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

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Speaker 1: woman and I'm here to acknowledge country t Glenn Young

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Speaker 1: Ganya nianar Kaka yah Ya bin Ahaka nian Our gay

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Speaker 1: In Mbina, yakarum Jar, Dominyama, Domagahawakaman, damon Imlan Bomba ban

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Speaker 1: Gadabomba in and now in wakah Ghana on yak rum

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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 Aberiginal 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.

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Speaker 2: You to thrive. She's on the Money. 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 keeps your finances ready. Whatever plot twist is coming next.

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Speaker 2: If life three you were curveful tomorrow, would you be

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Speaker 2: ready for it? Because here's the thing. Most of us

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Speaker 2: don't find out we've got the wrong cover until it's

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Speaker 2: too late. So how do you know if you're wasting

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Speaker 2: money on pointless policies or missing the one thing that

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Speaker 2: could actually save you. Stick around because we're pulling back

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Speaker 2: the curtain on the insurances we would never buy and

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Speaker 2: the ones you simply can't afford to ignore. I'm Victoria

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Speaker 2: Devine and today we are joined by someone who knows

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Speaker 2: the insurance world inside and out, mister Phil Thompson. He's

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Speaker 2: an insurance expert and Big Dog CEO of Sky Wealth.

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Speaker 2: And if there's anyone who can help us sort out

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Speaker 2: the financial fluff from the real deal, it is this guy.

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Speaker 2: Welcome back to the show, Phil. I'm excited I did

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Speaker 2: that you're here again and that you've somehow consented to

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Speaker 2: be on my podcast again.

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Speaker 3: I appreciate changing my title to Big Dog. I'll go

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Speaker 3: back to the office and big Dog and flow that around.

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Speaker 2: My name on Slack for a long time was big

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Speaker 2: Bad Bulls with lots of doubu's and s's at the end.

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Speaker 2: But you will be very excited, and I don't know

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Speaker 2: if their reference is going to be completely over your head,

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Speaker 2: but my name on Slack now is Victoria Labuobu.

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Speaker 3: That's you know, how old I am and how not? Yeah,

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Speaker 3: my profile.

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Speaker 2: Picture is a pink labooboo and my status is currently

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Speaker 2: set as really ugly.

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Speaker 3: I do know what la booboos are, which is one

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Speaker 3: of my past three kids said no and the kids

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Speaker 3: don't know what it is. But one of our teams

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Speaker 3: said I want to spend four hundred dollars on this.

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Speaker 2: Absolutely not. That's why it's my profile because I just

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Speaker 2: think that they are so ridiculous. Anyway, we wouldn't spend

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Speaker 2: money on labooboos in this house, and also on dodgy insurance. Now,

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Speaker 2: before we start calling out the most cooquestionable insurance products

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Speaker 2: on the market field, I think we actually need to

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Speaker 2: have a chat about just how big the insurance industry

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Speaker 2: really is. The Australian insurance space is worth more than

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Speaker 2: one hundred and fifty billion dollars a year, with general

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Speaker 2: insurance like car and home and travel making up nearly

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Speaker 2: sixty six billion dollars worth of that. And I would say, Phil,

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Speaker 2: that's a lot of cover. That is a lot a

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Speaker 2: lot of cover like that could buy you a new house,

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Speaker 2: like that could buy you a new car. And when

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Speaker 2: you zoom in, the average osy household is spending somewhere

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Speaker 2: between fifteen hundred to two thousand dollars every single year

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Speaker 2: on general insurance. So I guess it's no wonder that

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Speaker 2: people want to know whether they're actually getting some value

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Speaker 2: out of this or not. And Peel, I know you

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Speaker 2: have definitely seen it, all the good, the bad, the ugly.

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Speaker 2: And I was blown away when I saw that one

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Speaker 2: in five Australians have bought insurance that they don't fully understand.

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Speaker 2: Add to that fact that nearly half of us aren't

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Speaker 2: even confident our insurers are going to come through if

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Speaker 2: we need to claim, and it starts to make sense

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Speaker 2: why insurance can actually feel consistently or maybe just like

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Speaker 2: something we would rather avoid. So I guess let's start there.

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Speaker 2: Feel why does insurance get such a bad rap? I mean,

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Speaker 2: it's your entire career, so I'm hoping you.

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Speaker 3: Know the answer. Yes, we work in a subsect of

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Speaker 3: the insurance, so we don't walk across the whole gambit

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Speaker 3: of it.

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Speaker 2: But so you're not going to sell me pet insurance,

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Speaker 2: no iPhone insurance, no I will car insurance, insurance, So

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Speaker 2: all of the stuff that I probably shouldn't be spending

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Speaker 2: money on to begin with, you don't sell me.

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Speaker 3: That's right, the thing interesting want to replace yourself, Yeah,

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Speaker 3: you probably don't need insurance for that.

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Speaker 2: So talk to me about insurance, because I feel like

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Speaker 2: so many of us we think we're doing the right thing,

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Speaker 2: and we go ahead and we ensure something like we

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Speaker 2: might be at Apple buying a brand new phone and

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Speaker 2: they offer insurance, and we go, well, this is a

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Speaker 2: really big purchase and it's really important, and this guy's

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Speaker 2: just told me that like insuring it is a very

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Speaker 2: good financial decision.

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Speaker 3: So we do it.

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Speaker 2: But so many of them, I would say, are comp

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Speaker 2: completely unnecessary? What do you reckon? The most unnecessary insurance is?

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Speaker 3: I mean iPhone insurance? My phone insurance is often like

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Speaker 3: incredibly expensive and not necessary. These extended warranties. Any time

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Speaker 3: I go to jbhigh.

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Speaker 2: Fie, don't when you're extended warranty, like the whole product

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Speaker 2: is going to be out of like fashion by the

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Speaker 2: time that extended warranty is.

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Speaker 3: Yeah, I've used it once. I bought it an extended

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Speaker 3: warranty once, and I had a warranty client. But I

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Speaker 3: just was like, it's literally five years ago. I don't

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Speaker 3: I'm not going back and talking about my laptop. They're

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Speaker 3: broke in the last five also, like I need a

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Speaker 3: new laptop at that point exactly. So those extended warranties,

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Speaker 3: really they're just insurance policies. That's what they are, and

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Speaker 3: that's what they're built for. And so the type of

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Speaker 3: insurance policies that I don't love. Really at the end

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Speaker 3: of the day, insurance is about protecting something that you

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Speaker 3: can't afford to lose. And so the things that you know,

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Speaker 3: like health insurance is really important because you may have

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Speaker 3: a health event that is really significant costs. Health insurance

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Speaker 3: has that. If you have a car that's worth fifty

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Speaker 3: thousand dollars and if you wiped it off and hit

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Speaker 3: someone else's car, well you need insurance for that because

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Speaker 3: it may be a significant cost if you can't afford

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Speaker 3: to pay that, which all of us can't.

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Speaker 2: Yeah, and I think that from I'm an ex financial advisor,

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Speaker 2: you're a current proper financial advisor. I think from outside

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Speaker 2: of the story, we just see so many people who

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Speaker 2: you know, have car insurance, have like house and land

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Speaker 2: insurance or whatever, and then they don't have income protection,

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Speaker 2: and you just go, I see that you can see

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Speaker 2: value in it, but you can't see value in your

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Speaker 2: own income. Why do you think that's a thing, because

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Speaker 2: so many Like if you ask me, Victoria, you have

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Speaker 2: to get rid of every single insurance under the sun.

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Speaker 2: What one that you're keeping, you get one I can

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Speaker 2: always guarantee this is the one you would keep as well.

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Speaker 2: And for me, it's income protection. Like I know that

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Speaker 2: if my body breaks, I can still pay for my son.

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Speaker 2: I can still you know, make sure that my mortgage

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Speaker 2: or payments are being made and that I've got income

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Speaker 2: coming in the door each and every single month. Whereas

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Speaker 2: if my car broke, well, I can use my income

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Speaker 2: right now to purchase a new one. But if my

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Speaker 2: car broken I didn't have income protection, we are in

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Speaker 2: a bit of a pickle, right, Like my body is

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Speaker 2: the thing that is the most valuable to me, and

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Speaker 2: it just it blows my mind that people don't see that.

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Speaker 3: I think people just underestimate the value of their income.

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Speaker 3: So one thing that we do internally, it's gone we

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Speaker 3: don't really talk to a client about this too much

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Speaker 3: as much as we probably should, is we calculate the

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Speaker 3: value of someone's income based on their today's income, assuming

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Speaker 3: you're just a CPI inflation increase on their income, no

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Speaker 3: pay rises or anything like that, and assuming retirement at

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Speaker 3: age sixty five, and if you get someone on a

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Speaker 3: relatively modest income that's fairly young, the value of their

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Speaker 3: income is millions and millions of dollars. And so people

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Speaker 3: just don't really equate that. Oh, if I'm on fifty

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Speaker 3: thousand dollars or one hundred thousand dollars or whatever income

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Speaker 3: I'm on till retirement and compounding that year or on year,

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Speaker 3: and that loss that's really significant. And so yes, the

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Speaker 3: likelihood of a claim maybe lower than dropping your phone

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Speaker 3: and breaking your phone and needing that replace but the

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Speaker 3: cost of that replacement of my income is really significant,

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Speaker 3: and we probably understate or underestimate that value of our

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Speaker 3: our own income.

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Speaker 2: But Phil, I've got like, I've got income protection in

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Speaker 2: my subernuation. I saw there was like a two year

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Speaker 2: policy there. That's good, isn't it well?

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Speaker 3: To cover your income for two years? It is good? Yeah?

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Speaker 2: And what about after those two years? Phil, Am, I

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Speaker 2: good to go?

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Speaker 3: Exactly. This fun thing about insurance it's always this balance

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Speaker 3: between how likely is something to happen and what's the

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Speaker 3: cost of that thing. So from an insurer's point of view.

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Speaker 3: I always love getting stats on insurers and like where

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Speaker 3: are they spending their money? From an income protection point

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Speaker 3: of view, most of their claims are for policies that

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Speaker 3: only last for two years. So the claim you know,

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Speaker 3: someone's injured and then goes back to work after six.

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Speaker 2: Months, good, that's the perfect outcome.

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Speaker 3: And that's majority of their claims in terms of raw

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Speaker 3: numbers that they're processing. But the cost to their business,

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Speaker 3: more than eighty percent of their cost for income protection

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Speaker 3: is actually for clients that go longer than two years.

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Speaker 3: And so you think about it from the other point

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Speaker 3: of view, if insurers are paying most of their money

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Speaker 3: towards those long term claims, we want to make sure

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Speaker 3: we're protecting that. So if you go into your super

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Speaker 3: far and you log in and you look at you've

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Speaker 3: got an income protection that only lasted two years, think, yes,

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Speaker 3: that will protect me from majority of the times I

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Speaker 3: will ever need this.

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Speaker 2: But for the really big stuf it gets really real.

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Speaker 3: Then you know you're going to be well under insured.

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Speaker 2: Yeah, And I think a lot of people go, oh, well,

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Speaker 2: that's such a good deal because it's through my superinuation

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Speaker 2: and like, you don't have to necessarily get rid of that.

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Speaker 2: You can talk to a good financial advisor and get

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Speaker 2: that topped up. Like I remember when I first got

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Speaker 2: my income protection sorted, I had my two year policy,

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Speaker 2: which is why I always bring it up. I have

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Speaker 2: my two year policy, and then I had one outside

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Speaker 2: of supbranuation as well, and I was kind of carrying

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Speaker 2: both for a while because that's what put me in

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Speaker 2: the best possible position, because obviously suberinuation was a nice

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Speaker 2: little tax benefit, but having inside super for the entire

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Speaker 2: time didn't make financial logical sense. Now, two of the

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Speaker 2: most I would say divisive types of insurances. I would say,

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Speaker 2: lots of people get heated about private health insurance, whether

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Speaker 2: you need it, whether you don't, like we've got Medicare

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Speaker 2: in Australia, and other is pet insurance. So Phil, I

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Speaker 2: want to know what are your thoughts on both of these.

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Speaker 3: So your pet insurance, let's go. I don't have a pet.

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Speaker 2: No I do, And for this conversation, let me give

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Speaker 2: you a little bit of context. I paid for pet

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Speaker 2: insurance when we got Lucy in twenty twenty one, and

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Speaker 2: it cost me about four hundred and eighty dollars in

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Speaker 2: premiums for the year and I got fifteen thousand dollars.

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Speaker 3: Worth of car. Yeah, so if you ever needed to

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Speaker 3: claim you were capped at fifteen thousand dollars and you

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Speaker 3: couldn't get it was something significant you weren't getting more

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Speaker 3: than that. I personally don't love pet insurance because of

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Speaker 3: the cost versus the value that you're going to get

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Speaker 3: for it can be a misbalance there, So I personally

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Speaker 3: don't love it. But just like with any type of insurance,

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Speaker 3: like for yourself, making sure you've got the ability to

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Speaker 3: save enough money for that outside risk. So if something

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Speaker 3: happened to Lucy, you've got the money there save. It's

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Speaker 3: not going to impact your last style. You're not going

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Speaker 3: to go eat baked beans for weeks on end to

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Speaker 3: afford it. But I would it's my dog, yeah, because

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Speaker 3: everyone does. Everyone will will spend a lot of money

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Speaker 3: on their pet when they're sick ill. It's in the

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Speaker 3: extension of their family, and so that's something that you

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Speaker 3: just need to be aware of. You either pay an

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Speaker 3: insurance premium to cover that cost, or you have the

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Speaker 3: money available or access to that money. So it is

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Speaker 3: really important. Although I if I had a pet, I

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Speaker 3: probably wouldn't have pet insurance. I would make sure we

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Speaker 3: had some form of.

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Speaker 2: Yeah the cash in the side, Yeah cash, And I

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Speaker 2: think that's the important thing. Like when I got Lucy,

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Speaker 2: it was my first time owning a dog, and I

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Speaker 2: was like, I'm going to do all of the right things.

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Speaker 2: I'm going to get paid insurance. And then you know,

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Speaker 2: after the year was up and they sent me my

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Speaker 2: premium again, I was like, I am very like, I'm

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Speaker 2: in a very privileged position to have enough savings that

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Speaker 2: if something happened to Lucy and it cost me fifteen

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Speaker 2: thousand dollars, Like, I don't really want to spend my

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Speaker 2: savings on that, but I could. And so I just

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Speaker 2: made the content decision to start putting an extra five

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Speaker 2: hundred dollars a year into savings instead, because I was like, well,

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Speaker 2: that just seems to make more sense. And thankfully, knock

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Speaker 2: on wood, up until this point, she has not cost

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Speaker 2: me fifteen thousand dollars.

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Speaker 3: And to be fair, if something ever happens, you will

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Speaker 3: never save the premiums to cover the cost. You just won't.

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Speaker 3: If something happens. It's just making a bet that hey,

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Speaker 3: hopefully something doesn't happen, that we don't need it. The

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Speaker 3: thing about insurance is I don't think it's wrong for

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Speaker 3: anyone to get pet insurance at all. Oh, I think

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Speaker 3: it can be right.

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Speaker 2: It's divisive, like so many people are like that's a

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Speaker 2: scam or that's a good it's not, but like, is

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Speaker 2: it in line with your values?

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Speaker 3: Yes? And I think it's important to think about what

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Speaker 3: is our total cost of insurance and do we have

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Speaker 3: the right ones. That's where it's a conversation where for

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Speaker 3: someone it may be okay to have pet insurance if

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Speaker 3: they have certain other insurances that you know that we

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Speaker 3: believe to be more important. If you're protecting your own

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Speaker 3: income and you've ticked that box, If you're protecting your

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Speaker 3: own life disability, like making sure your own personal insurance

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Speaker 3: is covered and sorted, and you've got ability to afford

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Speaker 3: the pet insurance as well, then great, go and spend

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Speaker 3: money on that. The thing that I kind of have

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Speaker 3: a disagreement on is if someone says I don't want

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Speaker 3: to have personal insurance, I'm going to cancel my income

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Speaker 3: protection because the premiums are too expensive. Totally fair and reasonable,

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Speaker 3: But then go and pay pet insurance and go. Unfortunately,

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Speaker 3: Lucy's not making much money for you. No, it's just

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Speaker 3: a straight cost. Your ability to earn an income is

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Speaker 3: making money, so protecting that is more important. So it's

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Speaker 3: all about how do we prioritize these insurances properly?

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Speaker 2: Yeah. I think that there's also a fair bit of

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Speaker 2: confusion if you've never looked at your insurances before, to go, well,

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Speaker 2: why would I see a financial advisor to talk about like,

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Speaker 2: you know, income protection and TBD. Like I've got private

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Speaker 2: health insurance. I feel like that is such a common

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Speaker 2: response when I say, oh, have you got insurance, They're like, yeah,

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Speaker 2: private health, and you go, that's actually not enough. Is

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Speaker 2: that still something that you guys are coming up against

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Speaker 2: consistently in conversation.

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Speaker 3: Yeah, because the cover that we help people set up

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Speaker 3: is the personal insurances and for events like cancer, heart attack, strokes,

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Speaker 3: or we're just mental health time off work, the personal

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Speaker 3: insurance cover will pay you for those events. And so

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Speaker 3: people think, well, I've got private health. If I have cancer,

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Speaker 3: I'll just go through the private system and that's okay.

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Speaker 3: And I just got off the phone last week with

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Speaker 3: a client who found out she had cancer.

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Speaker 2: That's the worst part of your job, Like.

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Speaker 3: Yeah, dealing with claims is hard, and.

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Speaker 2: You know, I'm glad they have you, though, I just

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Speaker 2: know that you're the best person in those situations. Like,

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Speaker 2: if I've got something going wrong, you are one of

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Speaker 2: the first people that I pick up the phone and go,

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Speaker 2: that's all falling apart. Phil, I feel like you've got

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Speaker 2: your shit together in the best possible way.

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Speaker 3: Yeah, And it's like and it is. I mean, look,

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Speaker 3: it's emotionally taxing and it's difficult. You know, we're not

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Speaker 3: going through it, but we're empathizing with our clients and

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Speaker 3: walking through that process. But this phone call, this client

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Speaker 3: and like incredibly positive, like had such an amazing outlook

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Speaker 3: on her situation. But was talking to her last week

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Speaker 3: and she's like, oh, yeah, we canceled our trauma insurance

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Speaker 3: two years ago. And I was like, and fortunately she

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Speaker 3: had income protection that pays her. It's an old policy

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Speaker 3: that pays her six months of income protection just on

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Speaker 3: a cancer diagnosis, so there is something. And she was

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Speaker 3: just like, look, at least it's something. You know, my

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Speaker 3: sister's over from the UK, so that'll cover flights, that'll

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Speaker 3: cover you know, go towards something. And this was like

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Speaker 3: sixty thousand dollars that was going to be paid out,

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Speaker 3: and in her mind it was like, at least that's

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Speaker 3: something towards it. And so you know, when people are

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Speaker 3: setting up the policy, they tell me that they've got

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Speaker 3: private health insurance. That's totally fine. When they go to claim,

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Speaker 3: it's rarely like a private health insurance is fine. It's

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Speaker 3: people's commentary is always, ah, that's great, the money is

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Speaker 3: in the bank account. Maybe it's probably not enough often

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Speaker 3: and so one bit of data that an insuran has

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Speaker 3: come out saying that they've talked about, what is this

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Speaker 3: total spend on health spending? Private health insurance covers half

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Speaker 3: the amount of spending than individuals are spending on medical events.

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Speaker 3: So what that means is the government spends a huge

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Speaker 3: amount and then personal spending is covered that covers more

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Speaker 3: than twice what private health is funding towards health events.

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Speaker 3: So when people say we've got private health insurance that

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Speaker 3: will cover it, well, it actually covers half of what

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Speaker 3: the total you know, spend on these health events is.

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Speaker 2: Yeah, And to get a little bit I don't know

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Speaker 2: if the word is morbid here, but like if you

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Speaker 2: get a cancer diagnosis and you're going through the private system, Like,

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Speaker 2: that's great because you can pick your doctor. You can

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Speaker 2: pick you know, your doctor can then pick the team

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Speaker 2: that works with them. In probably a more cushy environment.

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Speaker 2: You'll probably guaranteed your own hospital room. That's really nice.

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Speaker 2: But you might have thought, oh, if I go through

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Speaker 2: the public system, like, there'll be weights, they'll be this,

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Speaker 2: they'll be that. Like if you've got a dramatic cancer diagnosis,

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Speaker 2: you actually go to the front of the line in

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Speaker 2: the public system. That's why there are so many weights,

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Speaker 2: Like your ankle surgery is taking two years, it's because

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Speaker 2: the theaters are full of people with things that need

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Speaker 2: to happen this week or next month, or within the

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Speaker 2: next thirty days. And more often than not, if you

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Speaker 2: are diagnosed with a cancer that needs operation, your doctor

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Speaker 2: has to get that done within a certain time period.

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Speaker 2: For some people that's ten days, some people it's twenty,

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Speaker 2: some people it's thirty. You actually get flown through the

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Speaker 2: public system, and more often than not, the same doctors

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Speaker 2: actually work across both in the public system. No, you're

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Speaker 2: not guaranteed your own private room. You might get a

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Speaker 2: really good doctor that also works privately, but they might

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Speaker 2: not be able to pick their team.

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Speaker 3: That's fine.

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Speaker 2: There's so many like little nuances, But like what happens

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Speaker 2: when you get out of hospital, Like you can't go

365
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Speaker 2: back to work because you've got twelve weeks of recovery.

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Speaker 2: You can't go back to work because you literally have

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Speaker 2: PTSD and you're exhausted from all the chemo drugs, and

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Speaker 2: like you would really love the financial freedom for your

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Speaker 2: husband to stay home for a few weeks and just

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Speaker 2: like decompress from the situation that was, Like, these are

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Speaker 2: the things that I want you to be thinking about,

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Speaker 2: not just oh yeah, public versa. I'm fine, Like I

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Speaker 2: get that. And it is such a privilege to look

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Speaker 2: at public versus private in that way because you don't

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Speaker 2: get to see the like dramatic nature of what private

376
00:18:06,960 --> 00:18:10,120
Speaker 2: and public can actually look like when push comes to shove.

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00:18:10,200 --> 00:18:13,399
Speaker 2: And for me, it's actually, well what happens next, Like,

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Speaker 2: say you get diagnosed with breast cancer and you've got

379
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Speaker 2: you know, a few rounds of chemo and then you

380
00:18:18,760 --> 00:18:22,639
Speaker 2: go into remission, and that's fantastic. Your body more often

381
00:18:22,680 --> 00:18:26,440
Speaker 2: than not is compromised. I very much doubt after having

382
00:18:26,560 --> 00:18:29,879
Speaker 2: this whole diagnosis happen, you return to work in a

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Speaker 2: full time capacity, Like you do not have to do

384
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Speaker 2: that if you have proper insurances to make sure that

385
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Speaker 2: you can return hopefully, because like you might be like

386
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Speaker 2: me and you're like chomping at the bit to get

387
00:18:40,640 --> 00:18:43,080
Speaker 2: back to work, but like you also need to protect

388
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Speaker 2: you and you can't do that if you're stressed about money.

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Speaker 3: And that's right, And private health insurance covers a lot

390
00:18:48,960 --> 00:18:51,960
Speaker 3: of bills. Oh yeah, it doesn't cover money in the

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00:18:52,000 --> 00:18:55,520
Speaker 3: bank to give you space. That's really what personal insurance

392
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Speaker 3: cover does. It just gives you breathing space. And you know,

393
00:18:58,640 --> 00:19:00,879
Speaker 3: we help a lot of clients going through this claims process.

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Speaker 3: And that's the biggest thing is when money hits the

395
00:19:03,160 --> 00:19:05,639
Speaker 3: bank account, you can just you can just feel the

396
00:19:05,800 --> 00:19:08,760
Speaker 3: sigh of relief that people have is just going, oh,

397
00:19:09,000 --> 00:19:13,840
Speaker 3: we've got breathing room. Now, we've got capacity to make decisions.

398
00:19:14,240 --> 00:19:16,879
Speaker 3: And yes, insurance premiums cost money, and we've got to

399
00:19:16,920 --> 00:19:19,199
Speaker 3: pay it on the hope that we never actually get

400
00:19:19,280 --> 00:19:19,800
Speaker 3: that money.

401
00:19:19,720 --> 00:19:21,240
Speaker 2: They want it. Like I used to say this to

402
00:19:21,320 --> 00:19:23,640
Speaker 2: my advice clients, so'd be like, I actually would love

403
00:19:23,720 --> 00:19:25,480
Speaker 2: this to be the biggest waste of money in the

404
00:19:25,720 --> 00:19:28,120
Speaker 2: entire world. Like I hope that when you're sixty five,

405
00:19:28,200 --> 00:19:29,760
Speaker 2: you and I get to sit down and I'm still

406
00:19:29,800 --> 00:19:33,359
Speaker 2: your advisor, and you tell me, I wish I never

407
00:19:33,440 --> 00:19:35,080
Speaker 2: got insurance so I didn't get to claim on it.

408
00:19:35,119 --> 00:19:37,160
Speaker 2: And you know what, I'm going to say, good because

409
00:19:37,240 --> 00:19:40,640
Speaker 2: it means you never experience a significant health event. Wouldn't

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00:19:40,680 --> 00:19:41,520
Speaker 2: that be a privilege?

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Speaker 3: And all insurance is really you know, we all look

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Speaker 3: at insurances as bad, like the insurance companies are bad

413
00:19:48,320 --> 00:19:51,080
Speaker 3: and we're good, But really, insurance at its core is

414
00:19:51,119 --> 00:19:53,960
Speaker 3: about a community coming together putting money into a big

415
00:19:54,000 --> 00:19:57,080
Speaker 3: bank account. When one of us unfortunately need it, they

416
00:19:57,119 --> 00:19:58,720
Speaker 3: can pull the money out. So we all feel like

417
00:19:58,800 --> 00:20:00,800
Speaker 3: insurance is a waste of money. Me feel like insurance

418
00:20:00,880 --> 00:20:01,520
Speaker 3: is a waste of money.

419
00:20:01,640 --> 00:20:05,040
Speaker 2: Good because I'm paying for somebody else's of mind.

420
00:20:05,200 --> 00:20:07,280
Speaker 3: Yeah, we work with clients who are claiming and they

421
00:20:07,440 --> 00:20:10,639
Speaker 3: get significantly more money in return than they've ever paid.

422
00:20:11,440 --> 00:20:14,160
Speaker 3: And that's because we've all come together as a community

423
00:20:14,200 --> 00:20:16,240
Speaker 3: and said, let's put money into this bank account. And

424
00:20:16,359 --> 00:20:19,800
Speaker 3: that's really why. I mean, they're for profit businesses insurance,

425
00:20:20,480 --> 00:20:23,560
Speaker 3: so it's we're not talking about pure altruism. But as

426
00:20:23,600 --> 00:20:28,760
Speaker 3: a policy holder, me, I know other people are claiming

427
00:20:28,840 --> 00:20:31,400
Speaker 3: on it because they need it at their worst moment.

428
00:20:31,600 --> 00:20:35,600
Speaker 3: Like we all know someone who's had a cancer scare.

429
00:20:35,960 --> 00:20:38,600
Speaker 3: You cannot walk around Australia without knowing someone who has

430
00:20:38,840 --> 00:20:42,920
Speaker 3: gone through cancer, Uncle, Auntie's brother, sister, whatever it is.

431
00:20:43,000 --> 00:20:46,800
Speaker 3: We all know someone and having personal insurance cover is

432
00:20:46,960 --> 00:20:50,200
Speaker 3: just allow us for breathing space. And as I said,

433
00:20:50,240 --> 00:20:52,800
Speaker 3: it is the most kind of emotionally taxing part of

434
00:20:52,880 --> 00:20:55,600
Speaker 3: our business, but the most rewarding part is working with

435
00:20:55,800 --> 00:20:58,560
Speaker 3: clients going through a claim and just the sigh of

436
00:20:58,680 --> 00:21:01,240
Speaker 3: relief that they have knowing that there's money there.

437
00:21:01,760 --> 00:21:05,280
Speaker 2: Yeah, yeah, that is so true. Let's pivot a little

438
00:21:05,320 --> 00:21:08,119
Speaker 2: bit because I want to continue on the divisive topic.

439
00:21:08,240 --> 00:21:09,480
Speaker 3: Let's go let's get I.

440
00:21:09,560 --> 00:21:13,720
Speaker 2: Want your opinions on another relatively topical insurance, and that's

441
00:21:13,760 --> 00:21:15,920
Speaker 2: funeral insurance. How do you feel about that?

442
00:21:16,400 --> 00:21:19,680
Speaker 3: I can't. I can't stand it neither.

443
00:21:19,960 --> 00:21:21,399
Speaker 2: I was like, hold on, is he going to go

444
00:21:21,560 --> 00:21:23,520
Speaker 2: oh if it gives you peace of mind?

445
00:21:24,040 --> 00:21:26,480
Speaker 3: Like I just think it is trash, No think, I

446
00:21:26,520 --> 00:21:29,359
Speaker 3: think it's a waste of money. Like it's really not

447
00:21:30,280 --> 00:21:33,280
Speaker 3: so much an insurance policy because people who are buying

448
00:21:33,320 --> 00:21:36,359
Speaker 3: it are often you know, getting closer to their funeral

449
00:21:36,560 --> 00:21:38,080
Speaker 3: and it's really pre paying a funeral.

450
00:21:38,240 --> 00:21:40,600
Speaker 2: Did you know? So this is like a side note.

451
00:21:40,680 --> 00:21:44,240
Speaker 2: I'm currently helping some people with their retirement plans, and

452
00:21:44,680 --> 00:21:47,440
Speaker 2: I was like looking on the money Smart website and like,

453
00:21:47,920 --> 00:21:51,840
Speaker 2: the cap of assets that you can own before you

454
00:21:52,040 --> 00:21:55,440
Speaker 2: start to have your pension influenced is about four hundred

455
00:21:55,440 --> 00:21:59,440
Speaker 2: and seventy thousand dollars. And one of the recommendations that

456
00:21:59,760 --> 00:22:01,960
Speaker 2: the literal government website.

457
00:22:01,520 --> 00:22:03,080
Speaker 3: Says is your funeral bond.

458
00:22:03,400 --> 00:22:04,840
Speaker 2: Yeah, is this a joke?

459
00:22:05,840 --> 00:22:06,240
Speaker 3: Like is that?

460
00:22:06,680 --> 00:22:08,720
Speaker 2: I was reading that and I was like, surely I'm

461
00:22:08,760 --> 00:22:12,680
Speaker 2: on the wrong website. I'm a smart money smart is

462
00:22:12,760 --> 00:22:15,600
Speaker 2: recommending that, Like, oh, if you're over the limit and

463
00:22:15,600 --> 00:22:17,800
Speaker 2: you're like trying to decrease your assets like maybe a

464
00:22:17,840 --> 00:22:22,040
Speaker 2: funeral bond, I would actually prefer you to gamble it away,

465
00:22:23,280 --> 00:22:24,920
Speaker 2: do you know what I mean? Like I was just

466
00:22:25,000 --> 00:22:28,200
Speaker 2: looking at it, going what what like, Phil.

467
00:22:28,320 --> 00:22:31,840
Speaker 3: Yeah, I wouldn't say it's a prodent financial strategy getting

468
00:22:31,840 --> 00:22:34,320
Speaker 3: a funeral bond to us your assets.

469
00:22:34,480 --> 00:22:36,399
Speaker 2: I was shook. And then I did a little bit

470
00:22:36,440 --> 00:22:39,560
Speaker 2: more research in preparation for this episode, and once you

471
00:22:39,680 --> 00:22:42,359
Speaker 2: move over to the ASSEIC website, it says that the

472
00:22:42,520 --> 00:22:45,840
Speaker 2: average funeral payout is about eight and a half thousand dollars,

473
00:22:46,359 --> 00:22:50,119
Speaker 2: but many policyholders end up actually paying more than double

474
00:22:50,240 --> 00:22:54,280
Speaker 2: of that in premiums because we're all living longer, and

475
00:22:55,119 --> 00:22:58,320
Speaker 2: essentially so many people take out that cover at a

476
00:22:58,359 --> 00:23:01,040
Speaker 2: young age. Like and if you're retiring and you're on

477
00:23:01,119 --> 00:23:03,600
Speaker 2: the money Smart website and you're like, oh, I actually

478
00:23:03,680 --> 00:23:05,680
Speaker 2: have just over the threshold of usets. I'm going to

479
00:23:05,720 --> 00:23:08,440
Speaker 2: buy this insurance bond and keep tipping money into it.

480
00:23:08,520 --> 00:23:11,520
Speaker 2: And I am literally only sixty five because I'm retiring

481
00:23:11,640 --> 00:23:13,960
Speaker 2: right now, but you live another thirty years, which is

482
00:23:14,080 --> 00:23:17,440
Speaker 2: very probable in this day and eight. Like what that

483
00:23:17,600 --> 00:23:19,920
Speaker 2: is actually unhinged to me? Like, there are so many

484
00:23:20,040 --> 00:23:23,919
Speaker 2: cases online of people who are paying twenty thirty thousand

485
00:23:23,920 --> 00:23:28,919
Speaker 2: dollars in premiums. What is this to me? Scam? Yes, yes,

486
00:23:29,000 --> 00:23:30,960
Speaker 2: you get paid out when you die, but it is

487
00:23:31,080 --> 00:23:31,600
Speaker 2: not worth it.

488
00:23:31,960 --> 00:23:34,159
Speaker 3: Oh yeah, I mean I wouldn't recommend it. And I

489
00:23:34,240 --> 00:23:36,080
Speaker 3: was actually talking to my mother in law the other day,

490
00:23:36,480 --> 00:23:38,359
Speaker 3: Please tell me day I have it. No, no, no,

491
00:23:38,520 --> 00:23:40,800
Speaker 3: she was talking about her mum. They always thought she

492
00:23:40,880 --> 00:23:43,000
Speaker 3: had funeral insurance, but then when they got there, they

493
00:23:43,040 --> 00:23:44,200
Speaker 3: couldn't find any paperwork.

494
00:23:44,240 --> 00:23:47,040
Speaker 2: I was about to say, how many people have actually

495
00:23:47,160 --> 00:23:51,320
Speaker 2: documented their funeral insurance properly enough so that when something happens,

496
00:23:51,400 --> 00:23:54,160
Speaker 2: the kids are like, oh great, Like we have to organize.

497
00:23:54,480 --> 00:23:56,040
Speaker 2: Like what if you went and got it because you

498
00:23:56,040 --> 00:23:57,640
Speaker 2: thought it was a good decision, but you don't talk

499
00:23:57,640 --> 00:23:58,720
Speaker 2: about money with your family.

500
00:23:58,840 --> 00:24:05,280
Speaker 3: Yes, exactly. And something that's interesting if you're an insurance

501
00:24:05,359 --> 00:24:08,919
Speaker 3: geek like myself, I'm post to all their stats, all

502
00:24:08,960 --> 00:24:11,400
Speaker 3: their data they post. Actually I'm not sure they still

503
00:24:11,480 --> 00:24:14,040
Speaker 3: post the revenue per insurance product. But you used to

504
00:24:14,080 --> 00:24:16,520
Speaker 3: be able to look at appra's data and they show

505
00:24:16,520 --> 00:24:19,040
Speaker 3: you how many premiums and how much is being paid

506
00:24:19,080 --> 00:24:22,119
Speaker 3: out on a per insurance policy basis, and so you

507
00:24:22,200 --> 00:24:25,320
Speaker 3: can actually see what percentage of premiums are going towards

508
00:24:25,440 --> 00:24:28,800
Speaker 3: claims and funeral insurance. The premium to claim ratio is

509
00:24:29,040 --> 00:24:32,280
Speaker 3: so low that it just means it's not a good bet.

510
00:24:32,840 --> 00:24:33,240
Speaker 2: No do it.

511
00:24:33,359 --> 00:24:35,560
Speaker 3: Absolutely, you're paying you know, as you said, you're paying

512
00:24:35,560 --> 00:24:36,840
Speaker 3: more than you're ever going to receive.

513
00:24:36,840 --> 00:24:38,600
Speaker 2: It drives me insane because if you look at the

514
00:24:38,720 --> 00:24:42,199
Speaker 2: marketing of these companies, they're all like, oh, well, actually

515
00:24:42,440 --> 00:24:44,959
Speaker 2: you're not leaving your loved ones with a financial burden

516
00:24:47,400 --> 00:24:50,240
Speaker 2: expensive please don't get me wrong. Like the average funeral

517
00:24:50,280 --> 00:24:52,920
Speaker 2: I think is between five and ten thousand dollars these days.

518
00:24:53,560 --> 00:24:57,240
Speaker 2: But if you're putting that money into a savings account

519
00:24:57,680 --> 00:25:00,600
Speaker 2: and something happens to you and your family access to

520
00:25:00,680 --> 00:25:04,120
Speaker 2: your funds, great, they can actually spend it in line

521
00:25:04,200 --> 00:25:06,520
Speaker 2: with how they think they want your funeral to be planned,

522
00:25:06,640 --> 00:25:08,879
Speaker 2: or maybe even how you want your funeral to be planned,

523
00:25:08,880 --> 00:25:11,159
Speaker 2: because you can do that, and they might even have

524
00:25:11,320 --> 00:25:14,080
Speaker 2: some extra money left over for a really good wake,

525
00:25:14,720 --> 00:25:17,560
Speaker 2: like whereas a funeral plan is not paying for that.

526
00:25:17,760 --> 00:25:19,480
Speaker 2: That is not how that's going to work. And like

527
00:25:19,960 --> 00:25:23,439
Speaker 2: a financial burden on your family or that is playing

528
00:25:23,520 --> 00:25:27,480
Speaker 2: into people's emotions, and I just think it's like so manipulative.

529
00:25:27,720 --> 00:25:29,879
Speaker 3: Yeah, and this is where it all comes down to.

530
00:25:30,040 --> 00:25:31,720
Speaker 3: At the end of the day, we've all got living expenses,

531
00:25:32,560 --> 00:25:34,920
Speaker 3: got to spend money. It's just allocating how much you

532
00:25:34,960 --> 00:25:37,480
Speaker 3: want to spend towards insurance is what needs to be

533
00:25:37,600 --> 00:25:41,560
Speaker 3: really thoughtful and just thinking about what's the alternative. And

534
00:25:41,680 --> 00:25:44,119
Speaker 3: so yeah, my view is I don't love funeral insurance

535
00:25:44,119 --> 00:25:44,359
Speaker 3: at all.

536
00:25:44,520 --> 00:25:46,879
Speaker 2: All Right, funeral insurance is out I reckon we should

537
00:25:46,880 --> 00:25:48,639
Speaker 2: go to a little bit of a break because we've

538
00:25:48,680 --> 00:25:51,520
Speaker 2: talked about some controversial insurances and I'm sure people actually

539
00:25:51,800 --> 00:25:54,359
Speaker 2: would love to hear from a proper financial advisor, some

540
00:25:54,480 --> 00:25:57,040
Speaker 2: actual advice, Like all right, well he told he does

541
00:25:57,080 --> 00:26:00,320
Speaker 2: what he doesn't like, what does he like? So because

542
00:26:00,320 --> 00:26:01,879
Speaker 2: we know that some of them are trash and some

543
00:26:02,040 --> 00:26:04,120
Speaker 2: of them are actually not as bad as we thought,

544
00:26:04,359 --> 00:26:05,879
Speaker 2: we're going to go to a really quick breakin. And

545
00:26:06,040 --> 00:26:07,520
Speaker 2: on the flip side, I'm going to put the pressure

546
00:26:07,560 --> 00:26:10,479
Speaker 2: on Phil to actually share the insurances he believes are

547
00:26:10,600 --> 00:26:14,080
Speaker 2: absolutely non negotiables, the stuff that could seriously save you

548
00:26:14,240 --> 00:26:16,480
Speaker 2: when things don't go to plan. So stay with us,

549
00:26:16,640 --> 00:26:22,680
Speaker 2: we will be right back. All right, welcome back. And

550
00:26:22,800 --> 00:26:24,840
Speaker 2: we have talked about what we think is trash and

551
00:26:24,920 --> 00:26:28,240
Speaker 2: what we think is maybe worth your cash. Phil, it's

552
00:26:28,359 --> 00:26:31,040
Speaker 2: time for I would say the important stuff, like instead

553
00:26:31,080 --> 00:26:33,440
Speaker 2: of just talking trash on insurance that we don't think

554
00:26:33,520 --> 00:26:37,160
Speaker 2: is worth it, like maybe pair insurance and definitely funeral insurance.

555
00:26:38,000 --> 00:26:41,920
Speaker 2: What insurances do you think every single person should have

556
00:26:42,000 --> 00:26:42,320
Speaker 2: locked in?

557
00:26:42,400 --> 00:26:44,960
Speaker 3: No matter what I mean, personal insurance is the most

558
00:26:45,240 --> 00:26:48,120
Speaker 3: important thing. So what is personal insurance? Is really four

559
00:26:48,280 --> 00:26:51,239
Speaker 3: to five different types of cover. So income protection, as

560
00:26:51,280 --> 00:26:52,639
Speaker 3: you said at the start, if you had to cancel

561
00:26:52,640 --> 00:26:55,200
Speaker 3: everything else but keep one, income protection is the one,

562
00:26:55,480 --> 00:26:57,400
Speaker 3: and so that protects your income if you can't work

563
00:26:57,440 --> 00:27:00,880
Speaker 3: because of an illness, injury, sickness, if you get made

564
00:27:00,920 --> 00:27:05,000
Speaker 3: redundant or you you know, you get fired. It's not

565
00:27:05,080 --> 00:27:07,119
Speaker 3: paying you that, but it's for health reasons. If you

566
00:27:07,160 --> 00:27:10,399
Speaker 3: can't work, you'll get paid and income. So that's a

567
00:27:10,440 --> 00:27:13,200
Speaker 3: part of personal insurance. Then there's life insurance, so VD

568
00:27:13,320 --> 00:27:15,880
Speaker 3: if you pass away, there's pretty simple. That's the one.

569
00:27:15,880 --> 00:27:17,360
Speaker 2: I think most people understand.

570
00:27:17,440 --> 00:27:19,720
Speaker 3: If it's easy. You're dead, you're dead, You're dead.

571
00:27:19,880 --> 00:27:22,479
Speaker 2: Yeah. Saying that, I was like, there's a little bit

572
00:27:22,520 --> 00:27:25,800
Speaker 2: of flexibilities. You have a terminal diagnosis, you might be

573
00:27:25,840 --> 00:27:27,760
Speaker 2: able to cash in on that a little bit early.

574
00:27:27,680 --> 00:27:30,200
Speaker 3: Correct and you know, I, you know, I think we've

575
00:27:30,200 --> 00:27:32,879
Speaker 3: spoken about this. One of my really close friends was

576
00:27:32,960 --> 00:27:35,240
Speaker 3: termally ill and it was super important for him to

577
00:27:35,240 --> 00:27:37,520
Speaker 3: get the claim in his bank account before he passed away.

578
00:27:37,800 --> 00:27:40,520
Speaker 3: And it was pancreatic cancer and it was like twelve

579
00:27:40,600 --> 00:27:42,760
Speaker 3: months before he was diagnosed before he parted, and it

580
00:27:42,920 --> 00:27:43,800
Speaker 3: was so iced up.

581
00:27:44,200 --> 00:27:45,919
Speaker 2: And so how's his family now?

582
00:27:46,200 --> 00:27:48,680
Speaker 3: Yeah, they're doing they're doing it. I mean still, they're

583
00:27:48,680 --> 00:27:51,479
Speaker 3: two young boys. They're just starting high school next year.

584
00:27:51,520 --> 00:27:53,920
Speaker 2: You spoke about him, he hadn't passed away yet, you

585
00:27:53,960 --> 00:27:55,920
Speaker 2: spoke about him last time you were on or the

586
00:27:56,000 --> 00:27:58,240
Speaker 2: time before you were on the podcast, And so the.

587
00:27:58,400 --> 00:28:01,520
Speaker 3: Terminal illness payment, it didn't change whether he got it

588
00:28:01,600 --> 00:28:03,920
Speaker 3: after he passed away or not. It's the same money. Yeah,

589
00:28:04,080 --> 00:28:06,399
Speaker 3: So but for him it was so important to know that.

590
00:28:06,760 --> 00:28:07,600
Speaker 2: It actually happened.

591
00:28:07,640 --> 00:28:11,119
Speaker 3: I had I set this up to protect my family.

592
00:28:11,280 --> 00:28:13,080
Speaker 3: I know the money's in the bank account and my

593
00:28:13,160 --> 00:28:16,840
Speaker 3: family is protected. Was incredibly important to him. So, yes,

594
00:28:16,920 --> 00:28:19,359
Speaker 3: there is nuances and a bit of an asterisk about

595
00:28:19,480 --> 00:28:23,120
Speaker 3: life insurance. The other one is like disability cover. Disability

596
00:28:23,160 --> 00:28:26,120
Speaker 3: cover is a lumps on payment, and that's the lowest

597
00:28:26,400 --> 00:28:29,800
Speaker 3: likely event to happen. You know, to be totally and

598
00:28:29,880 --> 00:28:32,560
Speaker 3: permanently disabled is really unlikely to happen. You're more likely

599
00:28:32,640 --> 00:28:34,560
Speaker 3: to pass away than to be totally We.

600
00:28:34,640 --> 00:28:37,159
Speaker 2: Had Rihannon on the podcast a while ago, and she

601
00:28:37,280 --> 00:28:39,880
Speaker 2: shared her story of diving into a pool at twenty

602
00:28:39,960 --> 00:28:43,880
Speaker 2: one in Bali and becoming a quadriplegic, and like, you

603
00:28:44,000 --> 00:28:46,840
Speaker 2: don't expect that stuff to happen. But like she shared

604
00:28:47,200 --> 00:28:49,800
Speaker 2: even just how much it cost her on an annual

605
00:28:49,880 --> 00:28:53,400
Speaker 2: basis to pee because she can't do that. And like

606
00:28:53,520 --> 00:28:55,560
Speaker 2: I think that these are the things that no one

607
00:28:55,640 --> 00:28:57,440
Speaker 2: really wants to talk about because it's a bit icky.

608
00:28:57,560 --> 00:28:58,960
Speaker 2: But the fact that she's spending I think it was

609
00:28:59,040 --> 00:29:03,360
Speaker 2: nearly eighty thousand dollars a year on catheters, Like, where's

610
00:29:03,400 --> 00:29:05,440
Speaker 2: that money coming from? Phil If you're not working and

611
00:29:05,520 --> 00:29:06,440
Speaker 2: you're not able.

612
00:29:06,240 --> 00:29:09,080
Speaker 3: To Yeah, and look, some of the answer is ndis, Oh,

613
00:29:09,160 --> 00:29:12,239
Speaker 3: I have an scheme, and that's great, but that can

614
00:29:12,360 --> 00:29:13,240
Speaker 3: change with governments.

615
00:29:13,440 --> 00:29:16,280
Speaker 2: And also that is going to be so limited in

616
00:29:16,440 --> 00:29:19,160
Speaker 2: terms of quality of life. Yes, you might get your catheters,

617
00:29:19,800 --> 00:29:23,320
Speaker 2: are you able to make the appropriate adjustments to your

618
00:29:23,400 --> 00:29:25,600
Speaker 2: home so you've got the right ramps and your comfy

619
00:29:25,640 --> 00:29:27,880
Speaker 2: getting in and out of your car? Like the ndis

620
00:29:28,040 --> 00:29:30,960
Speaker 2: often don't cover all of the things that are about

621
00:29:31,160 --> 00:29:33,680
Speaker 2: quality of life, but more about just getting by.

622
00:29:33,760 --> 00:29:36,400
Speaker 3: And the winds can change. That's the scariest bit about

623
00:29:36,400 --> 00:29:39,920
Speaker 3: an NIS scheme. You know, governments can they can be

624
00:29:40,000 --> 00:29:42,760
Speaker 3: cost blowouts and then they can rain those costs back in.

625
00:29:42,840 --> 00:29:44,920
Speaker 3: And what is raining costs back in from a government

626
00:29:44,960 --> 00:29:46,600
Speaker 3: point of view is we're not going to give as

627
00:29:46,680 --> 00:29:49,800
Speaker 3: much to people who need it yea, And so you know,

628
00:29:49,960 --> 00:29:53,040
Speaker 3: being reliant solely on that is a risk. So disability

629
00:29:53,080 --> 00:29:55,640
Speaker 3: is the least likely to happen, but the most financial impact,

630
00:29:55,960 --> 00:29:59,360
Speaker 3: like it's really significant. Then the trauma insurance or critical illness,

631
00:29:59,400 --> 00:30:03,680
Speaker 3: which pays for specific medical events, so cancers, hard attack strokes,

632
00:30:03,760 --> 00:30:06,800
Speaker 3: if any of those diagnosed or happen to you and

633
00:30:07,080 --> 00:30:09,480
Speaker 3: a specific severity, then there's a lum some payment that

634
00:30:09,560 --> 00:30:11,800
Speaker 3: gets paid out. That's the most one that we help

635
00:30:11,880 --> 00:30:14,720
Speaker 3: our clients claim on because it's the most likely to happen.

636
00:30:14,840 --> 00:30:17,600
Speaker 3: And there is child's covered that we like we recommend

637
00:30:17,680 --> 00:30:21,320
Speaker 3: for our clients is if something significant happens to your kids,

638
00:30:21,720 --> 00:30:24,240
Speaker 3: there's money in the bank, gives you breathing space. That's

639
00:30:24,320 --> 00:30:26,719
Speaker 3: really what these insurance policies are. So when we talk

640
00:30:26,760 --> 00:30:30,040
Speaker 3: about our priorities for me and yes, that's what we do,

641
00:30:30,160 --> 00:30:32,440
Speaker 3: and that's our business model is to help people set

642
00:30:32,480 --> 00:30:34,360
Speaker 3: this up. But the reason I can do anything in

643
00:30:34,520 --> 00:30:37,280
Speaker 3: financial advice, I can help people. I can be you know,

644
00:30:37,520 --> 00:30:40,479
Speaker 3: a finance bro and help people invest. But we've chosen

645
00:30:40,560 --> 00:30:44,240
Speaker 3: to work in insurance because fundamentally believe that personal insurance

646
00:30:44,320 --> 00:30:46,480
Speaker 3: is incredibly important. So if you're and I love that,

647
00:30:46,680 --> 00:30:47,080
Speaker 3: I love that.

648
00:30:47,200 --> 00:30:49,080
Speaker 2: I remember when you were telling me that you were

649
00:30:49,120 --> 00:30:50,680
Speaker 2: going to start sky Welt and you were do you

650
00:30:50,800 --> 00:30:53,200
Speaker 2: reckon it's a good name. I was like, yeah, it's great,

651
00:30:53,320 --> 00:30:54,880
Speaker 2: like and you were so like, I don't know if

652
00:30:54,920 --> 00:30:56,560
Speaker 2: it works, but I'll give it a crack, like I reckon,

653
00:30:56,600 --> 00:31:00,360
Speaker 2: I'll just do insurances. And like at the time, like

654
00:31:00,520 --> 00:31:02,160
Speaker 2: I thought it was a really good idea because it

655
00:31:02,280 --> 00:31:05,120
Speaker 2: was like a good business model. But I can almost

656
00:31:05,200 --> 00:31:09,040
Speaker 2: imagine every single other advisor being like, what is he doing?

657
00:31:09,280 --> 00:31:11,760
Speaker 2: Is he crazy? Like he's not going to do investment,

658
00:31:11,840 --> 00:31:14,080
Speaker 2: He's not going to do subranuation, he's not going to

659
00:31:14,120 --> 00:31:16,400
Speaker 2: do budget and cash flow. This guy is just going

660
00:31:16,440 --> 00:31:19,880
Speaker 2: to do insurance, which for a lot of advisors I

661
00:31:19,960 --> 00:31:23,320
Speaker 2: would say is a hygiene factor in the nicest possible way.

662
00:31:23,920 --> 00:31:25,960
Speaker 2: A lot of advisors who do investment or they really

663
00:31:26,000 --> 00:31:28,720
Speaker 2: focus on budget and cash flow or pensions or whatever,

664
00:31:29,320 --> 00:31:32,880
Speaker 2: they kind of like do insurance and they know it's important,

665
00:31:33,160 --> 00:31:35,040
Speaker 2: but it's not their favorite thing to do. Because he

666
00:31:35,120 --> 00:31:36,960
Speaker 2: is quite admin heavy, and there's a lot of back

667
00:31:37,000 --> 00:31:39,200
Speaker 2: and forth with insurance companies, and it can kind of,

668
00:31:39,480 --> 00:31:41,479
Speaker 2: like low key, be the bang of your existence as

669
00:31:41,520 --> 00:31:44,680
Speaker 2: an advisor if you're just so passionate about investing and like,

670
00:31:45,000 --> 00:31:47,360
Speaker 2: that was lou key me. When I was an advisor,

671
00:31:47,440 --> 00:31:50,720
Speaker 2: I was like, no, this is incredibly important. But nobody

672
00:31:50,920 --> 00:31:53,520
Speaker 2: liked negotiating with the bdms. No one wants to go

673
00:31:53,680 --> 00:31:55,760
Speaker 2: back and forth with the underwriter and be like, look,

674
00:31:56,040 --> 00:31:58,840
Speaker 2: I know that's on their record, but they've recovered, Like

675
00:31:59,080 --> 00:32:01,600
Speaker 2: and I would negotiate all the time. It would take hours.

676
00:32:02,200 --> 00:32:04,280
Speaker 2: So I remember thinking that you were low key, a

677
00:32:04,320 --> 00:32:08,240
Speaker 2: little bit crazy, but also it was genius because financial

678
00:32:08,320 --> 00:32:12,120
Speaker 2: advice can be so unobtainable. So like financial advice when

679
00:32:12,200 --> 00:32:14,400
Speaker 2: I was working as an advisor, which i'm not now,

680
00:32:15,000 --> 00:32:17,600
Speaker 2: was anywhere between four and a half thousand dollars and

681
00:32:17,720 --> 00:32:20,520
Speaker 2: ten thousand dollars for my initial statement of advice. For

682
00:32:20,680 --> 00:32:23,760
Speaker 2: most people, that is not reasonable. And it's not because

683
00:32:23,760 --> 00:32:26,280
Speaker 2: I didn't want it to be reasonable. It's because that's

684
00:32:26,320 --> 00:32:29,120
Speaker 2: what it costs to get the advice together, to be

685
00:32:29,160 --> 00:32:31,320
Speaker 2: able to create the statement of advice, to pay my team,

686
00:32:31,360 --> 00:32:32,800
Speaker 2: to keep the lights on in my office, to pay

687
00:32:32,840 --> 00:32:35,440
Speaker 2: for my license to do all of those things. Phil,

688
00:32:35,560 --> 00:32:39,080
Speaker 2: I know this sounds really marketing, but like, because you

689
00:32:39,240 --> 00:32:42,200
Speaker 2: only do insurance. If I am listening to this and

690
00:32:42,200 --> 00:32:45,480
Speaker 2: I'm like, I can't afford to go see a financial advisor,

691
00:32:46,200 --> 00:32:48,680
Speaker 2: how much does as Skywealth's statement of advice cost for

692
00:32:48,720 --> 00:32:50,400
Speaker 2: a single and then maybe for a couple.

693
00:32:50,640 --> 00:32:53,240
Speaker 3: Yeah, So we've changed up our models slightly. So if

694
00:32:53,320 --> 00:32:57,760
Speaker 3: you are like just employed and don't have any major complexities,

695
00:32:58,280 --> 00:33:00,920
Speaker 3: then we charge three hundred and thirty dollars for an individual.

696
00:33:00,560 --> 00:33:02,800
Speaker 2: Three hundred and thirty bucks to get your advice done

697
00:33:03,000 --> 00:33:03,560
Speaker 2: just for insured.

698
00:33:03,640 --> 00:33:06,000
Speaker 3: That is, that's it. And we only do insurance. So

699
00:33:06,040 --> 00:33:08,360
Speaker 3: if someone says they've got an austrailed super but they're

700
00:33:08,400 --> 00:33:11,120
Speaker 3: looking at host plus cool, sorry, and we will we

701
00:33:11,280 --> 00:33:13,800
Speaker 3: will say hold just hold your horses. We'll look at

702
00:33:13,840 --> 00:33:16,760
Speaker 3: any insurance within a strained super. But we're not going

703
00:33:16,840 --> 00:33:18,719
Speaker 3: to tell you to go and invest your money here

704
00:33:18,840 --> 00:33:22,800
Speaker 3: or change your acid allocation. So it is very scoped advising.

705
00:33:23,120 --> 00:33:25,200
Speaker 3: The jargon that we use in I think it's.

706
00:33:25,040 --> 00:33:28,280
Speaker 2: Good because you could go to another advisor. And I

707
00:33:28,360 --> 00:33:29,880
Speaker 2: think this is why, like you and I get on

708
00:33:30,000 --> 00:33:31,800
Speaker 2: like a house on fire, but we also get on

709
00:33:32,280 --> 00:33:35,720
Speaker 2: on like a more altruistic level because if you go

710
00:33:35,800 --> 00:33:39,280
Speaker 2: and see another financial advisor for insurance only advice, I

711
00:33:39,280 --> 00:33:42,760
Speaker 2: would say minimum two thousand dollars because they honestly they

712
00:33:42,800 --> 00:33:46,040
Speaker 2: don't have the model to support going and just doing

713
00:33:46,160 --> 00:33:48,320
Speaker 2: insurance for a client. And they also kind of want

714
00:33:48,360 --> 00:33:49,880
Speaker 2: you to be a little bit scared away from that

715
00:33:49,920 --> 00:33:51,240
Speaker 2: because they don't want to do that.

716
00:33:51,360 --> 00:33:53,960
Speaker 3: Yeah, that's right, brutally on us.

717
00:33:53,960 --> 00:33:56,480
Speaker 2: Most advisors are like insurance only clients, no, thank you.

718
00:33:56,680 --> 00:33:58,600
Speaker 3: Yeah, And to be fair, we work with a lot

719
00:33:58,640 --> 00:34:01,360
Speaker 3: of those firms because they prefer to us, which is genius.

720
00:34:01,480 --> 00:34:03,719
Speaker 2: You're like, I'll just do their insurances and sample them

721
00:34:03,800 --> 00:34:04,160
Speaker 2: back to you.

722
00:34:04,360 --> 00:34:07,080
Speaker 3: Yeah, because I mean I've finished talking about our fees. Sorry,

723
00:34:07,680 --> 00:34:10,640
Speaker 3: just to touch on that, Like, let's be honest. Investments

724
00:34:10,719 --> 00:34:14,680
Speaker 3: is fun investments. This money magically increases.

725
00:34:15,440 --> 00:34:19,120
Speaker 2: Yeah, I have a whole investment masterclass, Like I'm obsessed

726
00:34:19,160 --> 00:34:22,040
Speaker 2: through that. Do you think because it magically increases this thing,

727
00:34:22,320 --> 00:34:24,680
Speaker 2: this asset interesting? How good is that?

728
00:34:25,120 --> 00:34:27,759
Speaker 3: And what we do is we help people pay money

729
00:34:27,880 --> 00:34:30,279
Speaker 3: to an insurance company or get paid from an insurance company.

730
00:34:30,280 --> 00:34:33,760
Speaker 2: I'm not gonna lie. That doesn't sounds as sexy as sexy.

731
00:34:34,680 --> 00:34:38,160
Speaker 3: So that's why I start doing it. Yeah, So just

732
00:34:38,280 --> 00:34:39,879
Speaker 3: back to our fees, So three point thirty if you're

733
00:34:39,880 --> 00:34:43,280
Speaker 3: an individual and you're just payg so you just employed

734
00:34:43,680 --> 00:34:46,319
Speaker 3: and for a couple of four hundred ninety five dollars. Now,

735
00:34:46,440 --> 00:34:49,680
Speaker 3: if someone is self employed, if they've got like defined benefits,

736
00:34:49,760 --> 00:34:52,840
Speaker 3: self managed super funny. More if they're an expat so

737
00:34:53,120 --> 00:34:55,840
Speaker 3: we help people who are living abroad get set up

738
00:34:55,880 --> 00:34:59,120
Speaker 3: insurance policies in Australia, any one of those four things,

739
00:34:59,200 --> 00:35:01,080
Speaker 3: then it's a little bit more expensive. So seven hundred

740
00:35:01,120 --> 00:35:02,600
Speaker 3: and seventy dollars for individuals, yeah.

741
00:35:02,480 --> 00:35:04,440
Speaker 2: Because you're a lance. Hundred is actually a little bit

742
00:35:04,480 --> 00:35:05,040
Speaker 2: more complex.

743
00:35:05,200 --> 00:35:08,480
Speaker 3: Yeah, and looking through profit and loss statements, it just

744
00:35:08,880 --> 00:35:12,040
Speaker 3: sounds easy, especially if you just got to like, if

745
00:35:12,080 --> 00:35:15,719
Speaker 3: you're not a simple business, it's still not because the

746
00:35:16,040 --> 00:35:18,320
Speaker 3: insurance that we can get is so much more complex.

747
00:35:18,640 --> 00:35:21,239
Speaker 3: So yeah, more complex clients have slightly high seve.

748
00:35:21,360 --> 00:35:23,160
Speaker 2: It sounds like I'm I don't know, the biggest fan

749
00:35:23,239 --> 00:35:25,760
Speaker 2: of Sky Wealth, but I literally am. Like people actually

750
00:35:25,840 --> 00:35:28,399
Speaker 2: message us on a weekly basis and they'll be like, hey,

751
00:35:28,520 --> 00:35:31,240
Speaker 2: who was that insurance dude that you mentioned on the podcast,

752
00:35:31,280 --> 00:35:33,360
Speaker 2: And I'm like, it would definitely have been Sky like

753
00:35:33,480 --> 00:35:36,200
Speaker 2: it definitely was, Phil, Like, I just am such a

754
00:35:36,320 --> 00:35:40,080
Speaker 2: fan of it because it's I guess from the flip side.

755
00:35:40,120 --> 00:35:42,680
Speaker 2: And we talked about this before. Having been an advisor,

756
00:35:42,840 --> 00:35:45,160
Speaker 2: I've seen how bad it can be, and it gives

757
00:35:45,239 --> 00:35:48,000
Speaker 2: me so much anxiety to think that my community aren't

758
00:35:48,040 --> 00:35:51,320
Speaker 2: protected or maybe they don't see the value in getting protected.

759
00:35:51,719 --> 00:35:54,440
Speaker 2: And like we live in Australia and we are so

760
00:35:54,600 --> 00:35:57,239
Speaker 2: lucky we have many care like and at the moment

761
00:35:57,360 --> 00:36:00,520
Speaker 2: we're seeing all of this stuff happening internationally, like making

762
00:36:00,880 --> 00:36:03,520
Speaker 2: decisions left right in the center. I saw TikTok the

763
00:36:03,600 --> 00:36:07,359
Speaker 2: other day, Phil, where this American mom was breaking down

764
00:36:07,719 --> 00:36:10,680
Speaker 2: her invoice for giving birth in an American hospital and

765
00:36:10,800 --> 00:36:12,759
Speaker 2: she was like, oh, it's so good because like this

766
00:36:12,960 --> 00:36:15,200
Speaker 2: is a good deal, and it was forty four thousand

767
00:36:15,640 --> 00:36:18,080
Speaker 2: dollars USD for her to give birth, and she was

768
00:36:18,160 --> 00:36:21,440
Speaker 2: going through like lin item by line item and the

769
00:36:21,600 --> 00:36:25,520
Speaker 2: comments were obviously, oh, my gosh, that's so good because

770
00:36:25,560 --> 00:36:28,240
Speaker 2: she had an American audience. Mine was sixty six thousand

771
00:36:28,360 --> 00:36:30,640
Speaker 2: and whatever. But then there were a few comments from

772
00:36:30,640 --> 00:36:33,120
Speaker 2: Australians being like, this is crazy to me because I

773
00:36:33,200 --> 00:36:36,279
Speaker 2: went through the public health system in Australia. I had

774
00:36:36,320 --> 00:36:38,160
Speaker 2: a C section, or I had a be.

775
00:36:38,280 --> 00:36:42,120
Speaker 3: Dur all, I had these daughters. We walked in, I stayed.

776
00:36:42,160 --> 00:36:45,719
Speaker 3: We had couples rooms, so I stayed over for three

777
00:36:46,200 --> 00:36:48,759
Speaker 3: little over the moment it was sleepover. We had. We

778
00:36:48,800 --> 00:36:50,320
Speaker 3: had a date night. I mean Kate, I loved, not

779
00:36:50,400 --> 00:36:51,920
Speaker 3: so much of a day night for her because she's

780
00:36:52,280 --> 00:36:53,080
Speaker 3: you had a good time.

781
00:36:53,680 --> 00:36:55,439
Speaker 2: She was along for the ride.

782
00:36:56,000 --> 00:36:58,400
Speaker 3: But you know, and then we walk out like are

783
00:36:58,440 --> 00:37:00,160
Speaker 3: we good to go have.

784
00:37:00,160 --> 00:37:03,760
Speaker 2: A good day, enjoy your new baby. It didn't Because

785
00:37:03,800 --> 00:37:06,120
Speaker 2: we live in Australia and we see these things and

786
00:37:06,239 --> 00:37:08,279
Speaker 2: we are so lucky to have these things. I think

787
00:37:08,320 --> 00:37:11,920
Speaker 2: there's an underlying assumption that when things go wrong, we

788
00:37:12,120 --> 00:37:16,239
Speaker 2: are looked after. And we are known globally as the

789
00:37:16,320 --> 00:37:20,240
Speaker 2: most underinsured country in the world, the most insured country

790
00:37:20,280 --> 00:37:22,960
Speaker 2: in the world. Feel you probably already know this is

791
00:37:23,040 --> 00:37:27,239
Speaker 2: who Oh he doesn't know this. It's South Africa. Oh yes, okay,

792
00:37:27,280 --> 00:37:30,319
Speaker 2: South Africa. They are the most insured country in the world.

793
00:37:30,400 --> 00:37:32,560
Speaker 2: And then we are the most underinsured country.

794
00:37:32,840 --> 00:37:35,840
Speaker 3: You know, Trauma insurance was invented in South Africa.

795
00:37:35,880 --> 00:37:38,640
Speaker 2: It was it was I remember going to all these

796
00:37:38,719 --> 00:37:41,279
Speaker 2: conferences and like a lot of insurance companies actually based

797
00:37:41,320 --> 00:37:44,640
Speaker 2: in South Africa, and that makes sense because it turns

798
00:37:44,680 --> 00:37:47,200
Speaker 2: out there they love it. They love it like everybody

799
00:37:47,280 --> 00:37:49,719
Speaker 2: has insurance coming out of the kazoo over there, and

800
00:37:49,800 --> 00:37:50,000
Speaker 2: it's a.

801
00:37:50,040 --> 00:37:53,200
Speaker 3: Bit of a shoe. We're right attitude, that's the issue

802
00:37:53,400 --> 00:37:56,279
Speaker 3: and coming back like this is you know, we help

803
00:37:56,320 --> 00:37:59,680
Speaker 3: people set up bills. It's an increase to someone's last

804
00:37:59,680 --> 00:38:03,040
Speaker 3: style setting up insurance. Now, the great thing that we

805
00:38:03,120 --> 00:38:05,440
Speaker 3: have in Australia is your super fun can fund a

806
00:38:05,520 --> 00:38:07,960
Speaker 3: lot of the premiums and it can be really tax effective,

807
00:38:08,120 --> 00:38:10,120
Speaker 3: so it doesn't matter if you're with a strain and

808
00:38:10,160 --> 00:38:12,960
Speaker 3: super host plus wherever. We can set up the right

809
00:38:13,080 --> 00:38:17,040
Speaker 3: insurance policy with a company without using or really what

810
00:38:17,239 --> 00:38:21,080
Speaker 3: we think is best for their clients and whoever they're

811
00:38:21,120 --> 00:38:23,080
Speaker 3: with from a super point of view, that can fund

812
00:38:23,080 --> 00:38:23,600
Speaker 3: the premiums.

813
00:38:23,760 --> 00:38:25,640
Speaker 2: Yeah, and I love that because for those of you

814
00:38:25,760 --> 00:38:28,640
Speaker 2: following along at home, the superannuation environment is taxed at

815
00:38:28,680 --> 00:38:31,279
Speaker 2: fifteen percent instead of your marginal tax rate, which most

816
00:38:31,280 --> 00:38:34,000
Speaker 2: people listening to our podcast is probably going to be

817
00:38:34,000 --> 00:38:37,919
Speaker 2: around thirty percent, which is a fifteen percent discount money win, Phiel,

818
00:38:38,440 --> 00:38:39,920
Speaker 2: we lose that. That's very sexy.

819
00:38:40,000 --> 00:38:42,839
Speaker 3: Yeah, and you pay, especially life and disability, you pay

820
00:38:42,880 --> 00:38:46,520
Speaker 3: pre tax dollars for those premiums instead of paying it out.

821
00:38:46,600 --> 00:38:49,239
Speaker 3: Like if you've set up an insurance policy directly with

822
00:38:49,280 --> 00:38:52,120
Speaker 3: an insurance provider, you almost certainly not paying it through

823
00:38:52,160 --> 00:38:54,320
Speaker 3: SUPER because most of them don't allow it. And so

824
00:38:54,360 --> 00:38:56,520
Speaker 3: you're paying tax on your income to then pay these

825
00:38:56,600 --> 00:38:59,880
Speaker 3: premiums that aren't deductible. Why don't we just paid inside?

826
00:38:59,880 --> 00:39:01,880
Speaker 3: So we've got a lot of free kicks in Australia

827
00:39:01,960 --> 00:39:04,600
Speaker 3: when it comes to personal insurance cover the means it's

828
00:39:04,640 --> 00:39:08,000
Speaker 3: really advantageous to go and see a financial advisor because

829
00:39:08,320 --> 00:39:11,440
Speaker 3: we have choice of insurer regardless of what's SUPER fun

830
00:39:11,480 --> 00:39:13,200
Speaker 3: you with. Yeah, if you're with the strained Super, you

831
00:39:13,239 --> 00:39:16,000
Speaker 3: don't have to go to TAO, which is the insurer who.

832
00:39:17,280 --> 00:39:17,440
Speaker 1: Yeah.

833
00:39:17,480 --> 00:39:19,279
Speaker 2: I think that's one of my favorite parts about it.

834
00:39:19,400 --> 00:39:21,799
Speaker 2: I'm like, yes, it might impact your day to day

835
00:39:21,960 --> 00:39:24,840
Speaker 2: income or your cash flow. And I mean, Phil, this morning,

836
00:39:24,880 --> 00:39:26,959
Speaker 2: you and I got breakfast and we were talking about

837
00:39:27,000 --> 00:39:29,000
Speaker 2: the cost of living crisis, and we're talking about how

838
00:39:29,080 --> 00:39:31,520
Speaker 2: ridiculous groceries were in all of that stuff when we

839
00:39:31,600 --> 00:39:34,879
Speaker 2: are both in financially privileged positions. But we do still

840
00:39:34,880 --> 00:39:37,160
Speaker 2: see it, Like you're dealing with clients every day who

841
00:39:37,200 --> 00:39:40,239
Speaker 2: are probably like, okay, cool, Like, let me see how

842
00:39:40,320 --> 00:39:43,040
Speaker 2: I can fit that into the budget. Because we're not

843
00:39:43,200 --> 00:39:46,279
Speaker 2: just assuming that, you know, for income protection, it might

844
00:39:46,320 --> 00:39:48,200
Speaker 2: be one thousand dollars a year, like it might be

845
00:39:48,320 --> 00:39:51,560
Speaker 2: more than that depending on your income. We're not expecting

846
00:39:51,640 --> 00:39:53,520
Speaker 2: you to just be like, oh yeah, she'll be right.

847
00:39:53,840 --> 00:39:57,280
Speaker 2: But it is something that you genuinely should be prioritizing

848
00:39:57,600 --> 00:39:59,800
Speaker 2: because it's your livelihood, it's your income. It's like the

849
00:40:00,000 --> 00:40:02,759
Speaker 2: the most important asset that you need to protect. So,

850
00:40:03,160 --> 00:40:05,080
Speaker 2: knowing that I'm running out of time with you today,

851
00:40:05,480 --> 00:40:08,000
Speaker 2: I want to know, is there like a golden rule

852
00:40:08,160 --> 00:40:10,719
Speaker 2: for deciding if insurance is kind of worth it for

853
00:40:10,880 --> 00:40:11,320
Speaker 2: you or not?

854
00:40:11,960 --> 00:40:14,400
Speaker 3: The kind of analogy I love because we've got a

855
00:40:14,680 --> 00:40:16,879
Speaker 3: lot of young team members coming into our business. All

856
00:40:16,960 --> 00:40:19,120
Speaker 3: of them tell me I'm young, I don't need insurance,

857
00:40:19,920 --> 00:40:23,279
Speaker 3: and I get on my The ones that have been

858
00:40:23,280 --> 00:40:26,560
Speaker 3: around for a bit longer, and when a newer person comes,

859
00:40:26,640 --> 00:40:28,879
Speaker 3: they're just like, I'm going to fill up for this round.

860
00:40:29,080 --> 00:40:31,239
Speaker 3: Yeah yeah. So the thing I like to think about is,

861
00:40:31,520 --> 00:40:34,640
Speaker 3: take your income, whatever it is, big, small, doesn't matter.

862
00:40:34,840 --> 00:40:37,600
Speaker 3: Take your income. Work out how old you are, so

863
00:40:37,760 --> 00:40:41,040
Speaker 3: go age sixty five minus my current age, yeah, whatever

864
00:40:41,120 --> 00:40:44,080
Speaker 3: that may be. Go your income times that number. Yeah,

865
00:40:44,160 --> 00:40:46,960
Speaker 3: so how many years until retirement my current today income?

866
00:40:47,200 --> 00:40:50,240
Speaker 3: Assuming it's not going to increase, If it's a million dollars,

867
00:40:50,360 --> 00:40:53,200
Speaker 3: it could be three million dollars. That's without any increase,

868
00:40:53,320 --> 00:40:55,880
Speaker 3: without any promotions. And think about if I had a

869
00:40:55,960 --> 00:40:58,680
Speaker 3: Ferrari that cost me three million dollars and I was

870
00:40:58,760 --> 00:41:02,560
Speaker 3: driving it every single day. Would I say, I'm young,

871
00:41:02,640 --> 00:41:04,239
Speaker 3: I'm a good driver, I don't need to ensure it.

872
00:41:05,480 --> 00:41:07,920
Speaker 3: Or would I go, that's a three million dollar Ferrari.

873
00:41:08,760 --> 00:41:11,600
Speaker 3: If if that crashes or if there's an issue, even

874
00:41:11,719 --> 00:41:12,840
Speaker 3: too scared to drive it.

875
00:41:12,920 --> 00:41:14,960
Speaker 2: If it's on insurance, I wouldn't drive it at all.

876
00:41:15,200 --> 00:41:17,200
Speaker 2: Like if someone said, do you want to drive my Ferrari,

877
00:41:17,600 --> 00:41:19,879
Speaker 2: I'd first say no because I'm too scared to drive

878
00:41:19,960 --> 00:41:22,840
Speaker 2: your Ferrari. But second, the next question would be that

879
00:41:22,960 --> 00:41:26,160
Speaker 2: it's insured, right, Like if I crash your Ferrari? Like

880
00:41:26,520 --> 00:41:28,960
Speaker 2: are you coverage for this? You're good? You're good, But

881
00:41:29,080 --> 00:41:31,200
Speaker 2: you don't ask that when you go skydiving, do you?

882
00:41:31,480 --> 00:41:33,640
Speaker 3: Yeah? And that's what and we don't ask it every

883
00:41:33,719 --> 00:41:37,640
Speaker 3: time we go out to work, because like the biggest

884
00:41:37,680 --> 00:41:39,800
Speaker 3: claim at the moment and the biggest cost for insurance

885
00:41:39,840 --> 00:41:42,200
Speaker 3: is mental health. Yes, and mental health. We're in an

886
00:41:42,680 --> 00:41:46,279
Speaker 3: absolute epidemic for mental health conditions, and so that's the

887
00:41:46,400 --> 00:41:50,680
Speaker 3: thing of going we aren't you know, life is fragile.

888
00:41:51,560 --> 00:41:54,719
Speaker 3: You know there are things that can happen, and we

889
00:41:54,840 --> 00:41:57,759
Speaker 3: are driving around Ferraris in our bodies. Doesn't matter how

890
00:41:57,800 --> 00:42:00,120
Speaker 3: big or small air income is. If you're young, you're

891
00:42:00,160 --> 00:42:03,279
Speaker 3: driving around a Ferrari. Now insure that Ferrari. That's the

892
00:42:03,440 --> 00:42:05,799
Speaker 3: most important insurance. And that's why you know you've kicked

893
00:42:05,840 --> 00:42:07,759
Speaker 3: us off with saying income protection is most important. And

894
00:42:07,840 --> 00:42:09,480
Speaker 3: I fundamentally agree that that is.

895
00:42:09,640 --> 00:42:11,400
Speaker 2: I'm a on the same page because we could have

896
00:42:11,440 --> 00:42:13,920
Speaker 2: just made this whole episode a little argument like and

897
00:42:14,000 --> 00:42:16,960
Speaker 2: that wouldn't have been nearly as in life community. Yeah,

898
00:42:17,000 --> 00:42:19,440
Speaker 2: I mean that's fine, But like, I think that is

899
00:42:19,520 --> 00:42:21,960
Speaker 2: so important and I haven't thought about it in the

900
00:42:22,000 --> 00:42:25,120
Speaker 2: Ferrari analogy. I'm always like, you're insuring your car, but

901
00:42:25,200 --> 00:42:27,319
Speaker 2: you're definitely not insuring your life. Like I think you've

902
00:42:27,320 --> 00:42:29,880
Speaker 2: got it backwards. But like the idea that we're all

903
00:42:30,000 --> 00:42:33,960
Speaker 2: mini ferraris absolutely I love that for us we are expensive,

904
00:42:34,080 --> 00:42:34,640
Speaker 2: we are worth it.

905
00:42:34,800 --> 00:42:36,399
Speaker 3: Like, I didn't even know if Ferrari's at three million

906
00:42:36,400 --> 00:42:38,200
Speaker 3: dollars none, I don't know what. I personally never looked

907
00:42:38,200 --> 00:42:38,800
Speaker 3: into a Ferrari.

908
00:42:38,840 --> 00:42:42,000
Speaker 2: I haven't either, but that at the moment is the

909
00:42:42,040 --> 00:42:44,320
Speaker 2: most expensive car I can think of. Yeah, like, I

910
00:42:44,360 --> 00:42:45,200
Speaker 2: can't think of anything.

911
00:42:45,560 --> 00:42:45,840
Speaker 3: You know what.

912
00:42:45,920 --> 00:42:47,640
Speaker 2: There are people that are going to be screaming right

913
00:42:47,680 --> 00:42:49,960
Speaker 2: now in their cars, being like Victoria.

914
00:42:49,719 --> 00:42:53,799
Speaker 3: This, McLaren, this, this is mor guy.

915
00:42:53,920 --> 00:42:56,120
Speaker 2: Well, neither am I and I think that that's probably

916
00:42:56,400 --> 00:42:58,839
Speaker 2: a really good place to leave it. Phil. I need

917
00:42:58,920 --> 00:43:01,360
Speaker 2: to update my insurance so we might get onto that.

918
00:43:01,719 --> 00:43:03,400
Speaker 2: Thank you so much for coming on the show. It

919
00:43:03,480 --> 00:43:05,279
Speaker 2: is always a pleasure, And to be honest, I just

920
00:43:05,360 --> 00:43:07,840
Speaker 2: feel like you really do help make this stuff a

921
00:43:07,960 --> 00:43:09,560
Speaker 2: whole heapless, overwhelming.

922
00:43:11,200 --> 00:43:11,920
Speaker 3: Oh, thank for having me.

923
00:43:12,040 --> 00:43:12,680
Speaker 2: Thanks for having me.

924
00:43:12,800 --> 00:43:16,320
Speaker 3: Victoria, Hey, VD, thank you so much for having me.

925
00:43:17,920 --> 00:43:19,160
Speaker 3: You're not having that edited out.

926
00:43:19,320 --> 00:43:20,200
Speaker 2: One of the joys of.

927
00:43:20,239 --> 00:43:22,200
Speaker 3: My life is being able to spend Tommy. Actually, I

928
00:43:22,320 --> 00:43:24,399
Speaker 3: was singing this on the way in here. This will

929
00:43:24,400 --> 00:43:26,640
Speaker 3: get a lettered out, I'm sure. Is The older I get,

930
00:43:27,160 --> 00:43:30,279
Speaker 3: the more I appreciate long term relationships, so I appreciate you.

931
00:43:30,520 --> 00:43:32,400
Speaker 2: No, I'm not editing that out because it strokes my

932
00:43:32,480 --> 00:43:35,239
Speaker 2: ego in exactly the right way. I appreciate it. Guys,

933
00:43:35,320 --> 00:43:37,279
Speaker 2: if this episode has made you think twice about what

934
00:43:37,400 --> 00:43:40,360
Speaker 2: you're paying for or what you're not covered for, consider

935
00:43:40,440 --> 00:43:42,839
Speaker 2: this your reminder to do a little life admin check

936
00:43:42,920 --> 00:43:45,320
Speaker 2: in your future. Self is definitely going to thank you

937
00:43:45,440 --> 00:43:47,400
Speaker 2: for it, And if you haven't already, make sure that

938
00:43:47,400 --> 00:43:49,879
Speaker 2: you're following She's on the Money wherever you're listening right

939
00:43:49,960 --> 00:43:53,280
Speaker 2: now so you don't miss the next episode. All information

940
00:43:53,560 --> 00:43:55,520
Speaker 2: about our friend Phil and sky wealth is going to

941
00:43:55,520 --> 00:43:57,960
Speaker 2: be able to be found in our show notes, so

942
00:43:58,040 --> 00:43:59,400
Speaker 2: if you want to talk to this guy, you can

943
00:43:59,520 --> 00:44:00,680
Speaker 2: hit him up asap.

944
00:44:07,120 --> 00:44:09,640
Speaker 4: The advice shared on She's on the Money is general

945
00:44:09,719 --> 00:44:13,560
Speaker 4: in nature and does not consider your individual circumstances. She's

946
00:44:13,600 --> 00:44:17,040
Speaker 4: on the Money exists purely for educational purposes and should

947
00:44:17,080 --> 00:44:20,240
Speaker 4: not be relied upon to make an investment or financial decision.

948
00:44:20,640 --> 00:44:23,080
Speaker 4: If you do choose to buy a financial product, read

949
00:44:23,120 --> 00:44:27,240
Speaker 4: the PDS TMD and obtain appropriate financial advice tailored towards

950
00:44:27,280 --> 00:44:30,560
Speaker 4: your needs. Victoria Divine and She's on the Money. Are

951
00:44:30,640 --> 00:44:35,600
Speaker 4: authorized representatives of money. Sheper pty Ltd ABN three two

952
00:44:35,719 --> 00:44:38,680
Speaker 4: one IS six four nine two seven seven zero eight

953
00:44:39,000 --> 00:44:41,520
Speaker 4: AFSL four five one two eight nine