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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr

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Speaker 1: the Order Kernye Whoalbury and a waddery woman. And before

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Speaker 1: we get started on She's on the Money podcast, I

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Speaker 1: would like to acknowledge the traditional custodians of the land

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Speaker 1: of which this podcast is recorded on a wondery country,

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Speaker 1: acknowledging the elders, the ancestors and the next generation coming

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Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing

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Speaker 1: and the storytelling of you to make a difference for

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Speaker 1: today and lasting impact for tomorrow.

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Speaker 2: Let's get into it.

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Speaker 3: 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: Millennials who want Financial Freedom. Welcome back to another one

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Speaker 2: of our Wednesday deep dive episodes where I'm usually joined

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Speaker 2: by miss becksay Ed, but there's a different guy in

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Speaker 2: front of me today, Mister Phil Thompson. What gives you

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Speaker 2: the audacity to think that you should be on cheese

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Speaker 2: on the money?

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Speaker 4: I'm beck to, Oh God, you've got.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Speaker 2: You're not the guy.

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

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

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

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Speaker 4: about the level of cover.

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

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

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

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

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

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

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

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

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

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Speaker 4: At the end of the day, insurance costs money, so

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

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

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

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

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

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

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

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

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

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

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

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

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

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Speaker 4: out early.

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

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

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

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

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Speaker 2: like the people in this room.

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Speaker 4: Right now maybe have favorite type and skegs.

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

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

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

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

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

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

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

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

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

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Speaker 4: Yeah, income protection is the most important because your incomes

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Speaker 4: are the most important. When everyone thinks about their financial

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Speaker 4: goals and objectives that they want to achieve, they need

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Speaker 4: their income to be able to achieve it, and so

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Speaker 4: we need to be able to protect that income if

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Speaker 4: something bad happened. So a lot of super cover will

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Speaker 4: cover up to two years. And so what that means

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Speaker 4: is if you're injured, ill, sick, can't work for most reasons,

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Speaker 4: then you'll get paid a monthly payment from the insurance

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Speaker 4: provider after that initial waiting period, so you've got to

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Speaker 4: wait a certain amount of time. So it's kind of

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Speaker 4: like car insurance excess. You've got to pay a certain

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Speaker 4: amount with car insurance excess. So that's the waiting period.

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Speaker 4: For that waiting period, you get your monthly payment until

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Speaker 4: you're back at work. So if you're only out of

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Speaker 4: work for six months, then the payments stop once you're

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Speaker 4: back at work. If you can't ever work again, then

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Speaker 4: you'll get paid or up until the benefit period. So

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Speaker 4: most super funds will have a benefit period of only

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Speaker 4: two years, but you can get income protection with a

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Speaker 4: benefit period till age sixty five.

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

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

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

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Speaker 4: Then.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Speaker 2: income is essentially equivalent to seniling. I totally understand why

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

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

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Speaker 2: have income protection in your circumstance?

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

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

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

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

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

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

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

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

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

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

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

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

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Speaker 4: level of cover for your income.

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

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

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Speaker 2: ah younger, and so I actually set up my income

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Speaker 2: protection when I was fit and healthy and hadn't had

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

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

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

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

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

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

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Speaker 2: and talk about income protection?

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

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

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

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

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

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

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

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

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

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

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

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

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

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Speaker 4: That loss of income is actually much greater. So when

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Speaker 4: we're talking specifically income protection. The earlier the better. When

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

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

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

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Speaker 4: the earlier the better.

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

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

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

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

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

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

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Speaker 2: you have an income, it is a no brainer to

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

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

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

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

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

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

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

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

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

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

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

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

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Speaker 2: in the entire world. Yes, it's a lot of money,

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

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

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

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

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

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Speaker 2: the car A payments are unobtainable, You're not able to

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Speaker 2: keep that, you have to move back in with mum

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Speaker 2: and dad, you have to change your lifestyle significantly. And

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Speaker 2: while yes most claims are under two years, if they aren't,

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

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

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

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

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

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

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

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

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

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

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Speaker 2: basically have to be centrally. Can I just go from

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

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

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Speaker 2: it's a situation I didn't technically have to put myself in.

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Speaker 2: So I'm wildly passionate about it, mainly because I'm very

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

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

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

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

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

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Speaker 4: yourself still be eligible for a claim of fair income protection.

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Speaker 4: You can be at home looking after the kids and

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Speaker 4: you know, pull your back because you're playing with the

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Speaker 4: kids like I do every second week.

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

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Speaker 4: Can claim when you're income protection. So with the income protection,

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Speaker 4: not like work cover, work cover, you need to prove

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Speaker 4: that it was a workplace injury before you'll get paid

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Speaker 4: any work cover income protection. It really doesn't matter how

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Speaker 4: it happened or what happened. It's just a matter of

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Speaker 4: can you work or not. If you can't work and

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Speaker 4: you meet the definitions of the policy, then you get

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Speaker 4: paid out income protection.

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

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

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

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

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

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

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Speaker 2: now a friend because I've exited the industry. But just

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

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

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

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

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

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

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

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

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

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

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

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

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Speaker 2: I said, happy like her guy, he got hit by

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Speaker 2: a literal bus and broke his pelvis in like four

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Speaker 2: different places. Couldn't go to work, you know, had a

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Speaker 2: whole heap of other broken bones as well, but in

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Speaker 2: addition to that, had a whole heap of spinal injuries

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Speaker 2: that needed long term support for and he's still on

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Speaker 2: income protection because he cannot go back to work. He

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Speaker 2: was a chippy. What are you going to do at

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Speaker 2: work if you've broken all of your bones and you

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Speaker 2: know you can't stand prolonged periods of time. He could

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Speaker 2: like that?

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

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Speaker 4: thought it happened. We've got you know, a lady who

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Speaker 4: is thirty four had breast cancer four months after her

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

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Speaker 4: was arming and Ring and I looked back. We'd spent

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

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

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Speaker 4: she was arming, and Ring finally went ahead and said, oh,

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

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

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

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

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

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

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

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

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

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

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

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

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Speaker 4: a terminal illness claim for his life policy, so he

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

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

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Speaker 4: paid out early while he's still around. And for him

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

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

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

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Speaker 4: bank account before he passes away.

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Speaker 2: He knows, he knows.

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Speaker 4: They're going to be comfortable financially and not struggle because

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

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

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

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Speaker 4: been working together for eight.

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Speaker 2: Years and this happens right, like, and he.

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

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

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

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

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

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

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

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

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Speaker 4: it's about strucking that balance which in a level of

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

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

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

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

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Speaker 4: out and it's my massive difference for his.

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Speaker 2: Family that actually kills me. You have been a financial

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

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

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

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Speaker 2: decided to delve just straight into insurance.

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Speaker 4: Yeah, twenty twenty.

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

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

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

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

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

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Speaker 2: I just remember going, you're insane, Like you know, I

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Speaker 2: at the time was a holistic financial advisor, and I

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Speaker 2: was like, I really, you know, like being able to

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Speaker 2: provide the value to the client, to be financial advice

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Speaker 2: when it comes to investment and insurance and then their

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Speaker 2: savings and goals. And now I look at it and go, Victoria,

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

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

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Speaker 2: just looking at you know, investment, which, to be honest,

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Speaker 2: if you're a financial advisor, that often takes up a

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Speaker 2: lot of time, and you know, I'm not throwing other

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Speaker 2: financial advisors under a bus because that was me as well.

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Speaker 2: But often if you're a financial advisor that does investment

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Speaker 2: insurance and you know budget, cash flow, goal, savings and superannuation,

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

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

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00:17:24,880 --> 00:17:27,679
Speaker 2: client needs that, will get it away. But I'm excited

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Speaker 2: about the investment side of things. So as much as

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

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Speaker 2: it every day, you're not in the trenches every single

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

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Speaker 2: business model and my client's experiences, because when I exited

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Speaker 2: the industry, I did handball a lot of people over

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

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Speaker 2: really well because I'm legally not allowed to anymore, and

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Speaker 2: even our community coming back and being like, oh my gosh,

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Speaker 2: I'm so glad I spoke to Phil's team. Talk to

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Speaker 2: me about why you made that choice, but also why

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Speaker 2: it's important that you've made that choice, especially because not

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00:18:03,800 --> 00:18:06,960
Speaker 2: everybody knows this, but the industry has changed so much

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Speaker 2: since then.

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Speaker 4: Yeah, it's a good question, just from a business point

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Speaker 4: of view, the way you do this. Financial advisors on

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

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

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Speaker 4: be and if everyone's getting out but the need is still.

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Speaker 2: There or being wrongs in your head, or you're really smart.

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Speaker 2: Turns out he was really smart.

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Speaker 4: Guys not too sure. We're still undecided about that. So

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

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Speaker 4: insurance is still there and is growing. We're getting wealthier,

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Speaker 4: so they need to protect that wealth is getting more.

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

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Speaker 4: advice firms and advisors, and we refer a lot of

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Speaker 4: business to do it exactly. And so the reason I

394
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Speaker 4: made that choice is because I feel like, unfortunately, financial

395
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Speaker 4: advice is very expensive for holistic advice, so focusing on

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00:18:52,320 --> 00:18:55,960
Speaker 4: one area of the advice need, we can help our

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

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

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Speaker 4: and a holistic plan can cost. You know, there was

400
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Speaker 4: a point where, you know, we had to change five

401
00:19:07,560 --> 00:19:10,080
Speaker 4: fair thousand dollars for an upfront plan for holy time,

402
00:19:10,119 --> 00:19:10,560
Speaker 4: That's what.

403
00:19:10,440 --> 00:19:12,240
Speaker 2: I used to do. So I remember I would talk

404
00:19:12,240 --> 00:19:13,800
Speaker 2: to people and be like, oh yeah, and like my

405
00:19:13,920 --> 00:19:16,920
Speaker 2: standard fee for completely holistic advice was about six and

406
00:19:16,960 --> 00:19:19,879
Speaker 2: a half thousand dollars, right, And you put that number

407
00:19:19,880 --> 00:19:23,560
Speaker 2: on the table and it terrifies people, especially my community

408
00:19:23,760 --> 00:19:27,320
Speaker 2: who were often starting with Lukvi. I've saved my first

409
00:19:27,359 --> 00:19:29,960
Speaker 2: five grand and really excited to get into investing and

410
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Speaker 2: creating wealth for myself, and I'd often have to say, please,

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Speaker 2: don't come and see me then like, and I think

412
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Speaker 2: that's one of the reasons I exited the industry because

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Speaker 2: I was like, I'm not able to have the impact

414
00:19:40,359 --> 00:19:42,560
Speaker 2: that I want to have. But when you break it

415
00:19:42,600 --> 00:19:45,480
Speaker 2: down with how much time is spent on crafting a

416
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Speaker 2: plan and doing research and the compliance these days, to

417
00:19:49,680 --> 00:19:52,280
Speaker 2: me is insane, Like I feel like I fell in

418
00:19:52,320 --> 00:19:54,560
Speaker 2: the same form, five different places to go to, five

419
00:19:54,600 --> 00:19:56,760
Speaker 2: different people to make sure that you are putting the

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Speaker 2: client in the right position. And please don't get me wrong,

421
00:19:59,480 --> 00:20:02,320
Speaker 2: it's a centin sure, like after the Royal Commission, all

422
00:20:02,359 --> 00:20:05,280
Speaker 2: of these things make sense. But then you're spending an

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Speaker 2: hour in a meeting with a client for which fil

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00:20:07,480 --> 00:20:09,680
Speaker 2: you would understand this too. Then you spend an hour

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Speaker 2: writing notes of what happened in the meeting because you

426
00:20:12,359 --> 00:20:14,960
Speaker 2: have to file note it and when it comes out

427
00:20:15,000 --> 00:20:17,480
Speaker 2: in the wash, there's not a lot of profit there

428
00:20:17,560 --> 00:20:20,760
Speaker 2: because you're paying your admin staff, you're paying your power planners,

429
00:20:20,760 --> 00:20:24,119
Speaker 2: you're paying for you know, your overheads. Even a financial

430
00:20:24,160 --> 00:20:28,840
Speaker 2: services license just to cool yourself a financial advisor is insane, Like,

431
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Speaker 2: you know, I'm happy to talk about it, but my

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00:20:31,200 --> 00:20:35,320
Speaker 2: financial services license historically has cost a minimum of fifty

433
00:20:35,359 --> 00:20:36,480
Speaker 2: thousand dollars a year.

434
00:20:36,560 --> 00:20:37,640
Speaker 4: And then on top of.

435
00:20:37,560 --> 00:20:42,159
Speaker 2: That, my licensee was taking five percent of whatever I made.

436
00:20:42,440 --> 00:20:45,160
Speaker 2: And that's normal, Like, that's actually a pretty good deal.

437
00:20:45,359 --> 00:20:46,800
Speaker 2: Like if you look at it, you go, yeah, all right,

438
00:20:46,840 --> 00:20:49,000
Speaker 2: well that makes sense. Usually it caps out at the

439
00:20:49,040 --> 00:20:52,280
Speaker 2: first million dollars you make. That is not the reality

440
00:20:52,320 --> 00:20:54,840
Speaker 2: for most advisors. But you go, oh, okay, no worries.

441
00:20:54,920 --> 00:20:56,800
Speaker 2: That makes sense because they do do a really good

442
00:20:56,880 --> 00:20:59,240
Speaker 2: job when it comes to making sure that your client

443
00:20:59,320 --> 00:21:02,040
Speaker 2: is protected all of that overhead.

444
00:21:02,600 --> 00:21:04,600
Speaker 4: It's not a lot of profit exactly. And when you

445
00:21:04,640 --> 00:21:06,760
Speaker 4: talk about a five thousand dollars plan for the average

446
00:21:06,760 --> 00:21:10,440
Speaker 4: Australian where the business itself isn't making much money, it

447
00:21:10,480 --> 00:21:12,960
Speaker 4: doesn't work that well. You know, I grew up in

448
00:21:12,960 --> 00:21:16,720
Speaker 4: a very middle class Australia and I'm passionate about, you know,

449
00:21:16,760 --> 00:21:20,359
Speaker 4: the everyday Austraian getting advice. The difficulty with it getting

450
00:21:20,400 --> 00:21:23,640
Speaker 4: holistic advice is it's too expensive. So what I decided

451
00:21:23,640 --> 00:21:26,680
Speaker 4: to do is I will help people make an informed

452
00:21:26,680 --> 00:21:30,200
Speaker 4: decision about one financial product, which is insurance. Now we

453
00:21:30,320 --> 00:21:32,879
Speaker 4: charge three hundred and thirty dollars for individuals and four

454
00:21:32,960 --> 00:21:35,560
Speaker 4: ninety fives for couple, so it is much lower than

455
00:21:35,640 --> 00:21:37,919
Speaker 4: Holy shit, it's not six and a half grand. No,

456
00:21:38,119 --> 00:21:39,919
Speaker 4: I'll charge you six and a half grand if you

457
00:21:39,960 --> 00:21:43,240
Speaker 4: are probably have. The reason we can make it much

458
00:21:43,240 --> 00:21:46,000
Speaker 4: more affordable is because there is commissions on the insurance products.

459
00:21:46,080 --> 00:21:48,440
Speaker 4: So when we set up the insurance, we get paid

460
00:21:48,440 --> 00:21:51,480
Speaker 4: a commission from the insurance provider. Now it's all standardized

461
00:21:51,560 --> 00:21:53,760
Speaker 4: in terms of the commission rate, and you know it

462
00:21:53,800 --> 00:21:56,159
Speaker 4: was actually before the Royal Commission there was changes with

463
00:21:56,200 --> 00:21:58,199
Speaker 4: the commission rate, so it's all standardized. So whether we

464
00:21:58,240 --> 00:21:59,800
Speaker 4: go with you know, one insure or the other.

465
00:22:00,119 --> 00:22:03,800
Speaker 2: Yeah, there's no actual financial incentive anymore. Because don't get

466
00:22:03,800 --> 00:22:06,120
Speaker 2: me wrong. If people are like there is, I'd be like, yeah,

467
00:22:06,160 --> 00:22:09,280
Speaker 2: there used to be. There is now no financial incentive

468
00:22:09,560 --> 00:22:12,359
Speaker 2: to pick you know, one path over AIA, like it

469
00:22:12,400 --> 00:22:15,120
Speaker 2: doesn't actually matter, which I know most of the good

470
00:22:15,160 --> 00:22:18,000
Speaker 2: advisors never cared about to begin with, because that wouldn't

471
00:22:18,040 --> 00:22:20,600
Speaker 2: have been the ethical thing to do. However, it does

472
00:22:20,640 --> 00:22:23,239
Speaker 2: put the consumer in the best possible position to go.

473
00:22:23,520 --> 00:22:25,399
Speaker 2: I know, Phil can't take me for a ride because

474
00:22:25,440 --> 00:22:26,639
Speaker 2: it's literally illegal.

475
00:22:26,840 --> 00:22:29,480
Speaker 4: Yeah. Correct, So that's kind of why we went to

476
00:22:29,600 --> 00:22:32,359
Speaker 4: insurance only because I'm very passionate about helping everyone. We

477
00:22:32,400 --> 00:22:34,520
Speaker 4: want to make advice really simple, we want to make

478
00:22:34,560 --> 00:22:37,000
Speaker 4: it affordable. That's kind of our mission at Sky. So

479
00:22:37,080 --> 00:22:39,560
Speaker 4: that's why I went to insurance. It made up a

480
00:22:39,600 --> 00:22:41,720
Speaker 4: really small portion of our business. I kind of dabbled

481
00:22:42,160 --> 00:22:44,720
Speaker 4: since going there. It's so much more complicated than I

482
00:22:44,720 --> 00:22:48,320
Speaker 4: ever thought. I thought it was simple, a level of

483
00:22:48,400 --> 00:22:51,439
Speaker 4: Carba picking. It is your own happy days, and you know,

484
00:22:51,640 --> 00:22:54,440
Speaker 4: getting into it specializing, you learn how much more complicated

485
00:22:54,480 --> 00:22:56,520
Speaker 4: it actually is. So you know, what we do is

486
00:22:56,520 --> 00:22:59,679
Speaker 4: we pair the insurance provider with the clients based on

487
00:22:59,720 --> 00:23:03,200
Speaker 4: their personal medical history. So insurers, you'll get three different

488
00:23:03,200 --> 00:23:06,240
Speaker 4: insurance companies will provide us what's called a pre assessment,

489
00:23:06,320 --> 00:23:08,640
Speaker 4: so we get some medical information up front, we send

490
00:23:08,640 --> 00:23:10,600
Speaker 4: it to insurers and say how would you assess a

491
00:23:10,600 --> 00:23:13,400
Speaker 4: potential application? And they come back. One says we'll put

492
00:23:13,400 --> 00:23:16,280
Speaker 4: an exclusion for this, one says what's called standard rates,

493
00:23:16,320 --> 00:23:18,679
Speaker 4: so no exclusions are loading. And another will say that

494
00:23:18,680 --> 00:23:20,639
Speaker 4: they're going to put a loading on the premium, so

495
00:23:20,760 --> 00:23:23,680
Speaker 4: charge more for that premium. And so we'll then go, okay,

496
00:23:23,720 --> 00:23:25,520
Speaker 4: let's look at the premiums and maybe the one with

497
00:23:25,600 --> 00:23:28,399
Speaker 4: standard rates their base rate is more expensive, but it

498
00:23:28,400 --> 00:23:30,520
Speaker 4: doesn't have an exclusion, and it's you know, we're not

499
00:23:30,560 --> 00:23:34,320
Speaker 4: factoring that loading, and so that's the insurance provider we're

500
00:23:34,320 --> 00:23:36,600
Speaker 4: going to recommend for our clients. So we provide that

501
00:23:36,640 --> 00:23:38,960
Speaker 4: we do all the research in terms of our process,

502
00:23:39,240 --> 00:23:42,159
Speaker 4: but we make that assessment on which insurance provider we

503
00:23:42,280 --> 00:23:44,760
Speaker 4: make an assessment and a recommendation on the level of cover,

504
00:23:45,040 --> 00:23:47,640
Speaker 4: and then we discuss the premiums, how to fund the premiums.

505
00:23:47,680 --> 00:23:49,760
Speaker 4: Can you pay for the premiums from your super fund?

506
00:23:49,800 --> 00:23:52,000
Speaker 4: How much is coming from your bank account? And then

507
00:23:52,040 --> 00:23:54,040
Speaker 4: we talk about a mix of it comes up with

508
00:23:54,040 --> 00:23:56,080
Speaker 4: these premiums, do we need to make any adjustments? And

509
00:23:56,080 --> 00:23:58,480
Speaker 4: then we go from an application and we apply for

510
00:23:58,520 --> 00:23:59,280
Speaker 4: the cover from there.

511
00:23:59,600 --> 00:24:02,639
Speaker 2: Yeah, it's a lot more complex. I remember at the

512
00:24:02,800 --> 00:24:06,199
Speaker 2: end of my financial advice career, I was talking to

513
00:24:06,240 --> 00:24:09,080
Speaker 2: you so often. I was like, I'm done, I can't

514
00:24:09,119 --> 00:24:12,080
Speaker 2: do this, Like there's just so many changes and so

515
00:24:12,200 --> 00:24:14,959
Speaker 2: many hoops and so many things to get through. And

516
00:24:15,000 --> 00:24:18,600
Speaker 2: I think that insurance over the last ten years has

517
00:24:18,640 --> 00:24:22,400
Speaker 2: really i would say, knuckled down even on just exclusions

518
00:24:22,400 --> 00:24:24,600
Speaker 2: and what they will and won't accept. And I'm seeing

519
00:24:24,720 --> 00:24:26,960
Speaker 2: a lot was seeing, and I'm sure you're seeing now

520
00:24:27,320 --> 00:24:29,879
Speaker 2: a lot of people in circumstances where they actually just

521
00:24:29,920 --> 00:24:34,080
Speaker 2: can't get cover because they have experienced significant health issues

522
00:24:34,119 --> 00:24:37,320
Speaker 2: along the way, and the insurer is actually doing what's

523
00:24:37,320 --> 00:24:39,760
Speaker 2: best for the insurer. They're not trying to crucify you,

524
00:24:39,800 --> 00:24:42,440
Speaker 2: they're not trying to be rude, they're not discriminating. They're

525
00:24:42,480 --> 00:24:44,840
Speaker 2: just going, hey, Phil, well, actually you've had all these

526
00:24:44,880 --> 00:24:48,959
Speaker 2: health conditions and the reality of the circumstance is that

527
00:24:49,080 --> 00:24:51,480
Speaker 2: you're probably going to get more and it's not a

528
00:24:51,600 --> 00:24:54,200
Speaker 2: very good business decision for our insurance company to then

529
00:24:54,400 --> 00:24:56,520
Speaker 2: offer you cover because we're going to pay through the

530
00:24:56,560 --> 00:24:59,600
Speaker 2: nose for this. Like they're managing their risk and assessing

531
00:24:59,600 --> 00:25:02,920
Speaker 2: that that's what their job is, to assess risk, make

532
00:25:02,960 --> 00:25:06,080
Speaker 2: sure that they're ensuring people that hopefully aren't going to

533
00:25:06,160 --> 00:25:10,520
Speaker 2: get sick. But if that comes up, then they're like, yeah, okay,

534
00:25:10,640 --> 00:25:13,560
Speaker 2: fair game, no worries, we'll absolutely pay out on that.

535
00:25:13,880 --> 00:25:17,480
Speaker 2: But I think there's this misconception that if we go

536
00:25:17,680 --> 00:25:19,960
Speaker 2: and say, well I want personal insurance, you will be

537
00:25:20,000 --> 00:25:22,240
Speaker 2: able to get it. How often are you having a

538
00:25:22,280 --> 00:25:25,439
Speaker 2: conversation with people where you go, look, you could probably

539
00:25:25,440 --> 00:25:27,679
Speaker 2: get this insurance and we could probably set up some

540
00:25:27,760 --> 00:25:31,240
Speaker 2: life but like your income protection might be more impacted

541
00:25:31,359 --> 00:25:33,840
Speaker 2: than not. What does that look like? Because I feel

542
00:25:33,880 --> 00:25:36,000
Speaker 2: like a few people in our community have had that

543
00:25:36,080 --> 00:25:38,320
Speaker 2: question recently where they're like, well, I went to see

544
00:25:38,320 --> 00:25:40,919
Speaker 2: an advisor. Obviously it wasn't you feel but I went

545
00:25:40,960 --> 00:25:42,800
Speaker 2: to see an advisor and they said that I couldn't

546
00:25:42,840 --> 00:25:44,560
Speaker 2: get covered, and I just think that's a joke, and

547
00:25:44,560 --> 00:25:47,160
Speaker 2: you go, oh, like, actually they were probably right.

548
00:25:47,400 --> 00:25:49,440
Speaker 4: Yeah, yeah, So I mean there's a few things there.

549
00:25:49,520 --> 00:25:52,720
Speaker 4: So how often do we see people get certain covers

550
00:25:52,760 --> 00:25:55,399
Speaker 4: and not other covers? Yet we see it sometimes, but

551
00:25:55,480 --> 00:25:58,040
Speaker 4: we work with all insurers, so you know, sometimes one

552
00:25:58,080 --> 00:26:01,160
Speaker 4: insurance company will say no, but five others will say yes.

553
00:26:01,240 --> 00:26:03,520
Speaker 4: So that's kind of sometimes. We see it a lot

554
00:26:03,560 --> 00:26:05,600
Speaker 4: with our clients when they go to their super fun

555
00:26:05,720 --> 00:26:07,520
Speaker 4: and they say, hey, can I get covered? And they

556
00:26:07,520 --> 00:26:10,320
Speaker 4: get decliented and they think that's the rule across the insurance.

557
00:26:10,359 --> 00:26:11,439
Speaker 2: I just can't get insured.

558
00:26:11,480 --> 00:26:13,320
Speaker 4: Now I can't get it anymore because my super fund

559
00:26:13,359 --> 00:26:16,120
Speaker 4: said no. Well, the issue is the super Fun only

560
00:26:16,119 --> 00:26:19,639
Speaker 4: works with one insurance company, so that one insurance company

561
00:26:19,640 --> 00:26:22,119
Speaker 4: has made an assessment that they're not offering cover, but

562
00:26:22,600 --> 00:26:26,240
Speaker 4: there's plenty others, well, not plenty, there are some others.

563
00:26:25,880 --> 00:26:29,920
Speaker 4: Others aren't that many film yeah, and some others may

564
00:26:30,000 --> 00:26:32,520
Speaker 4: be willing to accept their isk. So our job is

565
00:26:32,560 --> 00:26:35,040
Speaker 4: we work with all the insurers. So we say, well,

566
00:26:35,080 --> 00:26:37,840
Speaker 4: these four insurance companies are going to say no, but

567
00:26:38,000 --> 00:26:40,360
Speaker 4: these two will say yes. And then from these two,

568
00:26:40,720 --> 00:26:42,280
Speaker 4: let's look at, okay, which one do we think is

569
00:26:42,280 --> 00:26:44,440
Speaker 4: a better contract, which is price better, and then we'll

570
00:26:44,520 --> 00:26:49,040
Speaker 4: make a recommendation. But life insurance and trauma insurance generally

571
00:26:49,080 --> 00:26:52,840
Speaker 4: get a very similar assessment. Income protection and disability will

572
00:26:52,840 --> 00:26:55,000
Speaker 4: also get the same assessment, so you may get an

573
00:26:55,320 --> 00:27:00,320
Speaker 4: exclusion on income protection and disability or TPD that life

574
00:27:00,320 --> 00:27:02,640
Speaker 4: insurance doesn't have. So a very common one is mental

575
00:27:02,640 --> 00:27:05,679
Speaker 4: health exclusion. So income protection and disability will have a

576
00:27:05,680 --> 00:27:08,600
Speaker 4: mental health exclusion, but your life insurance and trauma policy

577
00:27:08,680 --> 00:27:11,479
Speaker 4: won't have that exclusion. And we walk that through in

578
00:27:11,520 --> 00:27:13,959
Speaker 4: our advice where we say, hey, this is what the

579
00:27:14,080 --> 00:27:16,320
Speaker 4: likely terms will be. Now we haven't applied for the cover,

580
00:27:16,440 --> 00:27:18,359
Speaker 4: so it could come back as a different outcome. It

581
00:27:18,400 --> 00:27:20,399
Speaker 4: could be better, it could be worse, but this is

582
00:27:20,400 --> 00:27:24,639
Speaker 4: what we expect exclusions on income protection, disability and maybe

583
00:27:24,680 --> 00:27:27,080
Speaker 4: standard rates on life insurance and trauma.

584
00:27:27,200 --> 00:27:30,520
Speaker 2: Yeah, and I think the extra value there is you

585
00:27:30,640 --> 00:27:33,840
Speaker 2: have that relationship with those insurers. So if you're with

586
00:27:33,920 --> 00:27:37,520
Speaker 2: a client, say they are potentially going to get a

587
00:27:37,840 --> 00:27:41,280
Speaker 2: mental health exclusion, before even submitting it, you have the

588
00:27:41,320 --> 00:27:43,679
Speaker 2: ability to call up and have a chat and go, look,

589
00:27:43,720 --> 00:27:47,320
Speaker 2: what's the likelihood of this, Because no financial advisor ever

590
00:27:47,359 --> 00:27:50,280
Speaker 2: wants to submit an application that gets declined because that

591
00:27:50,359 --> 00:27:52,679
Speaker 2: will show up on the client's history and even in

592
00:27:52,800 --> 00:27:56,359
Speaker 2: future when you're writing out your next fact find with

593
00:27:56,400 --> 00:27:59,720
Speaker 2: a financial advisor to get insurance again with a different provider,

594
00:28:00,080 --> 00:28:03,399
Speaker 2: you have to disclose if you've ever been denied insurance before.

595
00:28:03,720 --> 00:28:06,760
Speaker 2: So often financial advisors, if there is the chance of

596
00:28:06,800 --> 00:28:09,640
Speaker 2: having an exclusion, will be really hands on to make

597
00:28:09,680 --> 00:28:13,800
Speaker 2: sure that if for any chance it's going to be declined,

598
00:28:14,000 --> 00:28:15,920
Speaker 2: they know beforehand. So we hear you know what, Let's

599
00:28:16,000 --> 00:28:18,880
Speaker 2: just withdraw that, not have a decline on your history,

600
00:28:19,119 --> 00:28:21,280
Speaker 2: and find another way to make this work and make

601
00:28:21,359 --> 00:28:26,080
Speaker 2: this happen. You just mentioned life cover, TBD and trauma insurance,

602
00:28:26,320 --> 00:28:28,520
Speaker 2: So let's go to a really quick break because I

603
00:28:28,520 --> 00:28:31,000
Speaker 2: feel like we've gone really deep really quickly on income

604
00:28:31,040 --> 00:28:33,880
Speaker 2: protection and why insurance and why you do what you do.

605
00:28:34,160 --> 00:28:36,280
Speaker 2: And on the flip side, let's go over why you'd

606
00:28:36,320 --> 00:28:39,360
Speaker 2: have life cover, what TBD actually is, and what the

607
00:28:39,440 --> 00:28:43,120
Speaker 2: difference between TBD and trauma insurance is. So guys, don't

608
00:28:43,120 --> 00:28:51,800
Speaker 2: go anywhere, all right, Phil, We are back, and I

609
00:28:51,880 --> 00:28:55,560
Speaker 2: feel like all of these personal insurances get lumped into one.

610
00:28:55,720 --> 00:28:57,640
Speaker 2: Sometimes you go, do you have insurance? Yeah, I've got

611
00:28:57,680 --> 00:29:00,880
Speaker 2: it through super What have you got through? And then

612
00:29:00,920 --> 00:29:03,280
Speaker 2: you find out more often than not, they just have

613
00:29:03,440 --> 00:29:07,280
Speaker 2: a really low level of life insurance, not usually trauma

614
00:29:07,320 --> 00:29:10,520
Speaker 2: insurance because that's held outside of superannuation. They might have

615
00:29:10,600 --> 00:29:14,080
Speaker 2: some TPD with really hard to claim benefits and maybe

616
00:29:14,120 --> 00:29:17,840
Speaker 2: a two year income protection policy. So let's start here

617
00:29:17,880 --> 00:29:20,480
Speaker 2: because I know this is kind of like the easiest

618
00:29:20,600 --> 00:29:24,560
Speaker 2: to talk about insurance policy. What's life insurance?

619
00:29:24,840 --> 00:29:27,600
Speaker 4: Well, life insurance is just a lump sum payment if

620
00:29:27,600 --> 00:29:29,800
Speaker 4: you pass away, and that gets paid out to your

621
00:29:29,920 --> 00:29:33,680
Speaker 4: estate or to know whoever you nominate to be a beneficiary.

622
00:29:34,200 --> 00:29:36,440
Speaker 4: What if I'm not married, Well, it'll get paid out

623
00:29:36,440 --> 00:29:40,240
Speaker 4: to your state, so your state will then determine who

624
00:29:40,240 --> 00:29:41,880
Speaker 4: gets it. So if you're not married, you don't have

625
00:29:41,880 --> 00:29:44,400
Speaker 4: a partner, then your parents will generally get it unless

626
00:29:44,400 --> 00:29:46,360
Speaker 4: you will dictates somewhere else.

627
00:29:46,400 --> 00:29:49,360
Speaker 2: And if I'm looking at life insurance and I am

628
00:29:49,560 --> 00:29:53,040
Speaker 2: twenty one still live at home, where's the value in

629
00:29:53,080 --> 00:29:56,280
Speaker 2: that versus I'm thirty five, I have two kids and

630
00:29:56,320 --> 00:29:59,280
Speaker 2: a mortgage, So like, how do we assess how much

631
00:29:59,320 --> 00:30:01,840
Speaker 2: life insurance need? Because I think my life's worth heaps,

632
00:30:02,000 --> 00:30:04,840
Speaker 2: so I just want the most amount of life insurance.

633
00:30:05,000 --> 00:30:06,600
Speaker 4: Well you can really at the end of the day,

634
00:30:06,600 --> 00:30:08,960
Speaker 4: there's no one stopping you from getting life insurance.

635
00:30:10,040 --> 00:30:11,760
Speaker 2: More for me, that's weird.

636
00:30:13,120 --> 00:30:16,320
Speaker 4: Well, I mean it's really a personal preference. But life

637
00:30:16,320 --> 00:30:18,160
Speaker 4: insurance for that twenty one year old living at home,

638
00:30:18,240 --> 00:30:21,560
Speaker 4: maybe there isn't a need. But sometimes, and actually quite often,

639
00:30:21,640 --> 00:30:24,120
Speaker 4: what we see is adding life insurance brings the overall

640
00:30:24,160 --> 00:30:26,640
Speaker 4: costs down because you group them all together. There's like

641
00:30:26,720 --> 00:30:30,000
Speaker 4: grouping discounts. Often it costs less to have life insurance

642
00:30:30,000 --> 00:30:32,320
Speaker 4: than it doesn't have it. So often we are telling

643
00:30:32,360 --> 00:30:33,920
Speaker 4: that twenty nine year old have a million dollars of

644
00:30:34,000 --> 00:30:37,040
Speaker 4: life cover because we think you need the disability cover

645
00:30:37,080 --> 00:30:39,520
Speaker 4: of a million and it's going to save your overall

646
00:30:39,600 --> 00:30:41,680
Speaker 4: having it, So we don't think you need it, but

647
00:30:41,880 --> 00:30:44,120
Speaker 4: have it anyway. Here's all the numbers and will prove

648
00:30:44,200 --> 00:30:44,920
Speaker 4: that it's cheaper.

649
00:30:45,160 --> 00:30:48,200
Speaker 2: Yeah, and I like that part of the process as well.

650
00:30:48,240 --> 00:30:50,080
Speaker 2: I used to get a lot of enjoyment out of

651
00:30:50,440 --> 00:30:52,880
Speaker 2: really getting my client to understand why I'm making the

652
00:30:52,920 --> 00:30:56,600
Speaker 2: decisions I'm making, because there's literally nothing worse than thinking

653
00:30:56,640 --> 00:30:59,240
Speaker 2: that your client might go to a barbecue be like, oh, yeah,

654
00:30:59,280 --> 00:31:01,480
Speaker 2: I got my insurance is sorted. I'm a big dog,

655
00:31:01,560 --> 00:31:04,720
Speaker 2: like it's all sorted now, like best ever, and their

656
00:31:04,720 --> 00:31:07,000
Speaker 2: mate goes, oh, what ones did you get? They go, oh, yeah,

657
00:31:07,000 --> 00:31:09,120
Speaker 2: I got a million in life cover, And then all

658
00:31:09,160 --> 00:31:10,880
Speaker 2: of a sudden, their mate's like, you don't need a

659
00:31:10,920 --> 00:31:14,800
Speaker 2: million in life cover, Like that's ridiculous, Rah. The important

660
00:31:14,800 --> 00:31:17,880
Speaker 2: thing about advice is also educating your client to understand

661
00:31:17,920 --> 00:31:19,920
Speaker 2: will actually I have it for a good reason. It's

662
00:31:19,960 --> 00:31:22,440
Speaker 2: not because you know, I need a million dollars if

663
00:31:22,480 --> 00:31:26,200
Speaker 2: I pass away. It's because ABCD and E. The other

664
00:31:26,280 --> 00:31:29,200
Speaker 2: thing I like about life cover obviously I'm entering a

665
00:31:29,240 --> 00:31:31,680
Speaker 2: new stage of life now I'm about to have a baby,

666
00:31:31,720 --> 00:31:34,720
Speaker 2: which is crazy. I now have mortgages that I didn't

667
00:31:34,760 --> 00:31:36,880
Speaker 2: have when Phil you set up all of my insurances

668
00:31:36,920 --> 00:31:39,720
Speaker 2: to begin with, and we are going through the process.

669
00:31:39,360 --> 00:31:39,840
Speaker 4: At the moment.

670
00:31:40,240 --> 00:31:42,400
Speaker 2: By going through the process, I mean I have been

671
00:31:42,440 --> 00:31:46,160
Speaker 2: avoiding Phil's emails for the last six months, but we're

672
00:31:46,200 --> 00:31:48,560
Speaker 2: going through the process at the moment of increasing my

673
00:31:48,680 --> 00:31:52,280
Speaker 2: husband's and my life insurance and income protection and trauma

674
00:31:52,320 --> 00:31:55,560
Speaker 2: and all of that fun stuff. But my I guess

675
00:31:55,600 --> 00:32:00,640
Speaker 2: responsibilities are much higher now. But also a commonversation that

676
00:32:00,720 --> 00:32:03,800
Speaker 2: I like having around life insurance is really that legacy

677
00:32:03,880 --> 00:32:08,320
Speaker 2: piece and going well, Actually, I can leave my family

678
00:32:08,360 --> 00:32:10,440
Speaker 2: and my friends and you know, the world in an

679
00:32:10,480 --> 00:32:14,800
Speaker 2: even better place than it was beforehand. What does that

680
00:32:14,840 --> 00:32:17,560
Speaker 2: look like? Are these conversations that you're having with clients

681
00:32:17,600 --> 00:32:19,360
Speaker 2: often or is it just me because I'm a little

682
00:32:19,400 --> 00:32:20,760
Speaker 2: bit hippidipy in.

683
00:32:20,760 --> 00:32:23,880
Speaker 4: Terms of legacy? Yeah, yeah, I mean it's something I

684
00:32:23,920 --> 00:32:27,240
Speaker 4: haven't factored in too much. For me. Life insurance is just,

685
00:32:27,400 --> 00:32:29,400
Speaker 4: as you said, a hygiene factor. If you've got kids,

686
00:32:29,440 --> 00:32:34,440
Speaker 4: you got a mortgage, it's kind it's cheap comparative, it's

687
00:32:34,440 --> 00:32:36,560
Speaker 4: probably the cheapest insurance you'll ever have in your life.

688
00:32:36,800 --> 00:32:39,680
Speaker 4: So it's comparatively cheap, and it just makes sense if

689
00:32:39,680 --> 00:32:41,200
Speaker 4: you got a mortgage you've got kids, it's kind of

690
00:32:41,200 --> 00:32:43,280
Speaker 4: a no brainer. But in terms of that legacy, it's

691
00:32:43,320 --> 00:32:46,600
Speaker 4: probably something I'll have more conversations these days, because, as

692
00:32:46,640 --> 00:32:48,120
Speaker 4: I said, at the start of this year, I met

693
00:32:48,160 --> 00:32:51,280
Speaker 4: with a friend who's about to pass away, and it

694
00:32:51,360 --> 00:32:53,240
Speaker 4: was so important for him to have a legacy for

695
00:32:53,280 --> 00:32:56,880
Speaker 4: his boys. He was allocating his super balance into a

696
00:32:56,880 --> 00:32:59,920
Speaker 4: trust fund for his boys, and the insurance payment was

697
00:33:00,080 --> 00:33:03,000
Speaker 4: for his wife to pay off the mortgage and to

698
00:33:03,600 --> 00:33:07,840
Speaker 4: afford the lifestyle of being without him. So historically, I'm

699
00:33:07,920 --> 00:33:10,640
Speaker 4: very pragmatic. It just makes sense. This is the game.

700
00:33:10,680 --> 00:33:12,120
Speaker 2: I'm very black and white as well.

701
00:33:12,120 --> 00:33:14,560
Speaker 4: It's very it makes sense. Just do it well.

702
00:33:14,600 --> 00:33:16,560
Speaker 2: It makes sense. But then also if you want to

703
00:33:16,600 --> 00:33:19,720
Speaker 2: take it a step further, like hypothetically something happens to me,

704
00:33:20,400 --> 00:33:23,959
Speaker 2: I don't want to leave Steve with a mortgage that

705
00:33:24,280 --> 00:33:26,720
Speaker 2: is going to be really hard to pay off because

706
00:33:26,800 --> 00:33:29,200
Speaker 2: right now we're a jewel income household. You know, we

707
00:33:29,280 --> 00:33:31,600
Speaker 2: both contribute to this. I don't want to leave him

708
00:33:31,600 --> 00:33:34,880
Speaker 2: with a child that he goes far out, like daycare

709
00:33:34,920 --> 00:33:37,040
Speaker 2: is so expensive, but I need to go to work

710
00:33:37,080 --> 00:33:39,040
Speaker 2: to provide for this family. But if I stay home,

711
00:33:39,120 --> 00:33:43,560
Speaker 2: like I don't want to leave this situation won't ever

712
00:33:43,600 --> 00:33:46,160
Speaker 2: be by choice, but if I hypothetically did leave the

713
00:33:46,200 --> 00:33:49,040
Speaker 2: situation yesterday, I want him to be able to be

714
00:33:49,720 --> 00:33:53,600
Speaker 2: as successful and thrive as much as possible after I'm

715
00:33:53,640 --> 00:33:56,800
Speaker 2: not there, Whereas if I didn't have this insurance, my

716
00:33:56,920 --> 00:33:59,960
Speaker 2: husband would probably have to sell the house, probably change

717
00:34:00,080 --> 00:34:02,720
Speaker 2: all of our plans around what education looks like, about

718
00:34:02,720 --> 00:34:04,520
Speaker 2: where we want to live, about what we want to do,

719
00:34:05,000 --> 00:34:08,680
Speaker 2: and make his life significantly harder. It's obviously going to

720
00:34:08,719 --> 00:34:12,960
Speaker 2: be the hardest ever not having me on top of that,

721
00:34:13,160 --> 00:34:15,240
Speaker 2: it's just kind of like the peace of mind knowing

722
00:34:15,800 --> 00:34:18,600
Speaker 2: he would not have to stress about the financial aspect

723
00:34:18,640 --> 00:34:20,520
Speaker 2: of it. And if I can't be there, at least

724
00:34:20,520 --> 00:34:23,960
Speaker 2: I've provided that. So I think for me that's really important.

725
00:34:23,960 --> 00:34:26,200
Speaker 2: And legacy, you know, it doesn't come in the form

726
00:34:26,239 --> 00:34:28,120
Speaker 2: of like, oh, I feel I need a million dollars

727
00:34:28,120 --> 00:34:30,200
Speaker 2: worth of cover because I want a whole heap of

728
00:34:30,200 --> 00:34:32,279
Speaker 2: this money to go to the Lost Dogs Home. It's

729
00:34:32,320 --> 00:34:35,760
Speaker 2: actually I want to leave a legacy where my children

730
00:34:35,800 --> 00:34:38,080
Speaker 2: and my family know that I looked after them even

731
00:34:38,120 --> 00:34:40,160
Speaker 2: when I couldn't be present, And I think that that's

732
00:34:40,200 --> 00:34:44,279
Speaker 2: a really cool part of the to me life insurance conversation.

733
00:34:44,640 --> 00:34:46,359
Speaker 4: Yeah, and the other thing to note, you know, as

734
00:34:46,400 --> 00:34:49,400
Speaker 4: you talked about you and Steve are contributing, you know,

735
00:34:49,440 --> 00:34:52,600
Speaker 4: collectively financially to the household. But something I just want

736
00:34:52,600 --> 00:34:55,759
Speaker 4: to call out is if you're not equally contributing financially

737
00:34:55,800 --> 00:34:58,800
Speaker 4: to the household, doesn't mean there's no need for life insurance. Exactly.

738
00:34:59,320 --> 00:35:01,600
Speaker 2: You brought this, We're screwed without it.

739
00:35:01,719 --> 00:35:05,040
Speaker 4: We're increasing her life insurance at the moment because if

740
00:35:05,080 --> 00:35:08,919
Speaker 4: I didn't have cage, like she went overseas for two

741
00:35:08,960 --> 00:35:11,200
Speaker 4: and a half weeks last year and it was chaos.

742
00:35:11,560 --> 00:35:13,080
Speaker 4: Me and the girls had a joke about all the

743
00:35:13,160 --> 00:35:15,319
Speaker 4: dad fails I did the first day I left, you know,

744
00:35:15,520 --> 00:35:17,319
Speaker 4: the lunch box at home for our youngest and so

745
00:35:17,320 --> 00:35:19,400
Speaker 4: I've got a call from the school saying, hey, kids

746
00:35:19,880 --> 00:35:22,640
Speaker 4: does no Yeah, Harbor's got no food, And I'm like, okay, cool,

747
00:35:22,680 --> 00:35:26,279
Speaker 4: I better go and do that. Just the chaos that

748
00:35:26,280 --> 00:35:28,640
Speaker 4: that was for two and a half weeks, and there

749
00:35:28,719 --> 00:35:32,840
Speaker 4: was no emotional baggage, you know, I was, You're just

750
00:35:32,880 --> 00:35:35,840
Speaker 4: happy she was having a good time. But if she

751
00:35:35,960 --> 00:35:39,560
Speaker 4: passed away, like we would have those dad fails times

752
00:35:39,600 --> 00:35:42,319
Speaker 4: a million. And so it's not just about oh, we're

753
00:35:42,320 --> 00:35:45,879
Speaker 4: both financially contributing, Like it doesn't matter about the financial contributions.

754
00:35:45,920 --> 00:35:49,440
Speaker 4: Life insurance is incredibly important and if not more important

755
00:35:49,719 --> 00:35:52,640
Speaker 4: for someone who is, know, for my case, looking after

756
00:35:52,640 --> 00:35:56,200
Speaker 4: the girls full time. We're literally going through increasing Kate's cabar, and.

757
00:35:56,280 --> 00:35:59,200
Speaker 2: For good reason, because she does six million things that

758
00:35:59,239 --> 00:36:01,400
Speaker 2: you do not make. Friend and I used to have

759
00:36:01,440 --> 00:36:04,879
Speaker 2: these conversations where couples would come to me and they

760
00:36:05,360 --> 00:36:08,280
Speaker 2: came to me with the I guess aim of getting

761
00:36:08,320 --> 00:36:12,640
Speaker 2: their husbands or the primary income earners income protection insuranceinforced.

762
00:36:13,120 --> 00:36:15,120
Speaker 2: And you'd go, all right, well that makes sense, let's

763
00:36:15,120 --> 00:36:17,080
Speaker 2: have that conversation. And you'd kind of then turn your

764
00:36:17,120 --> 00:36:18,759
Speaker 2: chair around and be like, and what about you? And

765
00:36:18,760 --> 00:36:20,520
Speaker 2: they'd be like, oh, no, I don't work. It's all good,

766
00:36:20,560 --> 00:36:24,520
Speaker 2: and I'd be like, sorry, I'm pretty sure, don't mean

767
00:36:24,560 --> 00:36:27,919
Speaker 2: to be rude. Person who's primary income earner, you're more

768
00:36:27,960 --> 00:36:31,480
Speaker 2: expensive to replace than them, because like if the primary

769
00:36:31,520 --> 00:36:33,279
Speaker 2: income earner, and please don't get me wrong, like this

770
00:36:33,320 --> 00:36:37,040
Speaker 2: isn't a conversation about household chores and the division of

771
00:36:37,120 --> 00:36:39,600
Speaker 2: labor and all of that. It's not actually about that.

772
00:36:40,040 --> 00:36:42,799
Speaker 2: But if you're in a circumstance where you do have

773
00:36:42,920 --> 00:36:46,520
Speaker 2: someone at home. They're the taxi driver, they're the chef,

774
00:36:46,600 --> 00:36:49,120
Speaker 2: they are the housekeeper, they are the educator, they are

775
00:36:49,160 --> 00:36:52,359
Speaker 2: the childcare they are they're literally everything under the sun.

776
00:36:52,800 --> 00:36:55,760
Speaker 2: And for you to replace that person is I promise

777
00:36:55,840 --> 00:36:59,239
Speaker 2: way more than usually what the primary bread winner's income is.

778
00:36:59,480 --> 00:37:01,640
Speaker 2: And that's why I look at it and go TPD

779
00:37:02,000 --> 00:37:06,480
Speaker 2: trauma insurance. Life insurance for that person is really important. Obviously,

780
00:37:06,480 --> 00:37:08,759
Speaker 2: if they don't have an income to protect, you're not

781
00:37:08,800 --> 00:37:11,560
Speaker 2: going to be able to protect that. But ensuring them

782
00:37:11,560 --> 00:37:15,839
Speaker 2: in every other way is so essential because it's going

783
00:37:15,880 --> 00:37:18,480
Speaker 2: to keep your life on a pathway that you choose.

784
00:37:18,880 --> 00:37:20,840
Speaker 2: If something that you choose not to happen.

785
00:37:20,600 --> 00:37:23,879
Speaker 4: Happens, that's right. And for the main income or they've

786
00:37:23,880 --> 00:37:26,680
Speaker 4: got income protection to carry a lot of the load

787
00:37:26,760 --> 00:37:29,080
Speaker 4: for that loss of income. But if you're not working

788
00:37:29,400 --> 00:37:31,520
Speaker 4: and you're not earning an income, you can't get income protection.

789
00:37:31,600 --> 00:37:34,719
Speaker 4: So that's why these lumps some covers so live TVD trauma,

790
00:37:34,760 --> 00:37:37,920
Speaker 4: they're so much more important for that non working partner

791
00:37:38,400 --> 00:37:40,120
Speaker 4: because there's no income protection.

792
00:37:40,400 --> 00:37:43,560
Speaker 2: Yeah, exactly. All right, let's talk about TPD insurance that

793
00:37:43,719 --> 00:37:46,719
Speaker 2: is total and permanent disability. What is it, Phil? Why

794
00:37:46,719 --> 00:37:47,359
Speaker 2: would I get it?

795
00:37:47,719 --> 00:37:50,080
Speaker 4: So? If you're totally and permanently disabled, So if you

796
00:37:50,200 --> 00:37:55,120
Speaker 4: cannot work ever again because of anything health, mental health,

797
00:37:55,239 --> 00:37:57,920
Speaker 4: you know, physical health, like any reason you cannot return

798
00:37:57,960 --> 00:38:00,600
Speaker 4: to work, you will get paid a lumps So it's

799
00:38:00,640 --> 00:38:02,759
Speaker 4: just a once off payment that you'll get paid. There

800
00:38:02,760 --> 00:38:05,640
Speaker 4: are some TVD policies that are paid over six years,

801
00:38:05,680 --> 00:38:08,239
Speaker 4: and they're becoming a bit more popular these days. Some

802
00:38:08,280 --> 00:38:10,719
Speaker 4: super funds have that. I personally don't love it, but

803
00:38:10,880 --> 00:38:12,719
Speaker 4: it's just a once off payment which is just a

804
00:38:12,800 --> 00:38:14,640
Speaker 4: lump sum payment, and we normally pair that with a

805
00:38:14,680 --> 00:38:15,400
Speaker 4: life insurance.

806
00:38:15,920 --> 00:38:19,200
Speaker 2: That actually reminds me of the conversation I had last

807
00:38:19,280 --> 00:38:22,080
Speaker 2: year on the podcast with my friend Rianne and Tracy

808
00:38:22,480 --> 00:38:25,480
Speaker 2: And if you haven't listened to that. She has an Instagram,

809
00:38:25,520 --> 00:38:28,399
Speaker 2: She is an influencer, she like is a coach, she

810
00:38:28,600 --> 00:38:31,760
Speaker 2: like does a whole heap of inclusion modeling and also

811
00:38:31,840 --> 00:38:36,399
Speaker 2: has her own rehab facility because Phil TLDR. She went

812
00:38:36,560 --> 00:38:40,040
Speaker 2: overseas with her mum to Bali when she was much younger,

813
00:38:40,080 --> 00:38:42,680
Speaker 2: I think she was twenty. She dove into a pool

814
00:38:42,840 --> 00:38:46,200
Speaker 2: in Ballei brokenneck and she is now a wheelchair bound

815
00:38:46,400 --> 00:38:48,919
Speaker 2: and unable to walk, unable to do all of those

816
00:38:48,960 --> 00:38:51,360
Speaker 2: things that a twenty year old should have been able

817
00:38:51,400 --> 00:38:55,280
Speaker 2: to do. And she had insurance, but she didn't have much.

818
00:38:55,440 --> 00:38:59,560
Speaker 2: And she spoke about the ongoing cost of what her

819
00:38:59,560 --> 00:39:02,799
Speaker 2: disapate costs her, and she's like, even if I had

820
00:39:02,840 --> 00:39:08,520
Speaker 2: top level cover, like, my disability over my lifetime calculated

821
00:39:08,560 --> 00:39:12,120
Speaker 2: out will cost me eleven million dollars because all the

822
00:39:12,160 --> 00:39:14,799
Speaker 2: things that need to happen in and around like even

823
00:39:14,800 --> 00:39:17,600
Speaker 2: her wheelchairs, and you know, accommodations that needed to be

824
00:39:17,640 --> 00:39:20,239
Speaker 2: made to her home, and you know, doorways that need

825
00:39:20,280 --> 00:39:22,200
Speaker 2: to be wide enough and ramps and all of those

826
00:39:22,200 --> 00:39:26,080
Speaker 2: things that need to be taken into consideration. That's what

827
00:39:26,120 --> 00:39:28,360
Speaker 2: you're kind of talking about when it comes to total

828
00:39:28,360 --> 00:39:31,920
Speaker 2: and permanent disability, making sure that you've got the cash

829
00:39:31,960 --> 00:39:35,000
Speaker 2: to make you comfortable as well as you know, pay

830
00:39:35,040 --> 00:39:37,040
Speaker 2: for care and make sure that all of that is

831
00:39:37,080 --> 00:39:40,160
Speaker 2: well and good. But to me, I just remember being

832
00:39:40,200 --> 00:39:43,600
Speaker 2: like it what like she calculated out on the podcast,

833
00:39:43,760 --> 00:39:46,319
Speaker 2: feel what it costs for her to go to the

834
00:39:46,320 --> 00:39:49,640
Speaker 2: bathroom each year? Yes, you listen to it, and I

835
00:39:49,719 --> 00:39:51,359
Speaker 2: just remember being like, what do you mean? It costs

836
00:39:51,360 --> 00:39:53,399
Speaker 2: more than eighty thousand dollars a year, and she's like, well,

837
00:39:53,880 --> 00:39:56,640
Speaker 2: that's just what it costs in catheters and you know,

838
00:39:57,120 --> 00:39:59,880
Speaker 2: support for me to actually just go to the bathroom

839
00:40:00,040 --> 00:40:04,759
Speaker 2: and I just go, holy snapping ducks, Like that's so expensive.

840
00:40:04,760 --> 00:40:06,719
Speaker 2: But these are things that if you've never been through it,

841
00:40:06,719 --> 00:40:08,480
Speaker 2: you don't think about. Why would you think about that?

842
00:40:08,520 --> 00:40:08,800
Speaker 4: Phil?

843
00:40:09,040 --> 00:40:11,040
Speaker 2: So I think that this is where it's important to

844
00:40:11,200 --> 00:40:14,320
Speaker 2: have something like TPD and to have that in force,

845
00:40:14,719 --> 00:40:17,080
Speaker 2: because it's just going to help so much with those

846
00:40:17,120 --> 00:40:21,399
Speaker 2: rehabilitation and living costs that are essential. Like you don't

847
00:40:21,400 --> 00:40:23,880
Speaker 2: have a choice. If you're in a wheelchair, you're not

848
00:40:23,920 --> 00:40:27,120
Speaker 2: going upstairs. Who's paying for that ramp? It's not someone's

849
00:40:27,160 --> 00:40:30,200
Speaker 2: going to come around and build it because they're nice. Unfortunately,

850
00:40:30,960 --> 00:40:33,080
Speaker 2: the last type of insurance we're going to talk about

851
00:40:33,120 --> 00:40:35,759
Speaker 2: today is trauma insurance. And I do feel like this

852
00:40:35,800 --> 00:40:39,040
Speaker 2: one sometimes just gets overlooked. Often people like, oh, it's

853
00:40:39,080 --> 00:40:42,359
Speaker 2: just another insurance, feel like it's not that important. Why

854
00:40:42,400 --> 00:40:44,799
Speaker 2: is it important? Why do I have so much of it?

855
00:40:45,040 --> 00:40:48,759
Speaker 4: Trauma is for specific medical events, so it's got nothing

856
00:40:48,760 --> 00:40:50,520
Speaker 4: to do with whe you can work or not. It's

857
00:40:50,560 --> 00:40:52,480
Speaker 4: got nothing to do with whether you pass away or not.

858
00:40:52,560 --> 00:40:55,200
Speaker 4: It's specific medical events and they're all listed out in

859
00:40:55,239 --> 00:40:58,359
Speaker 4: the contract. But the major ones are cancer that makes

860
00:40:58,440 --> 00:41:01,200
Speaker 4: up majority of all claims. Is can My sister in

861
00:41:01,280 --> 00:41:03,359
Speaker 4: law had bow cancer a few years ago, you know,

862
00:41:03,400 --> 00:41:05,000
Speaker 4: one in eight people. And then when I went to

863
00:41:05,040 --> 00:41:07,680
Speaker 4: the doctors, I saw the sign because you know, I

864
00:41:07,680 --> 00:41:10,000
Speaker 4: had bow cancer in my family, and I saw one

865
00:41:10,040 --> 00:41:12,239
Speaker 4: in eight people will have bow cancer in Australia. I'm like,

866
00:41:12,400 --> 00:41:13,280
Speaker 4: that is insane.

867
00:41:13,480 --> 00:41:14,800
Speaker 2: And so actually.

868
00:41:14,840 --> 00:41:17,400
Speaker 4: Cancer is the major one paid out of this thing

869
00:41:17,440 --> 00:41:20,200
Speaker 4: is like heart attack, strokes, MS. You know, there's a

870
00:41:20,200 --> 00:41:23,560
Speaker 4: whole bunch of conditions that's listed on trauma or critical illness,

871
00:41:24,000 --> 00:41:26,560
Speaker 4: and that for me is kind of the second most important,

872
00:41:26,680 --> 00:41:29,200
Speaker 4: depending on life stage and everything. Life insurance is very important.

873
00:41:29,239 --> 00:41:31,520
Speaker 4: Income protection is my number one. Trauma was kind of

874
00:41:31,520 --> 00:41:34,320
Speaker 4: my number two because it is the most claimed on

875
00:41:34,440 --> 00:41:38,760
Speaker 4: after income protection. And it's so important because, as I said,

876
00:41:38,760 --> 00:41:41,919
Speaker 4: my good mate who had pancreated cancer, super healthy forty

877
00:41:41,960 --> 00:41:44,560
Speaker 4: two years old, nothing was ever going to happen to him,

878
00:41:44,760 --> 00:41:46,839
Speaker 4: and he had blood tests for months and months and months.

879
00:41:46,920 --> 00:41:48,839
Speaker 4: He knew something was wrong, but it just couldn't work

880
00:41:48,840 --> 00:41:52,680
Speaker 4: it out. What was the doctors like your hypochondriacing, how.

881
00:41:52,600 --> 00:41:54,560
Speaker 2: On top of it he was, and that then he

882
00:41:54,719 --> 00:41:57,120
Speaker 2: still got the worst possible ality.

883
00:41:56,920 --> 00:41:59,840
Speaker 4: And he found out stage four pancreatic cancer after spending

884
00:42:00,239 --> 00:42:03,239
Speaker 4: nine months of blood tests, going, I know something's going on.

885
00:42:03,560 --> 00:42:05,960
Speaker 4: So that for him he was able to get paid

886
00:42:06,040 --> 00:42:08,440
Speaker 4: out a trauma claim because he had a trauma insurance.

887
00:42:08,680 --> 00:42:10,960
Speaker 4: We've got clients that I talked about with four months

888
00:42:11,000 --> 00:42:13,720
Speaker 4: after the policy was inforced found out she had breast cancer.

889
00:42:14,080 --> 00:42:16,359
Speaker 4: There is not anyone in Australia who doesn't have an

890
00:42:16,360 --> 00:42:19,719
Speaker 4: experience with cancer in their family or friends, and so

891
00:42:19,800 --> 00:42:22,600
Speaker 4: we all have experiences with these medical events that will

892
00:42:22,600 --> 00:42:25,560
Speaker 4: pay out on trauma. Trauma just can't be paid from

893
00:42:25,600 --> 00:42:27,880
Speaker 4: by your super. So most people think I've got insurance

894
00:42:27,880 --> 00:42:30,800
Speaker 4: sorted out. My super's got it covered for trauma. You

895
00:42:30,920 --> 00:42:32,840
Speaker 4: super will never have it because it just can't.

896
00:42:33,160 --> 00:42:37,040
Speaker 2: Everybody assumes that when you are getting your personal insurance

897
00:42:37,040 --> 00:42:39,400
Speaker 2: has set up, you can hold them all within super,

898
00:42:39,719 --> 00:42:43,160
Speaker 2: and that's just not the case. It's interesting as well

899
00:42:43,160 --> 00:42:46,080
Speaker 2: because I feel like trauma sometimes with clients and I

900
00:42:46,120 --> 00:42:48,319
Speaker 2: don't know if you found this, but I did. When

901
00:42:48,360 --> 00:42:51,239
Speaker 2: I was an advisor, you'd sit down with clients, maybe

902
00:42:51,239 --> 00:42:53,680
Speaker 2: you hadn't heard from them many year and you'd finally

903
00:42:53,680 --> 00:42:55,319
Speaker 2: have your like and your catch up and you'd be like,

904
00:42:55,360 --> 00:42:57,800
Speaker 2: how are you what's been going on? Like what's changed?

905
00:42:58,160 --> 00:43:00,279
Speaker 2: And they go, oh, not much. They like, you know,

906
00:43:00,400 --> 00:43:02,719
Speaker 2: we've moved or we've done this or that. Oh yeah,

907
00:43:02,760 --> 00:43:05,200
Speaker 2: and you know Bill had a melanoma cut out and

908
00:43:05,200 --> 00:43:08,120
Speaker 2: you go, wait what, Oh yeah, it's fine, like you know,

909
00:43:08,320 --> 00:43:10,000
Speaker 2: they caught it. They did a little bit of this

910
00:43:10,120 --> 00:43:11,600
Speaker 2: that the other major And I was like, you know,

911
00:43:11,640 --> 00:43:14,160
Speaker 2: that's a trauma claim, right, like you can get paid

912
00:43:14,239 --> 00:43:17,600
Speaker 2: for that, because often in the trauma space, when you

913
00:43:17,680 --> 00:43:21,520
Speaker 2: get that policy, there's obviously categories of what type of

914
00:43:21,560 --> 00:43:24,120
Speaker 2: trauma you experienced, and it was obviously a lower one.

915
00:43:24,200 --> 00:43:27,080
Speaker 2: Bill's fine, don't worry, But I go, can you let

916
00:43:27,120 --> 00:43:29,080
Speaker 2: me fill in the claim? Sign these forms here? Can

917
00:43:29,120 --> 00:43:31,880
Speaker 2: I get permission to get all this information from your doctors?

918
00:43:32,200 --> 00:43:34,400
Speaker 2: He's forty grand for you. Yeah, And they would be

919
00:43:34,440 --> 00:43:36,520
Speaker 2: like wait what, I'd be like, well, that's the value

920
00:43:36,560 --> 00:43:38,040
Speaker 2: of having twenty.

921
00:43:37,840 --> 00:43:40,360
Speaker 4: Five percent of the trauma amount gets paid as a

922
00:43:40,360 --> 00:43:41,080
Speaker 4: partial claim.

923
00:43:41,160 --> 00:43:43,600
Speaker 2: And yeah, exactly where ma'am, Thank you, ma'am. It doesn't

924
00:43:43,640 --> 00:43:46,320
Speaker 2: wipe out your insurance, you carry on paying your premium

925
00:43:46,320 --> 00:43:48,279
Speaker 2: and if something else happens down the track, you can

926
00:43:48,320 --> 00:43:50,439
Speaker 2: claim again. And I just look at it and go,

927
00:43:50,800 --> 00:43:53,160
Speaker 2: this is where it's so important to understand because I

928
00:43:53,160 --> 00:43:55,880
Speaker 2: feel like at the moment, especially because I'm in my

929
00:43:56,040 --> 00:44:00,480
Speaker 2: thirties now, my friends are starting to experience health events

930
00:44:00,520 --> 00:44:02,280
Speaker 2: that you know, when I was in my early twenties,

931
00:44:02,320 --> 00:44:04,920
Speaker 2: were like, that'll never happen, and then you drink yourself

932
00:44:04,920 --> 00:44:09,080
Speaker 2: into oblivion or don't wear sunscreen. And I think, especially

933
00:44:09,120 --> 00:44:11,520
Speaker 2: being in Australia, making sure that you not only have

934
00:44:11,680 --> 00:44:15,040
Speaker 2: the cover to make sure that you're okay, but you

935
00:44:15,280 --> 00:44:18,959
Speaker 2: understand when you can claim, because I can almost guarantee

936
00:44:19,080 --> 00:44:22,239
Speaker 2: there are so many trauma claims just floating around by

937
00:44:22,239 --> 00:44:24,960
Speaker 2: people that have the trauma insurance that didn't know they

938
00:44:25,000 --> 00:44:25,719
Speaker 2: could claim on it.

939
00:44:25,840 --> 00:44:28,439
Speaker 4: Right, Yeah, owing our good friend and he won't mind

940
00:44:28,440 --> 00:44:29,600
Speaker 4: me saying this, but Glenn.

941
00:44:29,440 --> 00:44:33,480
Speaker 2: James Meloni, yeah, posted on Insta about.

942
00:44:33,280 --> 00:44:38,160
Speaker 4: It and his trauma payment got paid out and happy

943
00:44:36,520 --> 00:44:39,320
Speaker 4: to account.

944
00:44:39,400 --> 00:44:43,120
Speaker 2: I remember him joking about that actually, because like obviously

945
00:44:43,520 --> 00:44:46,640
Speaker 2: we as I guess the background group of money and

946
00:44:46,719 --> 00:44:49,920
Speaker 2: content creators talk quite often. He's like, yeah, yeah, I

947
00:44:49,920 --> 00:44:51,520
Speaker 2: don't worry. I'm getting a cut out and I'll get

948
00:44:51,560 --> 00:44:54,120
Speaker 2: paid soon. I was like, this is not how you

949
00:44:54,160 --> 00:44:58,080
Speaker 2: should see it, but like in reality, like make hay

950
00:44:58,080 --> 00:45:00,319
Speaker 2: while the sun's shining right, like you're going through this

951
00:45:00,440 --> 00:45:03,719
Speaker 2: terrible experience, like at least you're getting something out of it.

952
00:45:03,800 --> 00:45:06,040
Speaker 4: One of our team members as well, actually had a

953
00:45:06,320 --> 00:45:10,600
Speaker 4: cancer scare this year. It was interesting situation, but like

954
00:45:10,640 --> 00:45:14,040
Speaker 4: a cancer scare, had operations and she's okay now, she's

955
00:45:14,080 --> 00:45:17,040
Speaker 4: fully clear. Had she not worked in insurance, she probably

956
00:45:17,040 --> 00:45:18,840
Speaker 4: wouldn't have assumed that she could get paid out of

957
00:45:18,840 --> 00:45:21,239
Speaker 4: claim because it wasn't full bown cancer. She wasn't going

958
00:45:21,239 --> 00:45:23,279
Speaker 4: through chemo or anything. It was just a bit of

959
00:45:23,280 --> 00:45:26,640
Speaker 4: a scare, you know, got stuff cut out and she's

960
00:45:26,680 --> 00:45:29,320
Speaker 4: all good now. Had she not been in the industry,

961
00:45:29,600 --> 00:45:31,600
Speaker 4: and also had I not caught up the insurance company

962
00:45:31,640 --> 00:45:34,600
Speaker 4: and said, hey, you better pay out this claim, excuse

963
00:45:34,719 --> 00:45:36,279
Speaker 4: me strong on them a little bit.

964
00:45:36,680 --> 00:45:39,200
Speaker 2: I feel like when people are in our wheelhouse, whether

965
00:45:39,280 --> 00:45:42,680
Speaker 2: they are you know, our staff or our clients, you're like,

966
00:45:42,920 --> 00:45:44,560
Speaker 2: hold on, no, no, no, I've got some sway ye. I

967
00:45:44,560 --> 00:45:47,360
Speaker 2: feel like it's like a financial advisor power trip We're like,

968
00:45:47,440 --> 00:45:49,399
Speaker 2: we don't have a lot of power, but like when

969
00:45:49,480 --> 00:45:50,400
Speaker 2: we do, yeah.

970
00:45:50,320 --> 00:45:52,359
Speaker 4: Give me a stifferent power and I'll use it. And

971
00:45:52,600 --> 00:45:55,040
Speaker 4: you know, saying with our friend with a terminal illness claim,

972
00:45:55,080 --> 00:45:56,959
Speaker 4: it's he's in the industry, so a lot of people

973
00:45:57,000 --> 00:45:58,360
Speaker 4: know him. So I'm like picking up the phone with

974
00:45:58,400 --> 00:46:00,319
Speaker 4: anyone who pick up the phone and say, get this

975
00:46:00,360 --> 00:46:02,480
Speaker 4: paid out as soon as possible, because you know who

976
00:46:02,480 --> 00:46:04,520
Speaker 4: it's going to, and you know their family, you know

977
00:46:04,520 --> 00:46:07,160
Speaker 4: their situation, So get this paid So you know there

978
00:46:07,160 --> 00:46:10,720
Speaker 4: are sometimes you've got to got to be a little below. Yeah,

979
00:46:10,800 --> 00:46:13,680
Speaker 4: a little bit. But we got paid out a full traumacclaim.

980
00:46:13,760 --> 00:46:16,279
Speaker 4: And for her it was incredible, like she's cleared off

981
00:46:16,280 --> 00:46:17,320
Speaker 4: her mortgage.

982
00:46:16,880 --> 00:46:18,239
Speaker 2: Now, oh my gosh.

983
00:46:18,280 --> 00:46:20,440
Speaker 4: And almost better than that, she doesn't need to pay

984
00:46:20,440 --> 00:46:23,920
Speaker 4: her trauma premiums anymore because they were crossing an armor

985
00:46:23,920 --> 00:46:26,120
Speaker 4: of the league for her because she had Smoker's raids

986
00:46:26,160 --> 00:46:30,680
Speaker 4: and everything. So she's cleared off her mortgage and unfortunately

987
00:46:30,680 --> 00:46:32,480
Speaker 4: for me in the business, she's gone, well, I don't

988
00:46:32,520 --> 00:46:34,360
Speaker 4: have a mortgage. I'm going to go travel around Australia

989
00:46:34,400 --> 00:46:37,080
Speaker 4: for six months. So now you lost a team member.

990
00:46:37,520 --> 00:46:39,840
Speaker 2: I was like, that's what you get for looking after Phil.

991
00:46:40,000 --> 00:46:43,120
Speaker 4: I was like, I mean, it's incredible because now they're

992
00:46:43,200 --> 00:46:46,160
Speaker 4: living their best life. And her husband, who's worked every day,

993
00:46:46,520 --> 00:46:48,480
Speaker 4: he's never taken a break from when he was seventeen

994
00:46:48,560 --> 00:46:50,920
Speaker 4: years old. He's got six months of long servicely he's

995
00:46:50,920 --> 00:46:52,879
Speaker 4: taking that time off to travel around Australia and they're

996
00:46:52,880 --> 00:46:55,480
Speaker 4: going to live their best life. And yes, that money

997
00:46:55,640 --> 00:46:59,040
Speaker 4: wasn't essential because she didn't go through chemos, she didn't

998
00:46:59,040 --> 00:47:03,239
Speaker 4: go through treatment for it, but she met the criteria

999
00:47:03,400 --> 00:47:05,200
Speaker 4: and it's absolutely changed your life.

1000
00:47:05,480 --> 00:47:09,040
Speaker 2: I feel like it's a very funny I guess paradigm

1001
00:47:09,440 --> 00:47:13,440
Speaker 2: to go. Arguably, as much as that was literally traumatic,

1002
00:47:13,920 --> 00:47:15,880
Speaker 2: also one of the best things that could have happened,

1003
00:47:15,920 --> 00:47:18,880
Speaker 2: because it's literally shifted how her life works and what

1004
00:47:18,920 --> 00:47:21,440
Speaker 2: her lifestyle looks like. And that's you know, never a

1005
00:47:21,480 --> 00:47:24,600
Speaker 2: selling point for insurance, but it's so nice to know

1006
00:47:24,719 --> 00:47:27,920
Speaker 2: that if you go through something traumatic and so traumatic

1007
00:47:27,960 --> 00:47:30,040
Speaker 2: at that you're not going to be in a worse

1008
00:47:30,040 --> 00:47:32,440
Speaker 2: off position, because a lot of the time, if you

1009
00:47:32,520 --> 00:47:35,560
Speaker 2: go through this and you don't have that support, you're

1010
00:47:35,719 --> 00:47:37,919
Speaker 2: out because you know, you might have exhausted your sick

1011
00:47:37,960 --> 00:47:39,759
Speaker 2: leave and your boss might not be Phil Thompson, so

1012
00:47:39,760 --> 00:47:42,279
Speaker 2: he's probably not as kind. You know, you would have

1013
00:47:42,280 --> 00:47:44,279
Speaker 2: had to take a whole heap of unpaid leave. You're

1014
00:47:44,400 --> 00:47:46,840
Speaker 2: taking a step back in your career, like everything's just

1015
00:47:46,880 --> 00:47:49,800
Speaker 2: a bit up and arms you're probably even more stressed.

1016
00:47:50,200 --> 00:47:54,360
Speaker 2: Like I am going to start looking into doing research

1017
00:47:54,440 --> 00:47:58,759
Speaker 2: around the stress levels of people experiencing significant trauma like

1018
00:47:58,920 --> 00:48:01,919
Speaker 2: medical trauma, and whether they have insurance or not, because

1019
00:48:01,920 --> 00:48:04,560
Speaker 2: I could almost guarantee that if you don't have it

1020
00:48:04,560 --> 00:48:07,600
Speaker 2: and you're going through that circumstance, the outcomes would be

1021
00:48:07,680 --> 00:48:11,719
Speaker 2: worse because you are literally stressing and increasing your quartisol

1022
00:48:11,880 --> 00:48:14,840
Speaker 2: levels and like having a really awful time as opposed

1023
00:48:14,880 --> 00:48:17,480
Speaker 2: to when you feel supported and you know, you know

1024
00:48:17,520 --> 00:48:19,480
Speaker 2: what all of that is covered for. Right now, I

1025
00:48:19,520 --> 00:48:21,680
Speaker 2: just need to focus on getting better. Yes, I think

1026
00:48:21,760 --> 00:48:24,840
Speaker 2: that there's a lot to it. But this conversation I

1027
00:48:24,840 --> 00:48:28,040
Speaker 2: think has been really helpful. I have adored it. But

1028
00:48:28,160 --> 00:48:30,239
Speaker 2: what a next steps for people who have listened to

1029
00:48:30,239 --> 00:48:32,680
Speaker 2: this and they're like, well, I don't have live insurance,

1030
00:48:32,680 --> 00:48:34,360
Speaker 2: I haven't set this up, I don't even know what

1031
00:48:34,440 --> 00:48:37,000
Speaker 2: it is. What do we do and who do we

1032
00:48:37,040 --> 00:48:37,640
Speaker 2: go and talk to?

1033
00:48:38,320 --> 00:48:41,080
Speaker 4: So Le's me, Well, yes, me. The short answer, I

1034
00:48:41,120 --> 00:48:43,200
Speaker 4: go to sky dot com dot U. But you know,

1035
00:48:43,280 --> 00:48:45,520
Speaker 4: go check out your super fun see what you've got there,

1036
00:48:45,560 --> 00:48:48,040
Speaker 4: because that's not junk covered. Don't ever cancel the cancel

1037
00:48:48,120 --> 00:48:50,520
Speaker 4: at no before going and speaking to a financial advisor,

1038
00:48:50,800 --> 00:48:53,239
Speaker 4: and then speak to a financial advisor about it. The

1039
00:48:53,320 --> 00:48:57,080
Speaker 4: reason you speak to a financial advisor is because going direct,

1040
00:48:57,120 --> 00:48:59,720
Speaker 4: there's only two insurance companies who will sell good products

1041
00:49:00,000 --> 00:49:03,240
Speaker 4: direct to the consumer. Now, why don't all insurance companies

1042
00:49:03,280 --> 00:49:06,279
Speaker 4: go direct. It's exactly like Cabri chocolate. You know, I

1043
00:49:06,280 --> 00:49:08,600
Speaker 4: don't go to Tazzy and go to the Cabri factor

1044
00:49:08,640 --> 00:49:10,960
Speaker 4: and buy my blocker chocolate. I go to Coals. It's

1045
00:49:10,960 --> 00:49:14,240
Speaker 4: distributed through a third party. Cabrit make more money, Coals

1046
00:49:14,280 --> 00:49:16,400
Speaker 4: make money, And it's more convenient and better for me

1047
00:49:16,480 --> 00:49:18,439
Speaker 4: because it's a cheaper product. I don't need to get

1048
00:49:18,440 --> 00:49:22,440
Speaker 4: plan tickets. So that's actually why insurance companies don't sell direct,

1049
00:49:22,600 --> 00:49:25,239
Speaker 4: or very few do, so it's better to go through

1050
00:49:25,239 --> 00:49:28,839
Speaker 4: a financial advisor. Also, financial advisors can structure it in

1051
00:49:28,880 --> 00:49:32,120
Speaker 4: a much more tax effective way. And tax effective sounds sexy,

1052
00:49:32,120 --> 00:49:34,839
Speaker 4: but it's really just simple. Financial advisors can set up

1053
00:49:34,840 --> 00:49:37,520
Speaker 4: your insurance so it's paid from your super fund, but

1054
00:49:37,680 --> 00:49:39,680
Speaker 4: not set up by your super fun so you can

1055
00:49:39,719 --> 00:49:42,400
Speaker 4: move super in the future, but your super fund can

1056
00:49:42,440 --> 00:49:44,799
Speaker 4: still pay the premiums and it's not locked to that.

1057
00:49:44,800 --> 00:49:46,160
Speaker 2: That's what I do feel.

1058
00:49:46,440 --> 00:49:47,520
Speaker 4: You're a smart cookie.

1059
00:49:47,560 --> 00:49:48,920
Speaker 2: I'm not my financial advice.

1060
00:49:50,400 --> 00:49:53,920
Speaker 4: So that's why financial advisor is the best way to

1061
00:49:54,000 --> 00:49:56,800
Speaker 4: get this done because they can structure it that way,

1062
00:49:57,000 --> 00:49:58,680
Speaker 4: and there are a whole bunch of other sexy features

1063
00:49:58,719 --> 00:50:00,880
Speaker 4: and benefits and I won't go into too much, but

1064
00:50:01,000 --> 00:50:03,200
Speaker 4: go and speak to a financial advisor after having a

1065
00:50:03,200 --> 00:50:06,600
Speaker 4: look at your own superfund insurance. Most superfund insurance you'll

1066
00:50:06,640 --> 00:50:09,600
Speaker 4: have maximum of two hundred and fifty thousand of life intimidy.

1067
00:50:10,000 --> 00:50:13,920
Speaker 4: Now for most Australians that is completely under insured. So

1068
00:50:14,440 --> 00:50:17,480
Speaker 4: you know, the Superannuation Regulator came out and said super

1069
00:50:17,520 --> 00:50:19,560
Speaker 4: funds are doing an inadequate job when it comes to

1070
00:50:19,600 --> 00:50:22,200
Speaker 4: insurance and when you look at the biggest super funds

1071
00:50:22,200 --> 00:50:26,400
Speaker 4: in Australia, they give incredibly low levels of cover because

1072
00:50:26,400 --> 00:50:29,520
Speaker 4: it impacts the level of funds that people have invested

1073
00:50:29,680 --> 00:50:32,160
Speaker 4: that they're charging fees on. So there is a potential

1074
00:50:32,160 --> 00:50:35,040
Speaker 4: conflict between the super funds and the insurance premiums. So

1075
00:50:35,080 --> 00:50:37,279
Speaker 4: go and speak to a financial advisor and that will

1076
00:50:37,280 --> 00:50:40,600
Speaker 4: help communicate what you need. If the advisor isn't asking

1077
00:50:40,600 --> 00:50:44,840
Speaker 4: you about your medical history before they recommend an insurance provider,

1078
00:50:45,080 --> 00:50:46,160
Speaker 4: for me, that's a red flag.

1079
00:50:46,200 --> 00:50:48,280
Speaker 2: That's a massive red flag because.

1080
00:50:48,120 --> 00:50:52,440
Speaker 4: The differences between insurers is huge based on your personal

1081
00:50:52,440 --> 00:50:54,880
Speaker 4: medical history, and it should be chosen based on your

1082
00:50:54,920 --> 00:50:58,799
Speaker 4: own personal medical history. So that's my recommendation. Find out

1083
00:50:58,800 --> 00:51:00,520
Speaker 4: what you've got through super, then go and speak to

1084
00:51:00,520 --> 00:51:03,000
Speaker 4: a financial advisor and making sure that they're having a

1085
00:51:03,440 --> 00:51:04,560
Speaker 4: look through your medical history.

1086
00:51:04,680 --> 00:51:06,960
Speaker 2: I think that's also an important point that you bring up,

1087
00:51:07,000 --> 00:51:10,319
Speaker 2: actually about the medical history, because I think sometimes you

1088
00:51:10,400 --> 00:51:13,080
Speaker 2: go hi giene factor, Gray, oh chat fellerg at my

1089
00:51:13,080 --> 00:51:16,000
Speaker 2: insurance is sorted. But I used to say when I

1090
00:51:16,040 --> 00:51:18,400
Speaker 2: was a financial advisor that I was always in the

1091
00:51:18,560 --> 00:51:21,680
Speaker 2: most privileged position because you get to know your clients

1092
00:51:21,760 --> 00:51:24,680
Speaker 2: deeper than anybody else. Right, Like you go to your GP,

1093
00:51:24,920 --> 00:51:26,719
Speaker 2: they know all your medical history, but they don't know

1094
00:51:26,760 --> 00:51:29,440
Speaker 2: your goals, your values, what's going on. When you are

1095
00:51:29,480 --> 00:51:33,240
Speaker 2: a financial advisor, you're in this circumstance where you're talking

1096
00:51:33,280 --> 00:51:36,360
Speaker 2: about these deep personal things with clients like hey, cool,

1097
00:51:36,360 --> 00:51:38,680
Speaker 2: well how do you feel about your wife, because you know,

1098
00:51:38,719 --> 00:51:41,279
Speaker 2: if I'm setting up this insurance and you actually want

1099
00:51:41,320 --> 00:51:43,120
Speaker 2: to circumvent your wife and have it go straight to

1100
00:51:43,160 --> 00:51:45,400
Speaker 2: your kids, if something happens to you, we need to

1101
00:51:45,440 --> 00:51:48,319
Speaker 2: have that confidential conversation. You're going to have to tell

1102
00:51:48,360 --> 00:51:50,800
Speaker 2: me about your personal medical history. I know it's a

1103
00:51:50,840 --> 00:51:53,080
Speaker 2: bit uncomfortable, but don't worry. I'm an advisor. I literally

1104
00:51:53,160 --> 00:51:56,480
Speaker 2: talk about this stuff every single day with you, with insurers,

1105
00:51:56,520 --> 00:51:59,000
Speaker 2: with my team like this stuff. I'm not judging you.

1106
00:51:59,040 --> 00:52:00,719
Speaker 2: I don't care what you've done, but you need to

1107
00:52:00,800 --> 00:52:04,239
Speaker 2: disclose this information. And I always found myself in this

1108
00:52:04,280 --> 00:52:06,399
Speaker 2: position where I'd be like far out, like I have

1109
00:52:06,600 --> 00:52:09,520
Speaker 2: such a deep knowledge of clients. But I think you

1110
00:52:09,560 --> 00:52:11,920
Speaker 2: also need to expect that too. As a client, you're

1111
00:52:11,960 --> 00:52:14,560
Speaker 2: going to be asked some questions like why are they

1112
00:52:14,600 --> 00:52:17,520
Speaker 2: asking me that? In a fact find But the reality

1113
00:52:17,680 --> 00:52:19,840
Speaker 2: is so that you can be in the best possible

1114
00:52:19,880 --> 00:52:24,120
Speaker 2: position because there's nothing worse. And thankfully it's never happened

1115
00:52:24,120 --> 00:52:26,000
Speaker 2: in my business, but I know it's happened to other

1116
00:52:26,040 --> 00:52:28,920
Speaker 2: advisors where they've gone to claim and then all of

1117
00:52:28,960 --> 00:52:32,359
Speaker 2: a sudden, the claim's going to be denied because the

1118
00:52:32,400 --> 00:52:35,520
Speaker 2: patient or the client didn't disclose something really important because

1119
00:52:35,520 --> 00:52:36,719
Speaker 2: they're like, oh, I didn't really want to talk to

1120
00:52:36,719 --> 00:52:39,560
Speaker 2: my advisor about it. It's all out on the table.

1121
00:52:39,640 --> 00:52:41,319
Speaker 2: And to be honest, we don't care what you do,

1122
00:52:41,400 --> 00:52:43,040
Speaker 2: how you do it, where you do it, or what

1123
00:52:43,080 --> 00:52:45,000
Speaker 2: that looks like. We just need to know to put

1124
00:52:45,040 --> 00:52:48,040
Speaker 2: you in the best possible position and then down in

1125
00:52:48,080 --> 00:52:51,359
Speaker 2: the future, we have this deep relationship with you. If

1126
00:52:51,400 --> 00:52:53,520
Speaker 2: something happens, we're the ones that have got your back

1127
00:52:53,560 --> 00:52:55,759
Speaker 2: to make sure that that happens. So you're not doing

1128
00:52:55,760 --> 00:52:58,839
Speaker 2: the paperwork, you're not following up when you actually need

1129
00:52:58,880 --> 00:53:01,440
Speaker 2: to be focusing on getting better and dealing with you

1130
00:53:01,520 --> 00:53:04,200
Speaker 2: and your family. So I think it's yeah to me,

1131
00:53:04,400 --> 00:53:06,040
Speaker 2: I kind of missed financial advice.

1132
00:53:06,560 --> 00:53:08,560
Speaker 4: You can get back and be an insurance advisor.

1133
00:53:08,760 --> 00:53:10,640
Speaker 2: No, it's all right. I've got a job so far,

1134
00:53:10,760 --> 00:53:13,160
Speaker 2: so good. Like I've just got this little we're doing

1135
00:53:13,200 --> 00:53:15,960
Speaker 2: all right. I'll just flick all my clients to you.

1136
00:53:16,080 --> 00:53:16,360
Speaker 1: Still.

1137
00:53:16,480 --> 00:53:19,319
Speaker 4: I went to a cafe yesterday with Gabby and we're

1138
00:53:19,320 --> 00:53:20,239
Speaker 4: at the cafe.

1139
00:53:20,040 --> 00:53:22,120
Speaker 2: Hanging out with my team during work hours.

1140
00:53:22,120 --> 00:53:24,560
Speaker 4: We went to a cafe where we first caught up

1141
00:53:24,560 --> 00:53:27,200
Speaker 4: for coffee. Really and you show me She's on the

1142
00:53:27,200 --> 00:53:29,600
Speaker 4: Money Facebook group and I had three thousand members. Cafe

1143
00:53:29,760 --> 00:53:33,640
Speaker 4: was that it was pinky, and my mind was blown

1144
00:53:33,680 --> 00:53:35,360
Speaker 4: when you had three thousand members in the face.

1145
00:53:35,400 --> 00:53:36,880
Speaker 2: And I was like, it's just little. I don't know

1146
00:53:36,880 --> 00:53:39,480
Speaker 2: what to do with it. So you're doing okay, We're

1147
00:53:39,480 --> 00:53:41,760
Speaker 2: all right, all right, Well, it has been a pleasure

1148
00:53:41,840 --> 00:53:44,880
Speaker 2: having you on to feel obviously, if anyone is interested,

1149
00:53:45,120 --> 00:53:48,480
Speaker 2: visits sky dot com dot au. Sky is spelled s

1150
00:53:48,560 --> 00:53:52,160
Speaker 2: k ye, and I will obviously make sure that all

1151
00:53:52,200 --> 00:53:53,960
Speaker 2: of the information is in the show notes. You don't

1152
00:53:53,960 --> 00:53:55,919
Speaker 2: have to remember that at all. Thank you so much

1153
00:53:55,960 --> 00:53:58,200
Speaker 2: for coming. We love you and I will see you

1154
00:53:58,239 --> 00:54:08,160
Speaker 2: for a Friday episode on Friday by The advice shared

1155
00:54:08,200 --> 00:54:10,560
Speaker 2: on She's on the Money is general in nature and

1156
00:54:10,640 --> 00:54:14,280
Speaker 2: does not consider your individual circumstances. She's on the Money

1157
00:54:14,400 --> 00:54:17,920
Speaker 2: exists purely for educational purposes and should not be relied

1158
00:54:18,000 --> 00:54:21,080
Speaker 2: upon to make an investment or financial decision. If you

1159
00:54:21,200 --> 00:54:23,319
Speaker 2: do choose to buy a financial product.

1160
00:54:23,080 --> 00:54:26,600
Speaker 3: Read the PDS TMD and obtain appropriate financial.

1161
00:54:26,200 --> 00:54:28,000
Speaker 2: Advice tailored towards your needs.

1162
00:54:28,360 --> 00:54:32,280
Speaker 3: Victoria Divine and She's on the Money are authorized representatives

1163
00:54:32,320 --> 00:54:36,200
Speaker 3: of money. Sheper pty ltd ABN three two one IS

1164
00:54:36,239 --> 00:54:40,080
Speaker 3: six four nine two seven seven zero eight AFSL four

1165
00:54:40,200 --> 00:55:00,600
Speaker 3: five one two eight nine as