
00:19:00,280 --> 00:19:03,119
Speaker 2: it every day, you're not in the trenches every single

397
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Speaker 2: minute of every single day. And now looking at your

398
00:19:06,680 --> 00:19:10,200
Speaker 2: business model and my client's experiences, because when I exited

399
00:19:10,240 --> 00:19:12,920
Speaker 2: the industry, I did handball a lot of people over

400
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Speaker 2: to you to be like, please look after these clients

401
00:19:15,520 --> 00:19:19,080
Speaker 2: really well because I'm legally not allowed to anymore, and

402
00:19:19,240 --> 00:19:21,600
Speaker 2: even our community coming back and being like, oh my gosh,

403
00:19:21,640 --> 00:19:24,639
Speaker 2: I'm so glad I spoke to Phil's team. Talk to

404
00:19:24,680 --> 00:19:27,320
Speaker 2: me about why you made that choice, but also why

405
00:19:27,320 --> 00:19:31,080
Speaker 2: it's so important that you've made that choice, especially because

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00:19:31,200 --> 00:19:34,119
Speaker 2: not everybody knows this, but the industry has changed so

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00:19:34,320 --> 00:19:35,120
Speaker 2: much since then.

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00:19:35,320 --> 00:19:37,680
Speaker 4: Yeah, he's a good question just from a business point

409
00:19:37,680 --> 00:19:40,879
Speaker 4: of view, why you do this? Financial advisors on mass

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Speaker 4: are moving away from insurance advice, and so a part

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Speaker 4: of me thought, well, it's a great space to be

412
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Speaker 4: and if everyone's getting out but the need is still there, or.

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Speaker 2: You either got rocks in your head or you're really smart.

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Speaker 2: Turns out he was really smart.

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Speaker 4: Guys, it's not too short. We're still undecided about that.

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Speaker 4: So I moved into it because you know, the need

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Speaker 4: for insurance is still there and is growing getting wealthier,

418
00:20:00,800 --> 00:20:03,080
Speaker 4: so they need to protect that wealth is getting more.

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Speaker 4: So I've still got a lot of respect for holistic

420
00:20:05,720 --> 00:20:08,679
Speaker 4: advice firms and advisors, and we refer a lot of business.

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00:20:08,720 --> 00:20:12,439
Speaker 4: It happen to stick do it exactly. And so the

422
00:20:12,560 --> 00:20:15,680
Speaker 4: reason I made that choice is because I feel like, unfortunately,

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Speaker 4: financial advice is very expensive. For holistic advice, so focusing

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00:20:19,720 --> 00:20:23,160
Speaker 4: on one area of the advice need, we can help

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Speaker 4: our clients make a really informed decision about a really

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Speaker 4: important financial product, which is insurance at a much lower cost,

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00:20:30,480 --> 00:20:33,240
Speaker 4: and a holistic plan can cost. You know, there was

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Speaker 4: a point where you know, we had to charge five

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00:20:35,160 --> 00:20:37,680
Speaker 4: tha thousand dollars for an upfront plan for Holyday.

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00:20:37,680 --> 00:20:39,399
Speaker 2: That's what I used to do, so I remember I

431
00:20:39,440 --> 00:20:41,080
Speaker 2: would talk to people and be like, oh yeah, and

432
00:20:41,119 --> 00:20:44,200
Speaker 2: like my standard fee for completely holistic advice was about

433
00:20:44,240 --> 00:20:46,960
Speaker 2: six and a half thousand dollars, right, And you put

434
00:20:46,960 --> 00:20:49,920
Speaker 2: that number on the table, and it terrifies people, especially

435
00:20:50,359 --> 00:20:54,439
Speaker 2: my community, who were often starting with Lukvi, I've saved

436
00:20:54,480 --> 00:20:56,920
Speaker 2: my first five grand and really excited to get into

437
00:20:56,960 --> 00:20:59,720
Speaker 2: investing and creating wealth for myself, and I'd often have

438
00:20:59,760 --> 00:21:02,800
Speaker 2: to say please don't come and see me then, like,

439
00:21:02,960 --> 00:21:05,040
Speaker 2: and I think that's one of the reasons I exited

440
00:21:05,040 --> 00:21:07,040
Speaker 2: the industry, because I was like, I'm not able to

441
00:21:07,080 --> 00:21:09,640
Speaker 2: have the impact that I want to have. But when

442
00:21:09,640 --> 00:21:11,960
Speaker 2: you break it down with how much time is spent

443
00:21:12,200 --> 00:21:16,200
Speaker 2: on crafting a plan and doing research and the compliance

444
00:21:16,280 --> 00:21:19,320
Speaker 2: these days, to me is insane, Like I feel like

445
00:21:19,400 --> 00:21:21,679
Speaker 2: I fell in the same form, five different places to

446
00:21:21,720 --> 00:21:23,600
Speaker 2: go to five different people to make sure that you

447
00:21:23,640 --> 00:21:26,000
Speaker 2: are putting the client in the right position. And please

448
00:21:26,040 --> 00:21:29,560
Speaker 2: don't get me wrong, it's essential. Like after the Royal Commission,

449
00:21:29,720 --> 00:21:32,400
Speaker 2: all of these things make sense. But then you're spending

450
00:21:32,720 --> 00:21:34,800
Speaker 2: an hour in a meeting with a client, for which

451
00:21:34,840 --> 00:21:36,960
Speaker 2: fil you would understand this too. Then you spend an

452
00:21:37,040 --> 00:21:39,800
Speaker 2: hour writing notes of what happened in the meeting because

453
00:21:39,800 --> 00:21:42,400
Speaker 2: you have to file note it and when it comes

454
00:21:42,400 --> 00:21:44,760
Speaker 2: out in the wash, there's not a lot of profit

455
00:21:44,840 --> 00:21:47,560
Speaker 2: there because you're paying your admin staff, you're paying your

456
00:21:47,600 --> 00:21:50,840
Speaker 2: power plan as, you're paying for you know, your overheads.

457
00:21:50,880 --> 00:21:54,560
Speaker 2: Even a financial services license just to call yourself a

458
00:21:54,600 --> 00:21:57,639
Speaker 2: financial advisor is insane. Like, you know, I'm happy to

459
00:21:57,680 --> 00:22:01,080
Speaker 2: talk about it, but my financial services life since historically

460
00:22:01,440 --> 00:22:04,080
Speaker 2: has cost a minimum of fifty thousand dollars a year.

461
00:22:04,160 --> 00:22:07,880
Speaker 2: And then on top of that, my licensee was taking

462
00:22:07,960 --> 00:22:10,919
Speaker 2: five percent of whatever I made. And that's normal, Like

463
00:22:10,960 --> 00:22:13,440
Speaker 2: that's actually a pretty good deal. Like if you look

464
00:22:13,440 --> 00:22:15,240
Speaker 2: at it, you go, yeah, all right, well that makes sense.

465
00:22:15,320 --> 00:22:18,120
Speaker 2: Usually it caps out at the first million dollars you make.

466
00:22:18,640 --> 00:22:21,919
Speaker 2: That is not the reality for most advisors. But you go, oh, okay,

467
00:22:22,000 --> 00:22:23,919
Speaker 2: no worries. That makes sense because they do do a

468
00:22:23,960 --> 00:22:26,320
Speaker 2: really good job when it comes to making sure that

469
00:22:26,359 --> 00:22:29,639
Speaker 2: your client is protected. All of that overhead.

470
00:22:30,200 --> 00:22:32,199
Speaker 4: It's not a lot of profit exactly. And when you

471
00:22:32,240 --> 00:22:34,359
Speaker 4: talk about a five thousand dollars plan for the average

472
00:22:34,359 --> 00:22:38,000
Speaker 4: Australian where the business itself isn't making much money, it

473
00:22:38,080 --> 00:22:40,560
Speaker 4: doesn't work that well. You know, I grew up in

474
00:22:40,800 --> 00:22:44,320
Speaker 4: very middle class Australia and I'm passionate about you know,

475
00:22:44,359 --> 00:22:47,920
Speaker 4: the everyday Austrayan getting advice. The difficulty with it getting

476
00:22:48,000 --> 00:22:51,240
Speaker 4: holistic advice is it's too expensive. So what I decided

477
00:22:51,240 --> 00:22:54,240
Speaker 4: to do is I will help people make an informed

478
00:22:54,240 --> 00:22:57,800
Speaker 4: decision about one financial product, which is insurance. Now we

479
00:22:57,920 --> 00:23:00,479
Speaker 4: charge three hundred and thirty dollars for individual and four

480
00:23:00,560 --> 00:23:03,800
Speaker 4: ninety five per couple, so it is much lower than holy.

481
00:23:03,560 --> 00:23:05,240
Speaker 2: Shit, I mean, it's not six and a half grand.

482
00:23:05,440 --> 00:23:07,520
Speaker 4: No, I'll charge you six and a half grand you

483
00:23:07,640 --> 00:23:10,840
Speaker 4: probably already have. The reason we can make it much

484
00:23:10,840 --> 00:23:13,600
Speaker 4: more affordable is because there is commissions on the insurance products.

485
00:23:13,680 --> 00:23:16,040
Speaker 4: So when we set up the insurance, we get paid

486
00:23:16,040 --> 00:23:19,080
Speaker 4: a commission from the insurance provider. Now it's all standardized

487
00:23:19,160 --> 00:23:21,359
Speaker 4: in terms of the commission rate, and you know it

488
00:23:21,359 --> 00:23:23,720
Speaker 4: was actually before the Royal Commission there was changes with

489
00:23:23,800 --> 00:23:25,800
Speaker 4: the commission rate. So it's all standardized. So whether we

490
00:23:25,840 --> 00:23:27,360
Speaker 4: go with you know, one insurer or the other.

491
00:23:27,720 --> 00:23:31,360
Speaker 2: Yeah, there's no actual financial incentive anymore, because don't get

492
00:23:31,400 --> 00:23:33,720
Speaker 2: me wrong. If people are like, there is, I'd be like, yeah,

493
00:23:33,760 --> 00:23:36,879
Speaker 2: there used to be. There is now no financial incentive

494
00:23:37,160 --> 00:23:39,959
Speaker 2: to pick you know, one path over AIA, like it

495
00:23:40,000 --> 00:23:42,760
Speaker 2: doesn't actually matter, which I know most of the good

496
00:23:42,760 --> 00:23:45,600
Speaker 2: advisors never cared about to begin with, because that wouldn't

497
00:23:45,640 --> 00:23:48,200
Speaker 2: have been the ethical thing to do. However, it does

498
00:23:48,240 --> 00:23:50,800
Speaker 2: put the consumer in the best possible position to go.

499
00:23:51,119 --> 00:23:52,680
Speaker 2: I know, I phil can't take me for a ride

500
00:23:52,720 --> 00:23:54,240
Speaker 2: because it's literally illegal.

501
00:23:54,440 --> 00:23:57,080
Speaker 4: Yeah. Correct. So that's kind of why we went to

502
00:23:57,200 --> 00:24:00,040
Speaker 4: insurance only because I'm very passionate about helping everyone. We

503
00:24:00,080 --> 00:24:02,119
Speaker 4: want to make advice really simple. We want to make

504
00:24:02,160 --> 00:24:04,600
Speaker 4: it affordable. That's kind of our mission at Sky. So

505
00:24:04,680 --> 00:24:07,159
Speaker 4: that's why I went to insurance. It made up a

506
00:24:07,160 --> 00:24:08,840
Speaker 4: really small portion of our business, so I kind of

507
00:24:08,880 --> 00:24:12,199
Speaker 4: dabbled since going there. It's so much more complicated than

508
00:24:12,240 --> 00:24:14,440
Speaker 4: I ever thought. I thought it was simple. You just

509
00:24:14,600 --> 00:24:18,280
Speaker 4: pick a level of carva, picking ins your own happy days,

510
00:24:18,359 --> 00:24:21,200
Speaker 4: and you know, getting into it specializing, you learn how

511
00:24:21,240 --> 00:24:23,560
Speaker 4: much more complicated it actually is. So you know, what

512
00:24:23,600 --> 00:24:26,280
Speaker 4: we do is we pair the insurance provider with the

513
00:24:26,280 --> 00:24:30,000
Speaker 4: clients based on their personal medical history. So insurers, you'll

514
00:24:30,040 --> 00:24:33,080
Speaker 4: get three different insurance companies will provide us what's called

515
00:24:33,080 --> 00:24:35,920
Speaker 4: a pre assessment, so we get some medical information up front,

516
00:24:35,960 --> 00:24:37,720
Speaker 4: we send it to insurers and say how would you

517
00:24:37,760 --> 00:24:40,640
Speaker 4: assess a potential application, and they come back. One says

518
00:24:40,680 --> 00:24:43,200
Speaker 4: we'll put an exclusion for this, one says what's called

519
00:24:43,240 --> 00:24:46,000
Speaker 4: standard rates, so no exclusions are loading, and another will

520
00:24:46,040 --> 00:24:48,120
Speaker 4: say that they're going to put a loading on the premium,

521
00:24:48,160 --> 00:24:51,240
Speaker 4: so charge more for that premium. And so we'll then go, okay,

522
00:24:51,320 --> 00:24:53,119
Speaker 4: let's look at the premiums and maybe the one with

523
00:24:53,200 --> 00:24:55,960
Speaker 4: standard rates, their base rate is more expensive, but it

524
00:24:56,000 --> 00:24:58,119
Speaker 4: doesn't have an exclusion, and it's you know, we're not

525
00:24:58,160 --> 00:25:01,760
Speaker 4: factoring in that loading. And so that's the insurance provider

526
00:25:01,760 --> 00:25:04,120
Speaker 4: we're going to recommend for our client. So we provide

527
00:25:04,119 --> 00:25:06,520
Speaker 4: that we do all the research in terms of our process,

528
00:25:06,840 --> 00:25:09,760
Speaker 4: but we make that assessment on which insurance provider we

529
00:25:09,840 --> 00:25:12,359
Speaker 4: make an assessment and a recommendation on the level of cover,

530
00:25:12,640 --> 00:25:15,240
Speaker 4: and then we discuss the premiums, how to fund the premiums.

531
00:25:15,280 --> 00:25:17,480
Speaker 4: Can you pay for the premiums from your superfund? How

532
00:25:17,560 --> 00:25:19,720
Speaker 4: much is coming from your bank account? And then we

533
00:25:19,800 --> 00:25:22,119
Speaker 4: talk about a mix of it comes up with these premiments,

534
00:25:22,160 --> 00:25:23,960
Speaker 4: do we need to make any adjustments, and then we

535
00:25:24,040 --> 00:25:26,440
Speaker 4: go from an application and we apply for the cover

536
00:25:26,480 --> 00:25:26,840
Speaker 4: from there.

537
00:25:27,240 --> 00:25:30,199
Speaker 2: Yeah, it's a lot more complex. I remember at the

538
00:25:30,400 --> 00:25:33,800
Speaker 2: end of my financial advice career, I was talking to

539
00:25:33,840 --> 00:25:36,679
Speaker 2: you so often. I was like, I'm done. I can't

540
00:25:36,720 --> 00:25:39,679
Speaker 2: do this, Like there's just so many changes and so

541
00:25:39,800 --> 00:25:42,560
Speaker 2: many hoops and so many things to get through. And

542
00:25:42,600 --> 00:25:46,200
Speaker 2: I think that insurance over the last ten years has

543
00:25:46,240 --> 00:25:50,000
Speaker 2: really i would say, knuckled down even on just exclusions

544
00:25:50,000 --> 00:25:52,200
Speaker 2: and what they will and won't accept. And I'm seeing

545
00:25:52,320 --> 00:25:54,600
Speaker 2: a lot was seeing and I'm sure you're seeing now

546
00:25:54,920 --> 00:25:57,480
Speaker 2: a lot of people in circumstances where they actually just

547
00:25:57,480 --> 00:26:01,680
Speaker 2: can't get cover because they have experience significant health issues

548
00:26:01,720 --> 00:26:04,880
Speaker 2: along the way, and the insurer is actually doing what's

549
00:26:04,920 --> 00:26:07,320
Speaker 2: best for the insurer. They're not trying to crucify you,

550
00:26:07,400 --> 00:26:10,040
Speaker 2: they're not trying to be rude, they're not discriminating. They're

551
00:26:10,040 --> 00:26:12,440
Speaker 2: just going, hey, Phil, well, actually you've had all these

552
00:26:12,440 --> 00:26:16,560
Speaker 2: health conditions and the reality of the circumstance is that

553
00:26:16,680 --> 00:26:19,080
Speaker 2: you're probably going to get more and it's not a

554
00:26:19,200 --> 00:26:21,800
Speaker 2: very good business decision for our insurance company to then

555
00:26:22,000 --> 00:26:24,080
Speaker 2: offer you cover because we're going to pay through the

556
00:26:24,160 --> 00:26:27,320
Speaker 2: nose for this. Like they're managing their risk and assessing that,

557
00:26:27,440 --> 00:26:30,520
Speaker 2: and that's what their job is, to assess risk, make

558
00:26:30,520 --> 00:26:33,680
Speaker 2: sure that they're ensuring people that hopefully aren't going to

559
00:26:33,720 --> 00:26:38,119
Speaker 2: get sick. But if that comes up, then they're like, yeah, okay,

560
00:26:38,240 --> 00:26:41,119
Speaker 2: fair game, no worries, We'll absolutely pay out on that.

561
00:26:41,480 --> 00:26:45,080
Speaker 2: But I think there's this misconception that if we go

562
00:26:45,280 --> 00:26:47,560
Speaker 2: and say, well, I want personal insurance, you will be

563
00:26:47,600 --> 00:26:49,840
Speaker 2: able to get it. How often are you having a

564
00:26:49,880 --> 00:26:53,000
Speaker 2: conversation with people where you go, look, you could probably

565
00:26:53,040 --> 00:26:55,280
Speaker 2: get this insurance and we could probably set up some

566
00:26:55,359 --> 00:26:58,840
Speaker 2: life but like your income protection might be more impacted

567
00:26:58,960 --> 00:27:01,440
Speaker 2: than not. What does that look like? Because I feel

568
00:27:01,440 --> 00:27:03,600
Speaker 2: like a few people in our community have had that

569
00:27:03,680 --> 00:27:05,880
Speaker 2: question recently where they're like, well, I went to see

570
00:27:05,920 --> 00:27:08,520
Speaker 2: an advisor. Obviously it wasn't new feel but I went

571
00:27:08,560 --> 00:27:10,399
Speaker 2: to see an advisor and they said that I couldn't

572
00:27:10,440 --> 00:27:12,159
Speaker 2: get covered, and I just think that's a joke, And

573
00:27:12,160 --> 00:27:14,760
Speaker 2: you go, oh, like, actually they were probably right.

574
00:27:15,000 --> 00:27:17,040
Speaker 4: Yeah, yeah, So I mean there's a few things there.

575
00:27:17,119 --> 00:27:20,359
Speaker 4: So how often do we see people get certain covers

576
00:27:20,359 --> 00:27:22,960
Speaker 4: and not other covers. Yet we see it sometimes, but

577
00:27:23,080 --> 00:27:25,640
Speaker 4: we work with all insurers, so you know, sometimes one

578
00:27:25,680 --> 00:27:28,720
Speaker 4: insurance company will say no, but five others will say yes.

579
00:27:28,840 --> 00:27:31,120
Speaker 4: So that's kind of sometimes. We see it a lot

580
00:27:31,160 --> 00:27:33,160
Speaker 4: with our clients when they go to their super fun

581
00:27:33,320 --> 00:27:35,080
Speaker 4: and they say, hey, can I get covered? And they

582
00:27:35,080 --> 00:27:37,000
Speaker 4: get to client and they think that's the rule across

583
00:27:37,000 --> 00:27:37,520
Speaker 4: the insurance.

584
00:27:37,960 --> 00:27:39,040
Speaker 2: I just can't get insured.

585
00:27:39,080 --> 00:27:40,920
Speaker 4: Now I can't get it anymore because my super fund

586
00:27:40,960 --> 00:27:43,640
Speaker 4: said no. Well, the issue is the super Fun only

587
00:27:43,720 --> 00:27:47,240
Speaker 4: works with one insurance company, so that one insurance company

588
00:27:47,240 --> 00:27:49,720
Speaker 4: has made an assessment that they're not offering cover, but

589
00:27:50,200 --> 00:27:53,320
Speaker 4: there's plenty others, well, not plenty, there are some others, some.

590
00:27:53,480 --> 00:27:55,720
Speaker 2: Others I was there aren't that many film.

591
00:27:55,520 --> 00:27:58,879
Speaker 4: Yeah, and some others may be willing to accept their isk.

592
00:27:59,200 --> 00:28:01,240
Speaker 4: So our job is we work with all the insurance.

593
00:28:01,280 --> 00:28:04,679
Speaker 4: So we say, well, these four insurance companies are going

594
00:28:04,720 --> 00:28:07,080
Speaker 4: to say no, but these two will say yes. And

595
00:28:07,119 --> 00:28:09,399
Speaker 4: then from these two, let's look at, okay, which one

596
00:28:09,440 --> 00:28:11,520
Speaker 4: do we think is a better contract, which is priced better,

597
00:28:11,600 --> 00:28:15,040
Speaker 4: and then we'll make a recommendation. But life insurance and

598
00:28:15,119 --> 00:28:19,200
Speaker 4: trauma insurance generally get a very similar assessment. Income protection

599
00:28:19,359 --> 00:28:21,840
Speaker 4: and disability will also get the same assessment, so you

600
00:28:21,920 --> 00:28:26,199
Speaker 4: may get an exclusion on income protection and disability or

601
00:28:26,240 --> 00:28:29,360
Speaker 4: TPD that your life insurance doesn't have. So a very

602
00:28:29,359 --> 00:28:32,240
Speaker 4: common one is mental health exclusion. So income protection and

603
00:28:32,280 --> 00:28:34,800
Speaker 4: disability will have a mental health exclusion, but your life

604
00:28:34,800 --> 00:28:38,040
Speaker 4: insurance and trauma policy won't have that exclusion. And we

605
00:28:38,080 --> 00:28:40,560
Speaker 4: walk that through in our advice where we say, hey,

606
00:28:40,960 --> 00:28:42,840
Speaker 4: this is what the likely terms will be. Now we

607
00:28:42,880 --> 00:28:44,880
Speaker 4: haven't applied for the cover, so it could come back

608
00:28:44,920 --> 00:28:46,800
Speaker 4: as a different outcome. It could be better, it could

609
00:28:46,800 --> 00:28:49,480
Speaker 4: be worse, but this is what we expect. Exclusions on

610
00:28:49,520 --> 00:28:54,120
Speaker 4: income protection, disability, and maybe standard rates on life insurance

611
00:28:54,160 --> 00:28:54,600
Speaker 4: and trauma.

612
00:28:54,760 --> 00:28:58,160
Speaker 2: Yeah, And I think the extra value there is you

613
00:28:58,240 --> 00:29:01,440
Speaker 2: have that relationship with those insurers. So if you're with

614
00:29:01,520 --> 00:29:05,120
Speaker 2: a client, say they are potentially going to get a

615
00:29:05,440 --> 00:29:08,880
Speaker 2: mental health exclusion before even submitting it, you have the

616
00:29:08,920 --> 00:29:10,920
Speaker 2: ability to call up and have a chat and go,

617
00:29:10,960 --> 00:29:14,680
Speaker 2: look what's the likelihood of this, Because no financial advisor

618
00:29:14,760 --> 00:29:17,680
Speaker 2: ever wants to submit an application that gets declined because

619
00:29:17,760 --> 00:29:20,120
Speaker 2: that will show up on the client's history and even

620
00:29:20,160 --> 00:29:23,280
Speaker 2: in future when you're writing out you know your next

621
00:29:23,320 --> 00:29:26,160
Speaker 2: fact find with a financial advisor. To get insurance again

622
00:29:26,200 --> 00:29:28,960
Speaker 2: with a different provider, you have to disclose if you've

623
00:29:28,960 --> 00:29:33,200
Speaker 2: ever been denied insurance before. So often financial advisors, if

624
00:29:33,240 --> 00:29:35,840
Speaker 2: there is the chance of having an exclusion, will be

625
00:29:35,880 --> 00:29:39,160
Speaker 2: really hands on to make sure that if for any

626
00:29:39,280 --> 00:29:42,640
Speaker 2: chance it's going to be declined, they know beforehand. So

627
00:29:42,680 --> 00:29:44,719
Speaker 2: we hear you know what, Let's just withdraw that, not

628
00:29:44,800 --> 00:29:47,760
Speaker 2: have a decline on your history and find another way

629
00:29:47,800 --> 00:29:50,160
Speaker 2: to make this work and make this happen. You just

630
00:29:50,240 --> 00:29:54,920
Speaker 2: mentioned life cover, TBD and trauma insurance. So let's go

631
00:29:54,960 --> 00:29:56,560
Speaker 2: to a really quick break because I feel like we've

632
00:29:56,560 --> 00:29:59,600
Speaker 2: gone really deep, really quickly on income protection and why

633
00:29:59,640 --> 00:30:02,000
Speaker 2: insurance and why you do what you do. And on

634
00:30:02,040 --> 00:30:04,520
Speaker 2: the flip side, let's go over why you'd have life cover,

635
00:30:04,680 --> 00:30:08,360
Speaker 2: what TBD actually is, and what the difference between TBD

636
00:30:08,520 --> 00:30:17,400
Speaker 2: and trauma insurance is. So guys, don't go anywhere, all right, Phil,

637
00:30:17,560 --> 00:30:21,120
Speaker 2: We are back, and I feel like all of these

638
00:30:21,160 --> 00:30:24,200
Speaker 2: personal insurances get lumped into one. Sometimes you go do

639
00:30:24,240 --> 00:30:26,560
Speaker 2: you have insurance? Yeah, I've got it through Super? What

640
00:30:26,680 --> 00:30:29,200
Speaker 2: have you got through Super? And then you find out,

641
00:30:29,400 --> 00:30:31,520
Speaker 2: more often than not, they just have a really low

642
00:30:31,640 --> 00:30:35,760
Speaker 2: level of life insurance, not usually trauma insurance because that's

643
00:30:35,800 --> 00:30:39,160
Speaker 2: held outside of superannuation. They might have some TPD with

644
00:30:39,280 --> 00:30:42,280
Speaker 2: really hard to claim benefits and maybe a two year

645
00:30:42,320 --> 00:30:45,920
Speaker 2: income protection policy. So let's start here because I know

646
00:30:46,000 --> 00:30:49,120
Speaker 2: this is kind of like the easiest to talk about

647
00:30:49,720 --> 00:30:52,160
Speaker 2: insurance policy. What's life insurance?

648
00:30:52,440 --> 00:30:55,200
Speaker 4: Well, life insurance is just a lump sum payment if

649
00:30:55,200 --> 00:30:57,360
Speaker 4: you pass away, and that gets paid out to your

650
00:30:57,520 --> 00:31:00,320
Speaker 4: estate or to you know, whoever you nominate to be

651
00:31:00,440 --> 00:31:03,640
Speaker 4: a beneficiary. What if I'm not married, Well, it'll get

652
00:31:03,640 --> 00:31:06,400
Speaker 4: paid out to your estate. So your a state will

653
00:31:06,440 --> 00:31:09,080
Speaker 4: then determine who gets it. So if you're not married,

654
00:31:09,120 --> 00:31:11,240
Speaker 4: you don't have a partner, then your parents will generally

655
00:31:11,240 --> 00:31:13,920
Speaker 4: get it, unless you will dictates somewhere else.

656
00:31:13,960 --> 00:31:16,960
Speaker 2: And if I'm looking at life insurance and I am

657
00:31:17,160 --> 00:31:20,640
Speaker 2: twenty one, still live at home, where's the value in

658
00:31:20,680 --> 00:31:23,880
Speaker 2: that versus I'm thirty five, I have two kids and

659
00:31:23,920 --> 00:31:26,880
Speaker 2: a mortgage, So like, how do we assess how much

660
00:31:26,920 --> 00:31:29,440
Speaker 2: life insurance we need? Because I think my life's worth heaps,

661
00:31:29,600 --> 00:31:32,440
Speaker 2: so I just want the most amount of life insurance.

662
00:31:32,600 --> 00:31:34,200
Speaker 4: Well you can really at the end of the day,

663
00:31:34,200 --> 00:31:36,960
Speaker 4: there's no one stopping you from getting life insurance.

664
00:31:37,640 --> 00:31:39,360
Speaker 2: More for me, that's weird.

665
00:31:40,680 --> 00:31:43,920
Speaker 4: Well, I mean it's really a personal preference. But life

666
00:31:43,920 --> 00:31:45,760
Speaker 4: insurance for that twenty one year old living at home,

667
00:31:45,840 --> 00:31:49,160
Speaker 4: maybe there isn't a need. But sometimes, and actually quite often,

668
00:31:49,240 --> 00:31:51,720
Speaker 4: what we see is adding life insurance brings the overall

669
00:31:51,720 --> 00:31:54,240
Speaker 4: costs down because you group them all together. There's like

670
00:31:54,320 --> 00:31:57,600
Speaker 4: grouping discounts. Often it costs less to have life insurance

671
00:31:57,600 --> 00:31:59,880
Speaker 4: than it doesn't have it. So often we are telling

672
00:31:59,920 --> 00:32:01,560
Speaker 4: that twenty roine year old have a million dollars of

673
00:32:01,600 --> 00:32:04,640
Speaker 4: life cover because we think you need the disability cover

674
00:32:04,680 --> 00:32:07,120
Speaker 4: of a million and it's going to save your overall

675
00:32:07,200 --> 00:32:09,240
Speaker 4: having it, so we don't think you need it, but

676
00:32:09,480 --> 00:32:11,680
Speaker 4: have it anyway, here's all the numbers and will prove

677
00:32:11,800 --> 00:32:12,480
Speaker 4: that it's cheaper.

678
00:32:12,760 --> 00:32:15,800
Speaker 2: Yeah, And I like that part of the process as well.

679
00:32:15,840 --> 00:32:17,680
Speaker 2: I used to get a lot of enjoyment out of

680
00:32:18,040 --> 00:32:20,479
Speaker 2: really getting my client to understand why I'm making the

681
00:32:20,520 --> 00:32:24,200
Speaker 2: decisions I'm making, because there's literally nothing worse than thinking

682
00:32:24,240 --> 00:32:26,880
Speaker 2: that your client might go to a barbecue be like, oh, yeah,

683
00:32:26,880 --> 00:32:29,040
Speaker 2: I got my insurance is sorted. I'm a big dog,

684
00:32:29,160 --> 00:32:32,320
Speaker 2: like it's all sorted now, like best ever, and their

685
00:32:32,320 --> 00:32:34,600
Speaker 2: mate goes oh, what ones did you get? They go, oh, yeah,

686
00:32:34,600 --> 00:32:36,719
Speaker 2: I got a million in life cover, and then all

687
00:32:36,760 --> 00:32:38,479
Speaker 2: of a sudden they mate's like, you don't need a

688
00:32:38,520 --> 00:32:40,520
Speaker 2: million in life cover, Like that's ridiculous.

689
00:32:40,920 --> 00:32:41,080
Speaker 4: Rah.

690
00:32:41,720 --> 00:32:44,960
Speaker 2: The important thing about advice is also educating your client

691
00:32:45,000 --> 00:32:47,280
Speaker 2: to understand will actually I have it for a good reason.

692
00:32:47,360 --> 00:32:49,880
Speaker 2: It's not because you know, I need a million dollars

693
00:32:49,920 --> 00:32:53,440
Speaker 2: if I pass away. It's because ABCD and E. The

694
00:32:53,560 --> 00:32:56,640
Speaker 2: other thing I like about life cover obviously I'm entering

695
00:32:56,720 --> 00:32:58,840
Speaker 2: a new stage of life now. I'm about to have

696
00:32:58,880 --> 00:33:01,880
Speaker 2: a baby, which is crazy. I now have mortgages that

697
00:33:01,920 --> 00:33:03,760
Speaker 2: I didn't have when Phil you set up all of

698
00:33:03,760 --> 00:33:06,400
Speaker 2: my insurances to begin with, and we are going through

699
00:33:06,400 --> 00:33:09,040
Speaker 2: the process at the moment. By going through the process,

700
00:33:09,080 --> 00:33:12,040
Speaker 2: I mean I have been avoiding Phil's emails for the

701
00:33:12,160 --> 00:33:14,720
Speaker 2: last six months, but we're going through the process at

702
00:33:14,760 --> 00:33:18,520
Speaker 2: the moment of increasing my husband's and my life insurance

703
00:33:18,560 --> 00:33:21,280
Speaker 2: and income protection and trauma and all of that fun stuff.

704
00:33:21,760 --> 00:33:26,200
Speaker 2: But my I guess responsibilities are much higher now. But

705
00:33:26,360 --> 00:33:30,080
Speaker 2: also a conversation that I like having around life insurance

706
00:33:30,200 --> 00:33:34,520
Speaker 2: is really that legacy piece and going well, Actually, I

707
00:33:34,600 --> 00:33:37,040
Speaker 2: can leave my family and my friends and you know,

708
00:33:37,160 --> 00:33:41,520
Speaker 2: the world in an even better place than it was beforehand.

709
00:33:41,880 --> 00:33:44,320
Speaker 2: What does that look like. Are these conversations that you're

710
00:33:44,360 --> 00:33:46,440
Speaker 2: having with clients often or is it just me because

711
00:33:46,440 --> 00:33:48,400
Speaker 2: I'm a little bit hippidippy.

712
00:33:48,200 --> 00:33:51,320
Speaker 4: In terms of legacy, yeah, yeah, I mean it's something

713
00:33:51,360 --> 00:33:54,440
Speaker 4: I haven't factored in too much. For me. Life insurance

714
00:33:54,520 --> 00:33:56,560
Speaker 4: is just as you said, a hygiene factor. If you've

715
00:33:56,560 --> 00:34:01,840
Speaker 4: got kids, you've got a mortgage, it's it's cheap comparative.

716
00:34:01,880 --> 00:34:04,160
Speaker 4: It's probably the cheapest insurance you'll ever have in your life.

717
00:34:04,400 --> 00:34:07,280
Speaker 4: So it's comparatively cheap, and it just makes sense if

718
00:34:07,280 --> 00:34:08,800
Speaker 4: you've got a mortgage, you've got kids, it's kind of

719
00:34:08,800 --> 00:34:10,880
Speaker 4: a no brainer. But in terms of that legacy, it's

720
00:34:10,880 --> 00:34:14,200
Speaker 4: probably something I'll have more conversations these days, because, as

721
00:34:14,200 --> 00:34:15,719
Speaker 4: I said, at the start of this year, I met

722
00:34:15,719 --> 00:34:18,880
Speaker 4: with a friend who's about to pass away, and it

723
00:34:18,920 --> 00:34:20,840
Speaker 4: was so important for him to have a legacy for

724
00:34:20,880 --> 00:34:24,480
Speaker 4: his boys. He was allocating his super balance into a

725
00:34:24,480 --> 00:34:27,560
Speaker 4: trust fund for his boys, and the insurance payment was

726
00:34:27,640 --> 00:34:30,600
Speaker 4: for his wife to pay off the mortgage and to

727
00:34:31,200 --> 00:34:35,440
Speaker 4: afford the lifestyle of being without him. So historically, I'm

728
00:34:35,480 --> 00:34:37,560
Speaker 4: very pragmatic it just makes sense.

729
00:34:37,719 --> 00:34:39,800
Speaker 2: This is the kin very black and white as well.

730
00:34:39,719 --> 00:34:42,160
Speaker 4: It's very it makes sense. Just do it well.

731
00:34:42,200 --> 00:34:44,160
Speaker 2: It makes sense. But then also if you want to

732
00:34:44,200 --> 00:34:47,319
Speaker 2: take it a step further, like hypothetically something happens to me,

733
00:34:48,000 --> 00:34:51,560
Speaker 2: I don't want to leave Steve with a mortgage that

734
00:34:51,880 --> 00:34:54,319
Speaker 2: is going to be really hard to pay off because

735
00:34:54,400 --> 00:34:56,799
Speaker 2: right now we're a jewel income household. You know, we

736
00:34:56,880 --> 00:34:59,160
Speaker 2: both contribute to this. I don't want to leave him

737
00:34:59,200 --> 00:35:02,680
Speaker 2: with a child he goes far out, like daycare is

738
00:35:02,719 --> 00:35:04,759
Speaker 2: so expensive, but I need to go to work to

739
00:35:04,760 --> 00:35:06,799
Speaker 2: provide for this family. But if I stay home, like

740
00:35:06,960 --> 00:35:11,279
Speaker 2: I don't want to leave, this situation won't ever be

741
00:35:11,320 --> 00:35:14,920
Speaker 2: by choice. But if I hypothetically did leave the situation yesterday,

742
00:35:15,040 --> 00:35:18,239
Speaker 2: I want him to be able to be as successful

743
00:35:18,239 --> 00:35:21,600
Speaker 2: and thrive as much as possible after I'm not there.

744
00:35:21,920 --> 00:35:25,160
Speaker 2: Whereas if I didn't have this insurance, my husband would

745
00:35:25,360 --> 00:35:27,880
Speaker 2: probably have to sell the house, probably change all of

746
00:35:27,880 --> 00:35:30,600
Speaker 2: our plans around what education looks like, about where we

747
00:35:30,640 --> 00:35:32,719
Speaker 2: want to live, about what we want to do, and

748
00:35:32,840 --> 00:35:36,320
Speaker 2: make his life significantly harder. It's obviously going to be

749
00:35:36,360 --> 00:35:40,200
Speaker 2: the hardest ever not having me feel But on top

750
00:35:40,239 --> 00:35:42,160
Speaker 2: of that, it's just kind of like the peace of

751
00:35:42,200 --> 00:35:45,160
Speaker 2: mind knowing he would not have to stress about the

752
00:35:45,160 --> 00:35:47,680
Speaker 2: financial aspect of it. And if I can't be there,

753
00:35:47,719 --> 00:35:50,319
Speaker 2: at least I've provided that. So I think for me,

754
00:35:50,480 --> 00:35:53,200
Speaker 2: that's really important. And legacy, you know, it doesn't come

755
00:35:53,280 --> 00:35:55,080
Speaker 2: in the form of like, oh, I feel I need

756
00:35:55,080 --> 00:35:57,120
Speaker 2: a million dollars worth of cover because I want a

757
00:35:57,200 --> 00:36:00,360
Speaker 2: whole heap of this money to go to Lost Dogs Home. Actually,

758
00:36:00,600 --> 00:36:03,480
Speaker 2: I want to leave a legacy where my children and

759
00:36:03,520 --> 00:36:05,839
Speaker 2: my family know that I looked after them even when

760
00:36:05,880 --> 00:36:07,880
Speaker 2: I couldn't be present. And I think that that's a

761
00:36:07,960 --> 00:36:11,880
Speaker 2: really cool part of the to me life insurance conversation.

762
00:36:12,239 --> 00:36:13,960
Speaker 4: Yeah, and the other thing to note, you know, as

763
00:36:13,960 --> 00:36:17,000
Speaker 4: you talked about, you and Steve are contributing, you know,

764
00:36:17,040 --> 00:36:20,160
Speaker 4: collectively financially to the household. But something I just want

765
00:36:20,200 --> 00:36:23,320
Speaker 4: to call out is if you're not equally contributing financially

766
00:36:23,400 --> 00:36:25,840
Speaker 4: to the household, doesn't mean there's no need for life insurance.

767
00:36:25,920 --> 00:36:29,360
Speaker 2: Exactly brought this up be screwed without.

768
00:36:29,200 --> 00:36:32,640
Speaker 4: It increasing her life insurance at the moment, because if

769
00:36:32,680 --> 00:36:36,520
Speaker 4: I didn't have cage like she went overseas for two

770
00:36:36,560 --> 00:36:38,799
Speaker 4: and a half weeks last year, and it was chaos.

771
00:36:39,120 --> 00:36:40,680
Speaker 4: Me and the girls had a joke about all the

772
00:36:40,760 --> 00:36:42,920
Speaker 4: dad fails I did the first day I left, you know,

773
00:36:43,120 --> 00:36:44,920
Speaker 4: the lunch box at home for our youngest and so

774
00:36:44,920 --> 00:36:47,399
Speaker 4: I've got a call from the school saying, hey, kidd

775
00:36:47,440 --> 00:36:50,279
Speaker 4: does have no Yeah, Harbor's got no food. And I'm like, okay, cool,

776
00:36:50,280 --> 00:36:53,560
Speaker 4: I better go and do that. And just the chaos

777
00:36:53,640 --> 00:36:56,040
Speaker 4: that that was for two and a half weeks, and

778
00:36:56,080 --> 00:37:00,160
Speaker 4: there was no emotional baggage, you know, I was being

779
00:37:00,200 --> 00:37:02,680
Speaker 4: you're just happy there she is having a good time.

780
00:37:02,760 --> 00:37:06,000
Speaker 4: But if she passed away, like we would have those

781
00:37:06,080 --> 00:37:09,239
Speaker 4: dad fails times a million. And so it's not just

782
00:37:09,280 --> 00:37:12,120
Speaker 4: about oh, we're both financially contributing, Like it doesn't matter

783
00:37:12,160 --> 00:37:15,839
Speaker 4: about the financial contributions. Life insurance is incredibly important and

784
00:37:15,880 --> 00:37:19,080
Speaker 4: if not more important for someone who is, you know,

785
00:37:19,239 --> 00:37:21,719
Speaker 4: for my case, looking after the girls full time. We're

786
00:37:21,760 --> 00:37:24,040
Speaker 4: literally going through increasing cakes caver and for.

787
00:37:24,040 --> 00:37:26,920
Speaker 2: Good reason, because she does six million things that you

788
00:37:27,000 --> 00:37:29,279
Speaker 2: do not. My friend and I used to have these

789
00:37:29,320 --> 00:37:33,200
Speaker 2: conversations where couples would come to me and they came

790
00:37:33,239 --> 00:37:36,080
Speaker 2: to me with the I guess aim of getting their

791
00:37:36,200 --> 00:37:40,839
Speaker 2: husbands or the primary income earners income protection insuranceinforced, and

792
00:37:40,920 --> 00:37:42,799
Speaker 2: you'd go, all right, well that makes sense, let's have

793
00:37:42,840 --> 00:37:44,879
Speaker 2: that conversation. And you'd kind of then turn your chair

794
00:37:44,880 --> 00:37:46,560
Speaker 2: around and be like, and what about you, And they'd

795
00:37:46,600 --> 00:37:48,120
Speaker 2: be like, oh, no, I don't work. It's all good,

796
00:37:48,160 --> 00:37:52,120
Speaker 2: and I'd be like, sorry, I'm pretty sure, don't mean

797
00:37:52,160 --> 00:37:55,480
Speaker 2: to be rude. Person whose primary income earner, you're more

798
00:37:55,560 --> 00:37:59,080
Speaker 2: expensive to replace than them, because, like if the primary

799
00:37:59,080 --> 00:38:00,880
Speaker 2: income earner, and please don't get me wrong, like this

800
00:38:00,920 --> 00:38:04,600
Speaker 2: isn't a conversation about household chores and the division of

801
00:38:04,719 --> 00:38:06,040
Speaker 2: labor and all of that, it's.

802
00:38:05,880 --> 00:38:07,239
Speaker 4: Not actually about that.

803
00:38:07,640 --> 00:38:10,399
Speaker 2: But if you're in a circumstance where you do have

804
00:38:10,520 --> 00:38:14,120
Speaker 2: someone at home, they're the taxi driver, they're the chef,

805
00:38:14,200 --> 00:38:16,719
Speaker 2: they are the housekeeper, they are the educator, they are

806
00:38:16,760 --> 00:38:19,959
Speaker 2: the childcare they are there literally everything under the sun.

807
00:38:20,400 --> 00:38:23,360
Speaker 2: And for you to replace that person is I promise

808
00:38:23,400 --> 00:38:26,839
Speaker 2: way more than usually what the primary bread winner's income is.

809
00:38:27,080 --> 00:38:29,240
Speaker 2: And that's why I look at it and go TVD

810
00:38:29,600 --> 00:38:34,080
Speaker 2: Trauma insurance, life insurance, that that person is really important. Obviously,

811
00:38:34,080 --> 00:38:36,359
Speaker 2: if they don't have an income to protect, you're not

812
00:38:36,400 --> 00:38:39,160
Speaker 2: going to be able to protect that. But ensuring them

813
00:38:39,160 --> 00:38:43,440
Speaker 2: in every other way is so essential because it's going

814
00:38:43,480 --> 00:38:46,040
Speaker 2: to keep your life on a pathway that you choose

815
00:38:46,480 --> 00:38:49,160
Speaker 2: if something that you choose not to happen happens.

816
00:38:48,760 --> 00:38:51,000
Speaker 4: That's right, And you know, for the main income, and

817
00:38:51,280 --> 00:38:53,880
Speaker 4: they've got income protection to carry in a lot of

818
00:38:53,880 --> 00:38:56,160
Speaker 4: the load for that loss of income. But if you're

819
00:38:56,200 --> 00:38:58,319
Speaker 4: not working and you're not earning an income, you can't

820
00:38:58,320 --> 00:39:00,920
Speaker 4: get income protection. So that's why these some covers so

821
00:39:01,120 --> 00:39:04,239
Speaker 4: live TVD trauma. They're so much more important for that

822
00:39:04,400 --> 00:39:07,720
Speaker 4: non working partner because there's no income protection.

823
00:39:08,000 --> 00:39:11,160
Speaker 2: Yeah, exactly. All right, let's talk about TPD insurance that

824
00:39:11,320 --> 00:39:14,319
Speaker 2: is total and permanent disability. What is it, phil, Why

825
00:39:14,320 --> 00:39:14,960
Speaker 2: would I get it?

826
00:39:15,280 --> 00:39:17,719
Speaker 4: So if you're totally and permanently disabled, So if you

827
00:39:17,800 --> 00:39:22,720
Speaker 4: cannot work ever again because of anything health, mental health,

828
00:39:22,840 --> 00:39:25,520
Speaker 4: you know, physical health, like any reason you cannot return

829
00:39:25,560 --> 00:39:27,879
Speaker 4: to work, you will get paid a lump some payment.

830
00:39:27,920 --> 00:39:30,080
Speaker 4: So it's just a once off payment that you'll get paid.

831
00:39:30,200 --> 00:39:33,200
Speaker 4: There are some TVD policies that are paid over six years,

832
00:39:33,280 --> 00:39:35,839
Speaker 4: and they're becoming a bit more popular these days. Some

833
00:39:35,880 --> 00:39:38,319
Speaker 4: super funds have that. I personally don't love it, but

834
00:39:38,440 --> 00:39:40,320
Speaker 4: it's just a once off payment. Which is just a

835
00:39:40,400 --> 00:39:42,239
Speaker 4: lump some payment and we normally pair that with a

836
00:39:42,280 --> 00:39:43,000
Speaker 4: life insurance.

837
00:39:43,520 --> 00:39:46,800
Speaker 2: That actually reminds me of the conversation I had last

838
00:39:46,880 --> 00:39:49,680
Speaker 2: year on the podcast with my friend Rianne and Tracy,

839
00:39:50,080 --> 00:39:53,080
Speaker 2: And if you haven't listened to that, she has an Instagram,

840
00:39:53,120 --> 00:39:56,560
Speaker 2: She is an influencer, she is a coach. She does

841
00:39:56,600 --> 00:39:59,680
Speaker 2: a whole heap of inclusion modeling, and also has her

842
00:39:59,719 --> 00:40:04,840
Speaker 2: own rehab facility because Phil TLDR. She went overseas with

843
00:40:04,880 --> 00:40:07,719
Speaker 2: her mum to Bali when she was much younger, I

844
00:40:07,719 --> 00:40:11,160
Speaker 2: think she was twenty. She dove into a pool in Barley,

845
00:40:11,239 --> 00:40:14,120
Speaker 2: broken neck, and she is now a wheelchair bound and

846
00:40:14,480 --> 00:40:16,880
Speaker 2: unable to walk, unable to do all of those things

847
00:40:16,880 --> 00:40:19,279
Speaker 2: that a twenty year old should have been able to do.

848
00:40:19,960 --> 00:40:23,160
Speaker 2: And she had insurance, but she didn't have much. And

849
00:40:23,239 --> 00:40:28,000
Speaker 2: she spoke about the ongoing cost of what her disability

850
00:40:28,040 --> 00:40:30,680
Speaker 2: costs her, and she's like, even if I had top

851
00:40:30,800 --> 00:40:36,279
Speaker 2: level cover, like my disability over my lifetime, calculated out,

852
00:40:36,320 --> 00:40:40,000
Speaker 2: will cost me eleven million dollars because all the things

853
00:40:40,040 --> 00:40:42,480
Speaker 2: that need to happen in and around, like even her

854
00:40:42,520 --> 00:40:45,439
Speaker 2: wheelchairs and you know, accommodations that needed to be made

855
00:40:45,480 --> 00:40:47,920
Speaker 2: to her home, and you know, doorways that need to

856
00:40:47,960 --> 00:40:50,200
Speaker 2: be wide enough, and ramps and all of those things

857
00:40:50,520 --> 00:40:53,879
Speaker 2: that need to be taken into consideration. That's what you're

858
00:40:53,960 --> 00:40:56,040
Speaker 2: kind of talking about when it comes to total and

859
00:40:56,040 --> 00:40:59,600
Speaker 2: permanent disability, making sure that you've got the cash to

860
00:40:59,760 --> 00:41:02,680
Speaker 2: make you comfortable as well as you know, pay for

861
00:41:02,760 --> 00:41:04,879
Speaker 2: care and make sure that all of that is well

862
00:41:04,920 --> 00:41:07,880
Speaker 2: and good. But to me, I just remember being like

863
00:41:08,040 --> 00:41:11,640
Speaker 2: it what like she calculated out on the podcast feel

864
00:41:11,800 --> 00:41:14,360
Speaker 2: what it costs for her to go to the bathroom

865
00:41:14,480 --> 00:41:17,400
Speaker 2: each year? Yes, you listen to it, and I just

866
00:41:17,440 --> 00:41:19,080
Speaker 2: remember being like, what do you mean it costs more

867
00:41:19,120 --> 00:41:21,000
Speaker 2: than eighty thousand dollars a year? And she's like, well,

868
00:41:21,480 --> 00:41:24,239
Speaker 2: that's just what it costs in catheters and you know,

869
00:41:24,719 --> 00:41:27,480
Speaker 2: support for me to actually just go to the bathroom.

870
00:41:27,560 --> 00:41:32,320
Speaker 2: And I just go, holy snapping ducks, like that's so expensive.

871
00:41:32,360 --> 00:41:34,319
Speaker 2: But these are things that if you've never been through it,

872
00:41:34,320 --> 00:41:36,080
Speaker 2: you don't think about. Why would you think about that?

873
00:41:36,120 --> 00:41:36,400
Speaker 4: Phil?

874
00:41:36,640 --> 00:41:38,640
Speaker 2: So I think that this is where it's important to

875
00:41:38,760 --> 00:41:41,880
Speaker 2: have something like TPD and to have that in force,

876
00:41:42,320 --> 00:41:44,680
Speaker 2: because it's just going to help so much with those

877
00:41:44,680 --> 00:41:49,000
Speaker 2: rehabilitation and living costs that are essential, Like you don't

878
00:41:49,000 --> 00:41:51,480
Speaker 2: have a choice. If you're in a wheelchair, you're not

879
00:41:51,520 --> 00:41:54,720
Speaker 2: going upstairs. Who's paying for that ramp? It's not someone's

880
00:41:54,760 --> 00:41:57,800
Speaker 2: going to come around and build it because they're nice. Unfortunately,

881
00:41:58,560 --> 00:42:00,959
Speaker 2: the last type of insurance going to talk about today

882
00:42:01,120 --> 00:42:03,600
Speaker 2: is trauma insurance. And I do feel like this one

883
00:42:03,640 --> 00:42:06,719
Speaker 2: sometimes just gets overlooked. Often people like, oh, it's just

884
00:42:06,760 --> 00:42:10,080
Speaker 2: another insurance, feel like it's not that important. Why is

885
00:42:10,080 --> 00:42:12,359
Speaker 2: it important? Why do I have so much of it?

886
00:42:12,640 --> 00:42:16,359
Speaker 4: Trauma is for specific medical events, So it's got nothing

887
00:42:16,360 --> 00:42:18,120
Speaker 4: to do with wed you can work or not. It's

888
00:42:18,120 --> 00:42:20,080
Speaker 4: got nothing to do with whether you pass away or not.

889
00:42:20,120 --> 00:42:22,799
Speaker 4: It's specific medical events and they're all listed out in

890
00:42:22,840 --> 00:42:25,960
Speaker 4: the contract. But the major ones are cancer. That makes

891
00:42:26,000 --> 00:42:28,720
Speaker 4: up the majority of all claims is cancer. My sister

892
00:42:28,760 --> 00:42:30,920
Speaker 4: in law had bow cancer a few years ago, you know,

893
00:42:30,960 --> 00:42:32,600
Speaker 4: one in eight people. And then when I went to

894
00:42:32,640 --> 00:42:35,239
Speaker 4: the doctors, I saw the sign because you know, I

895
00:42:35,280 --> 00:42:37,600
Speaker 4: had bow cancer in my family, and I saw one

896
00:42:37,640 --> 00:42:39,840
Speaker 4: in eight people will have bow cancer in Australia. I'm like,

897
00:42:40,000 --> 00:42:44,000
Speaker 4: that is insane. And so actually cancer is the major

898
00:42:44,000 --> 00:42:47,160
Speaker 4: one paid out of this thing is like heart attack, strokes, MS,

899
00:42:47,320 --> 00:42:49,480
Speaker 4: you know, there's a whole bunch of conditions that's listed

900
00:42:49,520 --> 00:42:52,799
Speaker 4: on trauma or critical illness, and that for me is

901
00:42:52,920 --> 00:42:55,240
Speaker 4: kind of the second most important, depending on life stage

902
00:42:55,239 --> 00:42:57,600
Speaker 4: and everything. Life insurance is very important. Income protection is

903
00:42:57,640 --> 00:43:00,560
Speaker 4: my number one. Trauma's kind of my number two because

904
00:43:00,600 --> 00:43:03,719
Speaker 4: it is the most claimed on after in comprotection. And

905
00:43:04,239 --> 00:43:06,919
Speaker 4: it's so important because, as I said, my good mate

906
00:43:06,960 --> 00:43:10,200
Speaker 4: who had panc created cancer, super healthy forty two years old,

907
00:43:10,680 --> 00:43:12,560
Speaker 4: nothing was ever going to happen to him, and he

908
00:43:12,640 --> 00:43:14,600
Speaker 4: had blood tests for months and months and months. He

909
00:43:14,640 --> 00:43:16,719
Speaker 4: knew something was wrong, but he just couldn't work it out.

910
00:43:16,760 --> 00:43:20,480
Speaker 4: What was the doctor's like, your hypochondriacing, how on.

911
00:43:20,360 --> 00:43:22,640
Speaker 2: Top of it he was, and that then he still

912
00:43:22,680 --> 00:43:24,640
Speaker 2: got the worst possible.

913
00:43:24,280 --> 00:43:26,880
Speaker 4: Ouity and he found out stage four pancreatic cancer after

914
00:43:27,120 --> 00:43:30,320
Speaker 4: spending nine months of blood tests, going, I know something's

915
00:43:30,400 --> 00:43:33,000
Speaker 4: going on. So that for him he was able to

916
00:43:33,000 --> 00:43:35,160
Speaker 4: get paid out a trauma claim because he had a

917
00:43:35,239 --> 00:43:37,840
Speaker 4: trauma insurance. We've got clients that I talked about with

918
00:43:38,160 --> 00:43:40,359
Speaker 4: four months after the policy was in forced, found out

919
00:43:40,440 --> 00:43:43,000
Speaker 4: she had breast cancer. There is not anyone in Australia

920
00:43:43,000 --> 00:43:45,920
Speaker 4: who doesn't have an experience with cancer. In their family

921
00:43:46,120 --> 00:43:49,160
Speaker 4: or friends, and so we all have experiences with these

922
00:43:49,239 --> 00:43:52,160
Speaker 4: medical events that will pay out on trauma. Trauma just

923
00:43:52,200 --> 00:43:54,839
Speaker 4: can't be paid from by your super. So most people think,

924
00:43:54,840 --> 00:43:56,480
Speaker 4: I've got insurance, sort it out. My super's got it

925
00:43:56,520 --> 00:43:59,680
Speaker 4: covered for trauma. You super will never have it because

926
00:43:59,760 --> 00:44:00,440
Speaker 4: it can't.

927
00:44:00,760 --> 00:44:04,640
Speaker 2: Everybody assumes that when you are getting your personal insurance

928
00:44:04,640 --> 00:44:07,000
Speaker 2: is set up, you can hold them all within super,

929
00:44:07,320 --> 00:44:10,760
Speaker 2: and that's just not the case. It's interesting as well

930
00:44:10,760 --> 00:44:13,680
Speaker 2: because I feel like trauma sometimes with clients. And I

931
00:44:13,680 --> 00:44:15,919
Speaker 2: don't know if you found this, but I did. When

932
00:44:15,920 --> 00:44:18,799
Speaker 2: I was an advisor, you'd sit down with clients maybe

933
00:44:18,800 --> 00:44:20,880
Speaker 2: you hadn't heard from them in a year, and you'd

934
00:44:20,920 --> 00:44:22,719
Speaker 2: finally have your like and you'll catch up and you'd

935
00:44:22,719 --> 00:44:24,560
Speaker 2: be like, how are you what's been going on? Like

936
00:44:24,600 --> 00:44:27,560
Speaker 2: what's changed? And they go, oh, not much vy, like

937
00:44:27,640 --> 00:44:29,480
Speaker 2: you know, we've moved or we've done this or that.

938
00:44:29,840 --> 00:44:32,480
Speaker 2: Oh yeah, and you know Bill had a melanoma cut

939
00:44:32,480 --> 00:44:35,080
Speaker 2: out and you go, wait what, Oh yeah, it's fine,

940
00:44:35,160 --> 00:44:37,239
Speaker 2: Like you know they caught it. They did a little

941
00:44:37,280 --> 00:44:38,920
Speaker 2: bit of this that the other made and I was like,

942
00:44:39,000 --> 00:44:41,200
Speaker 2: you know, that's a trauma claim, right, Like you can

943
00:44:41,239 --> 00:44:44,880
Speaker 2: get paid for that because often in the trauma space,

944
00:44:44,880 --> 00:44:48,520
Speaker 2: when you get that policy, there's obviously categories of what

945
00:44:48,760 --> 00:44:51,239
Speaker 2: type of trauma you experienced, and it was obviously a

946
00:44:51,280 --> 00:44:54,399
Speaker 2: lower one. Bill's fine, don't worry, but I go, can

947
00:44:54,440 --> 00:44:56,440
Speaker 2: you let me fill in the claim? Sign these forms here?

948
00:44:56,480 --> 00:44:58,879
Speaker 2: Can I get permission to get all this information from

949
00:44:58,920 --> 00:45:01,879
Speaker 2: your doctors? Forty grand for you? Yeah, and they would

950
00:45:01,880 --> 00:45:03,719
Speaker 2: be like, wait what, I'd be like, well, that's the

951
00:45:03,800 --> 00:45:04,279
Speaker 2: value of.

952
00:45:04,200 --> 00:45:07,719
Speaker 4: Having twenty five percent of the trauma amount gets paid

953
00:45:07,719 --> 00:45:08,720
Speaker 4: as a partial claim.

954
00:45:08,760 --> 00:45:11,200
Speaker 2: And yeah, exactly where, ma'am. Thank you, ma'am. It doesn't

955
00:45:11,239 --> 00:45:13,920
Speaker 2: wipe out your insurance. You carry on paying your premium

956
00:45:13,920 --> 00:45:15,879
Speaker 2: and if something else happens down the track, you can

957
00:45:15,920 --> 00:45:18,040
Speaker 2: claim again. And I just look at it and go,

958
00:45:18,400 --> 00:45:20,759
Speaker 2: This is where it's so important to understand because I

959
00:45:20,760 --> 00:45:23,480
Speaker 2: feel like at the moment, especially because I'm in my

960
00:45:23,600 --> 00:45:28,080
Speaker 2: thirties now, my friends are starting to experience health events

961
00:45:28,120 --> 00:45:29,880
Speaker 2: that you know, when I was in my early twenties,

962
00:45:29,880 --> 00:45:32,520
Speaker 2: We're likedh that'll never happen, and then you drink yourself

963
00:45:32,520 --> 00:45:36,680
Speaker 2: into oblivion or don't wear sunscreen. And I think, especially

964
00:45:36,719 --> 00:45:39,120
Speaker 2: being in Australia, making sure that you not only have

965
00:45:39,280 --> 00:45:42,640
Speaker 2: the cover to make sure that you're okay, but you

966
00:45:42,880 --> 00:45:46,560
Speaker 2: understand when you can claim, because I can almost guarantee

967
00:45:46,680 --> 00:45:49,839
Speaker 2: there are so many trauma claims just floating around by

968
00:45:49,840 --> 00:45:52,560
Speaker 2: people that have the trauma insurance that didn't know they

969
00:45:52,600 --> 00:45:53,319
Speaker 2: could claim on it.

970
00:45:53,440 --> 00:45:56,040
Speaker 4: Right, Yeah, owing our good friend, and he won't mind

971
00:45:56,040 --> 00:45:59,920
Speaker 4: me saying this, but Glenn James Oha meloni yea post

972
00:46:00,160 --> 00:46:02,480
Speaker 4: on Insta about it and twenty percent of his trauma

973
00:46:02,520 --> 00:46:06,319
Speaker 4: payment got paid out and Happy daysty was in his

974
00:46:06,360 --> 00:46:06,920
Speaker 4: bank account.

975
00:46:07,000 --> 00:46:10,759
Speaker 2: I remember him joking about that actually, because like obviously

976
00:46:11,120 --> 00:46:14,239
Speaker 2: we as I guess the background group of money and

977
00:46:14,280 --> 00:46:17,520
Speaker 2: content creators talk quite often. He's like, yeah, yeah, I

978
00:46:17,520 --> 00:46:19,719
Speaker 2: don't worry. I'm getting a cutout and not get paid soon.

979
00:46:19,800 --> 00:46:22,480
Speaker 2: I was like, this is not how you should see it,

980
00:46:22,560 --> 00:46:26,240
Speaker 2: but like in reality, like make hay while the sun's

981
00:46:26,239 --> 00:46:29,440
Speaker 2: shining right, like you're going through this terrible experience, like

982
00:46:29,520 --> 00:46:31,319
Speaker 2: at least you're getting something out of it.

983
00:46:31,400 --> 00:46:33,680
Speaker 4: One of our team members as well, actually had a

984
00:46:33,920 --> 00:46:38,160
Speaker 4: cancer scare this year. It was interesting situation, but like

985
00:46:38,239 --> 00:46:41,640
Speaker 4: a cancer scare, had operations and she's okay now, she's

986
00:46:41,680 --> 00:46:44,640
Speaker 4: fully clear. Had she not worked in insurance she probably

987
00:46:44,640 --> 00:46:46,400
Speaker 4: wouldn't have assumed that she could get paid out of

988
00:46:46,440 --> 00:46:48,799
Speaker 4: claim because it wasn't full blown cancer. She wasn't going

989
00:46:48,840 --> 00:46:50,880
Speaker 4: through chemo or anything. It was just a bit of

990
00:46:50,880 --> 00:46:54,200
Speaker 4: a scare, you know, got stuff cut out and she's

991
00:46:54,280 --> 00:46:56,920
Speaker 4: all good now. Had she not been in the industry,

992
00:46:57,200 --> 00:46:59,200
Speaker 4: and also had I not caught up the insurance company

993
00:46:59,200 --> 00:47:03,000
Speaker 4: and said, hey, you better claim, excuse me strong on

994
00:47:03,040 --> 00:47:03,879
Speaker 4: them a little bit.

995
00:47:04,239 --> 00:47:06,840
Speaker 2: I feel like when people are in our wheelhouse, whether

996
00:47:06,840 --> 00:47:10,239
Speaker 2: they are you know, our staff or our clients, You're like,

997
00:47:10,520 --> 00:47:12,359
Speaker 2: hold on, no, no, no, I've got some sway here. I feel

998
00:47:12,360 --> 00:47:14,960
Speaker 2: like it's like a financial advisor power trip. We're like,

999
00:47:15,040 --> 00:47:17,000
Speaker 2: we don't have a lot of power, but like when

1000
00:47:17,080 --> 00:47:18,240
Speaker 2: we do, yeah, give.

1001
00:47:18,080 --> 00:47:20,360
Speaker 4: Me a stifferent power and I'll use it. And you know,

1002
00:47:20,520 --> 00:47:22,879
Speaker 4: saying with our friend with a terminal illness claim, it's

1003
00:47:23,080 --> 00:47:24,880
Speaker 4: he's in the industry, so a lot of people know him.

1004
00:47:24,880 --> 00:47:26,440
Speaker 4: So I'm like picking up the phone with anyone who

1005
00:47:26,480 --> 00:47:28,200
Speaker 4: will pick up the phone and say, get this paid

1006
00:47:28,200 --> 00:47:30,239
Speaker 4: out as soon as possible, because you know who it's

1007
00:47:30,239 --> 00:47:32,720
Speaker 4: going to, and you know their family, you know their situation,

1008
00:47:32,920 --> 00:47:35,240
Speaker 4: so get this paid. So you know there are sometimes

1009
00:47:35,320 --> 00:47:35,760
Speaker 4: you got.

1010
00:47:35,600 --> 00:47:37,880
Speaker 2: To got to be a little bit envelope.

1011
00:47:38,040 --> 00:47:40,360
Speaker 4: Yeah, a little bit, but we got paid out a

1012
00:47:40,360 --> 00:47:42,960
Speaker 4: full trauma claim. And for her it was incredible, like

1013
00:47:43,040 --> 00:47:44,759
Speaker 4: she's cleared off her more wage.

1014
00:47:44,480 --> 00:47:45,840
Speaker 2: Now, oh my gosh.

1015
00:47:45,880 --> 00:47:48,040
Speaker 4: And almost better than that, she doesn't need to pay

1016
00:47:48,040 --> 00:47:49,640
Speaker 4: her drama premiums anymore.

1017
00:47:50,239 --> 00:47:52,080
Speaker 5: Because they were crossing an armor of the league for

1018
00:47:52,120 --> 00:47:55,640
Speaker 5: her because she had smoker's rates and so she's cleared

1019
00:47:55,640 --> 00:47:59,160
Speaker 5: off her more wage and unfortunately for me in the business,

1020
00:47:59,160 --> 00:48:01,080
Speaker 5: she's gone, well, I have a mortgage, I'm going to

1021
00:48:01,080 --> 00:48:01,880
Speaker 5: go travel around.

1022
00:48:01,640 --> 00:48:04,680
Speaker 4: Australia for six months. So now you've lost a team member.

1023
00:48:05,120 --> 00:48:07,399
Speaker 2: I was like, that's what you get for looking after Phil.

1024
00:48:07,600 --> 00:48:10,719
Speaker 4: I was like, I mean, it's incredible because now they're

1025
00:48:10,800 --> 00:48:13,759
Speaker 4: living their best life. And her husband, who's worked every day,

1026
00:48:14,120 --> 00:48:16,560
Speaker 4: he's never taken a break from when he's seventeen years old.

1027
00:48:16,719 --> 00:48:18,880
Speaker 4: He's got six months of long servicele it's taking that

1028
00:48:18,920 --> 00:48:20,719
Speaker 4: time off to travel around Australia and they're going to

1029
00:48:20,719 --> 00:48:24,920
Speaker 4: live their best life. And yes, that money wasn't essential, no,

1030
00:48:24,960 --> 00:48:26,879
Speaker 4: because she didn't go through chemos, she didn't go through

1031
00:48:27,680 --> 00:48:31,080
Speaker 4: months treatment for it, but she met the criteria and

1032
00:48:31,120 --> 00:48:32,760
Speaker 4: it's absolutely changed her life.

1033
00:48:33,040 --> 00:48:36,640
Speaker 2: I feel like it's a very funny I guess paradigm

1034
00:48:37,040 --> 00:48:41,040
Speaker 2: to go. Arguably as much as that was literally traumatic,

1035
00:48:41,520 --> 00:48:43,480
Speaker 2: also one of the best things that could have happened,

1036
00:48:43,520 --> 00:48:46,480
Speaker 2: because it's literally shifted how her life works and what

1037
00:48:46,520 --> 00:48:49,720
Speaker 2: her lifestyle looks like. And that's never a selling point

1038
00:48:49,760 --> 00:48:52,560
Speaker 2: for insurance. But it's so nice to know that if

1039
00:48:52,600 --> 00:48:55,799
Speaker 2: you go through something traumatic and so traumatic at that

1040
00:48:56,520 --> 00:48:58,280
Speaker 2: you're not going to be in a worse off position,

1041
00:48:58,440 --> 00:49:00,560
Speaker 2: because a lot of the time, if you go through

1042
00:49:00,600 --> 00:49:03,920
Speaker 2: this and you don't have that support, you're out because

1043
00:49:03,960 --> 00:49:05,799
Speaker 2: you know, you might have exhausted your sick leave and

1044
00:49:05,800 --> 00:49:07,880
Speaker 2: your boss might not be Phil Thompson, so he's probably

1045
00:49:07,920 --> 00:49:10,080
Speaker 2: not as kind. You know, you would have had to

1046
00:49:10,120 --> 00:49:12,360
Speaker 2: take a whole heap of unpaid leave. You're taking a

1047
00:49:12,360 --> 00:49:14,680
Speaker 2: step back in your career, like everything's just a bit

1048
00:49:14,800 --> 00:49:18,840
Speaker 2: up and arms you're probably even more stressed. Like I

1049
00:49:18,880 --> 00:49:22,759
Speaker 2: am going to start looking into doing research around the

1050
00:49:22,800 --> 00:49:27,400
Speaker 2: stress levels of people experiencing significant trauma like medical trauma,

1051
00:49:27,800 --> 00:49:29,839
Speaker 2: and whether they have insurance or not, because I could

1052
00:49:29,840 --> 00:49:32,400
Speaker 2: almost guarantee that if you don't have it and you're

1053
00:49:32,440 --> 00:49:35,880
Speaker 2: going through that circumstance, the outcomes would be worse because

1054
00:49:35,920 --> 00:49:39,920
Speaker 2: you are literally stressing and increasing your cortisol levels and

1055
00:49:40,040 --> 00:49:42,959
Speaker 2: like having a really awful time as opposed to when

1056
00:49:43,040 --> 00:49:45,759
Speaker 2: you feel supported and you know, you know what all

1057
00:49:45,800 --> 00:49:47,399
Speaker 2: of that is covered for Right now, I just need

1058
00:49:47,440 --> 00:49:49,760
Speaker 2: to focus on getting better. So I think that there's

1059
00:49:49,880 --> 00:49:52,759
Speaker 2: a lot to it. But this conversation I think has

1060
00:49:52,800 --> 00:49:55,960
Speaker 2: been really helpful. I have adored it. But what a

1061
00:49:56,080 --> 00:49:58,040
Speaker 2: next steps for people who have listened to this and

1062
00:49:58,040 --> 00:50:00,400
Speaker 2: they're like, well, I don't have life and arans, I

1063
00:50:00,440 --> 00:50:02,359
Speaker 2: haven't set this up. I don't even know what it is.

1064
00:50:02,760 --> 00:50:04,840
Speaker 2: What do we do and who do we go and

1065
00:50:04,880 --> 00:50:05,239
Speaker 2: talk to?

1066
00:50:06,760 --> 00:50:08,920
Speaker 4: Me? Well? Yes me. The short answer I go to

1067
00:50:08,960 --> 00:50:11,279
Speaker 4: sky dot com dot U. But you know, go check

1068
00:50:11,280 --> 00:50:13,399
Speaker 4: out your super fun see what you've got there, because

1069
00:50:13,400 --> 00:50:15,759
Speaker 4: that's not junk cover. Don't ever cancel the cancel at

1070
00:50:15,880 --> 00:50:18,480
Speaker 4: night before going and speaking to a financial advisor, and

1071
00:50:18,520 --> 00:50:21,200
Speaker 4: then speak to a financial advisor about it. The reason

1072
00:50:21,239 --> 00:50:24,680
Speaker 4: you speak to a financial advisor is because going direct,

1073
00:50:24,680 --> 00:50:27,440
Speaker 4: there's only two insurance companies who will sell good products

1074
00:50:27,480 --> 00:50:30,840
Speaker 4: direct to the consumer. Now, why don't all insurance companies

1075
00:50:30,880 --> 00:50:33,840
Speaker 4: go direct? It's exactly like Cabri chocolate. You know, I

1076
00:50:33,880 --> 00:50:36,200
Speaker 4: don't go to Tazzy and go to the Cabri factor

1077
00:50:36,239 --> 00:50:38,080
Speaker 4: and buy my block of chocolate. I go to Coals.

1078
00:50:38,320 --> 00:50:41,520
Speaker 4: It's distributed through a third party. Cabri make more money,

1079
00:50:41,520 --> 00:50:43,840
Speaker 4: Coals make money, and it's more convenient and better for

1080
00:50:43,920 --> 00:50:45,759
Speaker 4: me because it's a cheaper product. I don't need to

1081
00:50:45,840 --> 00:50:49,439
Speaker 4: get plan tickets. So that's actually why insurance companies don't

1082
00:50:49,440 --> 00:50:52,520
Speaker 4: sell direct or very few do, so it's better to

1083
00:50:52,520 --> 00:50:56,120
Speaker 4: go through a financial advisor. Also, financial advisors can structure

1084
00:50:56,120 --> 00:50:58,680
Speaker 4: it in a much more tax effective way. And tax

1085
00:50:58,680 --> 00:51:01,960
Speaker 4: effective sound sexy, but it's really just simple. Financial advisors

1086
00:51:02,000 --> 00:51:04,040
Speaker 4: can set up your insurance so it's paid from your

1087
00:51:04,080 --> 00:51:06,759
Speaker 4: super fund, but not set up by your super fund,

1088
00:51:06,840 --> 00:51:09,279
Speaker 4: so you can move super in the future, but your

1089
00:51:09,320 --> 00:51:11,600
Speaker 4: super fund can still pay the premiums and it's not

1090
00:51:11,760 --> 00:51:12,400
Speaker 4: locked to that.

1091
00:51:12,400 --> 00:51:13,720
Speaker 2: That's what I do feel.

1092
00:51:14,000 --> 00:51:15,080
Speaker 4: You're a smart cookie.

1093
00:51:15,120 --> 00:51:16,719
Speaker 2: I'm not my financial advisory.

1094
00:51:17,960 --> 00:51:21,520
Speaker 4: So that's why financial advisor is the best way to

1095
00:51:21,560 --> 00:51:24,400
Speaker 4: get this done because they can structure it that way,

1096
00:51:24,600 --> 00:51:26,280
Speaker 4: and there are a whole bunch of other sexy features

1097
00:51:26,320 --> 00:51:28,480
Speaker 4: and benefits and I won't go into too much, but

1098
00:51:28,600 --> 00:51:30,759
Speaker 4: go and speak to a financial advisor after having a

1099
00:51:30,800 --> 00:51:34,000
Speaker 4: look at your own superfund insurance. Most super fund insurance

1100
00:51:34,000 --> 00:51:36,480
Speaker 4: you'll have maximum of two hundred and fifty thousand of

1101
00:51:36,520 --> 00:51:41,000
Speaker 4: life intimidy. Now for most Australians that is completely under insured.

1102
00:51:41,440 --> 00:51:44,480
Speaker 4: So you know, the Superannuation Regulator came out and said

1103
00:51:44,800 --> 00:51:47,040
Speaker 4: super funds are doing an inadequate job when it comes

1104
00:51:47,080 --> 00:51:48,840
Speaker 4: to insurance. And you know when you look at the

1105
00:51:48,880 --> 00:51:52,959
Speaker 4: biggest super funds in Australia, they give incredibly low levels

1106
00:51:53,000 --> 00:51:56,279
Speaker 4: of cover because it impacts the level of funds that

1107
00:51:56,280 --> 00:51:59,040
Speaker 4: people have invested that they're charging fees on. So there

1108
00:51:59,120 --> 00:52:01,200
Speaker 4: is a potential comp we're sweening the soup funds and

1109
00:52:01,239 --> 00:52:03,760
Speaker 4: the insurance premiums. So go and speak to a financial

1110
00:52:03,760 --> 00:52:06,799
Speaker 4: advisor and that will help communicate what you need. If

1111
00:52:06,880 --> 00:52:10,520
Speaker 4: the advisor isn't asking you about your medical history before

1112
00:52:10,560 --> 00:52:13,720
Speaker 4: they recommend an insurance provider, for me, that's a red flag.

1113
00:52:13,760 --> 00:52:15,960
Speaker 2: That's a massive red flag because.

1114
00:52:15,719 --> 00:52:20,000
Speaker 4: The differences between insurers is huge based on your personal

1115
00:52:20,040 --> 00:52:22,480
Speaker 4: medical history and it should be chosen based on your

1116
00:52:22,520 --> 00:52:26,359
Speaker 4: own personal medical history. So that's my recommendation. Find out

1117
00:52:26,400 --> 00:52:28,080
Speaker 4: what you got through super then go and speak to

1118
00:52:28,120 --> 00:52:30,640
Speaker 4: a financial advisor and making sure that they're having a

1119
00:52:31,000 --> 00:52:32,160
Speaker 4: look through your medical history.

1120
00:52:32,239 --> 00:52:34,560
Speaker 2: I think that's also an important point that you bring up,

1121
00:52:34,600 --> 00:52:37,920
Speaker 2: actually about the medical history, because I think sometimes you

1122
00:52:38,000 --> 00:52:41,120
Speaker 2: go hygiene factor gray, oh, chat feeler at my insurance

1123
00:52:41,160 --> 00:52:43,680
Speaker 2: is sorted. But I used to say when I was

1124
00:52:43,680 --> 00:52:46,440
Speaker 2: a financial advisor that I was always in the most

1125
00:52:46,480 --> 00:52:49,720
Speaker 2: privileged position because you get to know your clients deeper

1126
00:52:49,760 --> 00:52:52,280
Speaker 2: than anybody else. Right, Like you go to your GP,

1127
00:52:52,520 --> 00:52:54,319
Speaker 2: they know all your medical history, but they don't know

1128
00:52:54,360 --> 00:52:57,040
Speaker 2: your goals, your values, what's going on When you are

1129
00:52:57,080 --> 00:53:00,840
Speaker 2: a financial advisor, you're in this circumstance where you're talking

1130
00:53:00,880 --> 00:53:03,960
Speaker 2: about these deep personal things with clients like hey, cool,

1131
00:53:03,960 --> 00:53:06,239
Speaker 2: well how do you feel about your wife? Because you know,

1132
00:53:06,280 --> 00:53:08,879
Speaker 2: if I'm setting up this insurance and you actually want

1133
00:53:08,920 --> 00:53:10,719
Speaker 2: to circumvent your wife and have it go straight to

1134
00:53:10,760 --> 00:53:12,960
Speaker 2: your kids, if something happens to you, we need to

1135
00:53:13,040 --> 00:53:15,919
Speaker 2: have that confidential conversation. You're going to have to tell

1136
00:53:15,960 --> 00:53:18,400
Speaker 2: me about your personal medical history. I know it's a

1137
00:53:18,440 --> 00:53:20,680
Speaker 2: bit uncomfortable, but don't worry. I'm an advisor. I literally

1138
00:53:20,719 --> 00:53:24,080
Speaker 2: talk about this stuff every single day with you, with insurers,

1139
00:53:24,120 --> 00:53:26,600
Speaker 2: with my team, Like this stuff, I'm not judging you.

1140
00:53:26,640 --> 00:53:28,319
Speaker 2: I don't care what you've done, but you need to

1141
00:53:28,360 --> 00:53:31,840
Speaker 2: disclose this information. And I always found myself in this

1142
00:53:31,880 --> 00:53:34,000
Speaker 2: position where I'd be like far out, like I have

1143
00:53:34,160 --> 00:53:37,080
Speaker 2: such a deep knowledge of clients, But I think you

1144
00:53:37,160 --> 00:53:39,520
Speaker 2: also need to expect that too. As a client, you're

1145
00:53:39,560 --> 00:53:42,160
Speaker 2: going to be asked some questions like why are they

1146
00:53:42,200 --> 00:53:45,120
Speaker 2: asking me that? In a fact find But the reality

1147
00:53:45,239 --> 00:53:47,440
Speaker 2: is so that you can be in the best possible

1148
00:53:47,480 --> 00:53:51,720
Speaker 2: position because there's nothing worse. And thankfully it's never happened

1149
00:53:51,719 --> 00:53:53,600
Speaker 2: in my business, but I know it's happened to other

1150
00:53:53,640 --> 00:53:56,520
Speaker 2: advisors where they've gone to claim and then all of

1151
00:53:56,560 --> 00:54:00,040
Speaker 2: a sudden, the claim's going to be denied because the

1152
00:54:00,080 --> 00:54:03,120
Speaker 2: patient or the client didn't disclose something really important because

1153
00:54:03,120 --> 00:54:04,279
Speaker 2: they're like, oh, I didn't really want to talk to

1154
00:54:04,320 --> 00:54:07,120
Speaker 2: my advisor about it. It's all out on the table.

1155
00:54:07,200 --> 00:54:08,920
Speaker 2: And to be honest, we don't care what you do,

1156
00:54:09,000 --> 00:54:10,600
Speaker 2: how you do it, where you do it, or what

1157
00:54:10,680 --> 00:54:12,560
Speaker 2: that looks like. We just need to know to put

1158
00:54:12,640 --> 00:54:15,640
Speaker 2: you in the best possible position, and then down in

1159
00:54:15,680 --> 00:54:18,960
Speaker 2: the future we have this deep relationship with you. If

1160
00:54:19,000 --> 00:54:21,080
Speaker 2: something happens, we're the ones that have got your back

1161
00:54:21,120 --> 00:54:23,359
Speaker 2: to make sure that that happens. So you're not doing

1162
00:54:23,360 --> 00:54:26,440
Speaker 2: the paperwork, you're not following up when you actually need

1163
00:54:26,480 --> 00:54:29,040
Speaker 2: to be focusing on getting better and dealing with you

1164
00:54:29,120 --> 00:54:31,759
Speaker 2: and your family. So I think it's yeah to me,

1165
00:54:32,000 --> 00:54:33,640
Speaker 2: I kind of missed financial advice.

1166
00:54:34,160 --> 00:54:36,160
Speaker 4: You can get back and be an insurance advisor.

1167
00:54:36,320 --> 00:54:38,239
Speaker 2: No, it's all right. I've got a job so far,

1168
00:54:38,360 --> 00:54:40,759
Speaker 2: so good. Like I've just got this little we're doing

1169
00:54:40,760 --> 00:54:43,960
Speaker 2: all right. I'll just flick all my clients to you. Still.

1170
00:54:44,080 --> 00:54:46,919
Speaker 4: I went to a cafe yesterday with Gabby and we're

1171
00:54:46,920 --> 00:54:47,839
Speaker 4: with the cafe.

1172
00:54:47,640 --> 00:54:49,680
Speaker 2: Hanging out with my team during work hours.

1173
00:54:49,719 --> 00:54:52,160
Speaker 4: We went to a cafe where we first caught up

1174
00:54:52,160 --> 00:54:54,799
Speaker 4: for coffee, really, and you showed me she's on the

1175
00:54:54,800 --> 00:54:57,200
Speaker 4: money Facebook group and I had three thousand members. Cafe

1176
00:54:57,360 --> 00:55:01,480
Speaker 4: was that pinky? And my mind was blown when you

1177
00:55:01,480 --> 00:55:02,920
Speaker 4: had three thousand members in the face.

1178
00:55:03,000 --> 00:55:04,440
Speaker 2: And I was like, that's just little. I don't know

1179
00:55:04,480 --> 00:55:05,719
Speaker 2: what to do with it.

1180
00:55:05,760 --> 00:55:07,560
Speaker 4: So you're doing okay, We're all right.

1181
00:55:07,560 --> 00:55:09,759
Speaker 2: All right, Well, it has been a pleasure having you

1182
00:55:09,800 --> 00:55:13,360
Speaker 2: on to feel. Obviously, if anyone is interested, visit sky

1183
00:55:13,520 --> 00:55:18,160
Speaker 2: dot com dot au Sky is spelt skye, and I

1184
00:55:18,160 --> 00:55:20,560
Speaker 2: will obviously make sure that all of the information is

1185
00:55:20,600 --> 00:55:22,200
Speaker 2: in the show notes, you don't have to remember that

1186
00:55:22,239 --> 00:55:24,640
Speaker 2: at all. Thank you so much for coming. We love

1187
00:55:24,680 --> 00:55:27,000
Speaker 2: you and I will see you for a Friday episode

1188
00:55:27,040 --> 00:55:36,520
Speaker 2: on Friday. Bye. The advice shared on She's on the

1189
00:55:36,520 --> 00:55:39,279
Speaker 2: Money is general in nature and does not consider your

1190
00:55:39,320 --> 00:55:43,759
Speaker 2: individual circumstances. She's on the Money exists purely for educational

1191
00:55:43,800 --> 00:55:46,239
Speaker 2: purposes and should not be relied upon to make an

1192
00:55:46,280 --> 00:55:49,560
Speaker 2: investment or financial decision. If you do choose to buy

1193
00:55:49,560 --> 00:55:53,279
Speaker 2: a financial product, read the PDS TMD and obtain appropriate

1194
00:55:53,320 --> 00:55:57,600
Speaker 2: financial advice tailored towards your needs. Victoria Divine and She's

1195
00:55:57,600 --> 00:56:01,080
Speaker 2: on the Money are authorized representatives. Money Shirper p T

1196
00:56:01,239 --> 00:56:03,640
Speaker 2: Y L t D A b N three two one

1197
00:56:03,840 --> 00:56:07,080
Speaker 2: six four nine two seven seven zero eight a f

1198
00:56:07,120 --> 00:56:10,360
Speaker 2: s L four five one two eight nine