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How Being a Woman Changes Your Insurance (and Why We End Up Claiming More) · She's On The Money

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Speaker 1: My name is Tatasha Bamblet. I'm a proud First Nations
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Speaker 1: woman and I'm here to acknowledge country t glennyan Ganya, Niana,
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Speaker 1: kaka ya Ya bin Ahaka nian ar gay In, Nimbina,
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Speaker 1: yak um jar dominyamiga Umagahawakawaman, damon Imlan, Wumba, bang Gadabomba
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Speaker 1: in and now in wakah ghana on yakraum jar Watnadaa. Hello,
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Speaker 1: beautiful friends, we gather on the lands of the Aboriginal people.
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Speaker 1: We thank acknowledge and respect the Aberiginal people's land that
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Speaker 1: we're gathering on today. Take pleasure in all the land
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Speaker 1: and respect all that you see. She's on the Money
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Speaker 1: podcast acknowledges culture, country, community and connections, bringing you the tools,
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Speaker 1: knowledge and resources for you to thrive.
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Speaker 2: She's on the Money. She's on the Money. Hello and
1:08
Speaker 2: welcome to She's on the Money, the podcast that helps
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Speaker 2: you build the kind of financial safety net you'll thank
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Speaker 2: yourself later for. Imagine this. You've woken up one morning
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Speaker 2: and you genuinely can't go to work anymore. You can't
1:21
Speaker 2: push through it like you normally would. You are out
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Speaker 2: for the count. You call in sick thinking it's going
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Speaker 2: to be just a couple of days. But seven days
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Speaker 2: of your sick leave is gone, and before you know it,
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Speaker 2: two weeks has become six and you still have no
1:35
Speaker 2: idea when you're going to be able to return to work.
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Speaker 2: Your pay it's dropped to zero. Your partner has also
1:41
Speaker 2: burned through all their leave, taking you to appointments and
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Speaker 2: keeping the family afloat. Meanwhile, the bills keep landing exactly
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Speaker 2: on time, the mortgage, the groceries, the utilities, the childcare
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Speaker 2: direct debit that does not care if you haven't worked
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Speaker 2: in forty two days. At that point, the problem isn't
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Speaker 2: even a health issue anymore. It's a financial disaster unfolding
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Speaker 2: right around you. And you realize your entire safety net
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Speaker 2: was built on one assumption that you just stay healthy forever.
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Speaker 2: If hearing this has made your stomach drop a little bit,
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Speaker 2: it did for mine. Sorry, but that's actually my intention.
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Speaker 2: But the good news here is that I have brought
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Speaker 2: in the person who can help you make sure that
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Speaker 2: you never end up in that position. I'm Victoria Devine,
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Speaker 2: and with me is our go to for everything women
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Speaker 2: need to know about protecting themselves. Properly. Mister Phil Thompson
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Speaker 2: from sky Wealth, Welcome back to the show.
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Speaker 3: Thank you for having me.
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Speaker 2: I am very excited about this. I feel like I
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Speaker 2: was relatively dramatic with my introduction though, Yes, but did
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Speaker 2: you see where I was going with it?
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Speaker 3: I saw exactly where you're going, and we have clients
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Speaker 3: who have felt that experience as well.
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Speaker 2: Do you think I landed on the point. I didn't
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Speaker 2: say any specific illness, but I feel like I've dramatized
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Speaker 2: it enough for you to understand this can literally happen
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Speaker 2: to anyone, and it does peel Your entire career is
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Speaker 2: personal insurance. Everything you do work wise is about making
3:07
Speaker 2: sure that people are protected. And I love it because
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Speaker 2: if you guys have been listening to my show for
3:12
Speaker 2: a while, I also love it. But you work in
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Speaker 2: the space of income protection, life insurance, trauma insurance. We
3:18
Speaker 2: are talking about the types of personal insurances that aren't
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Speaker 2: health insurance, and I am very vocal I would say
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Speaker 2: about how important these things are. I obviously have them,
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Speaker 2: and thankfully they so far feel have been the biggest
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Speaker 2: waste of money, like I've never claimed on them. How
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Speaker 2: good is that?
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Speaker 3: Yeah? Yeah, exactly. The same with me yet to claim
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Speaker 3: and hopefully never will life win.
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Speaker 2: But we've done whole episodes on exactly what these insurances
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Speaker 2: are and why they are so important for your financial security,
3:49
Speaker 2: which I'm going to link into show notes, because this
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Speaker 2: episode is not about explaining what life insurance is compared
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Speaker 2: to TPD or what your trauma insurance could provide for you.
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Speaker 2: So we are going to dive into this episode because
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Speaker 2: I don't know. I want to do this episode because
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Speaker 2: being a woman is fun, I suppose, and you don't
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Speaker 2: have any experience with being a woman, but you deal
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Speaker 2: with women every single day and you ensure them every
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Speaker 2: single day, and when you are a female, it comes
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Speaker 2: with a whole extra layer of financial risk that literally
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Speaker 2: nobody warns you about. We have far more health events,
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Speaker 2: we have more time away from work, more chronic and
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Speaker 2: reproductive conditions, we have more mental health claims, and we
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Speaker 2: then get this, we live longer, which means our risk
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Speaker 2: profile when it comes to insurance is completely different to men.
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Speaker 2: So no wonder this stuff feels I would say, relatively
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Speaker 2: confusing and overwhelming at the same time as making me
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Speaker 2: a little bit mad. So this episode is all about
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Speaker 2: making insurance makes sense properly for women specifically. So if
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Speaker 2: you're male listening to this, welcome to the education series.
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Speaker 2: If you're a female listening to this, this one was
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Speaker 2: for you.
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Speaker 3: And if you're a male listening to this and you
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Speaker 3: have a partner, keep.
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Speaker 2: Listening exactly or you just so interested slay king, I
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Speaker 2: wanted to start by asking Phil, in your experience of
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Speaker 2: helping people over literally how many years have you been
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Speaker 2: doing this? I'd say, like twenty? This is crazy.
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Speaker 3: I'm not that old, thank you. I've been an advisor
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Speaker 3: for over fifteen.
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Speaker 2: Now over fifteen, who's not twenty?
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Speaker 3: Come on, I'm not that old. No, but you couldn't
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Speaker 3: stop forty.
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Speaker 2: Like I've been in finance for ten years and that
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Speaker 2: was my second career. You could have started at twenty,
5:32
Speaker 2: but you were literally running away with the circus exactly.
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Speaker 3: This is kind of my second career as well. But
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Speaker 3: that's okay.
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Speaker 2: But you experience helping people get these insurances every day,
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Speaker 2: when are women most likely to look at insurance and
5:46
Speaker 2: be prompted to actually do something about them.
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Speaker 3: There's some normal triggers getting insurance. So one of the
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Speaker 3: big ones is, hey, we're pregnant, We're now going to
5:54
Speaker 3: have little ones that we're going to look after, and
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Speaker 3: so that's when a lot of people think about getting
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Speaker 3: insurance in place.
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Speaker 2: I feel like it's always life event focused, Like you
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Speaker 2: don't just wake up one day go she just really
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Speaker 2: get my stuff together. Feel I'll just give fill a buzz,
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Speaker 2: He'll set it up for me, Like I am so
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Speaker 2: evasive of everything, and that just feels like an admin
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Speaker 2: task I don't want to play with. As an insurance expert,
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Speaker 2: I need to know when. Would you say is the
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Speaker 2: worst time for women to go and start looking at
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Speaker 2: their insurances?
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Speaker 3: Yeah, so, I mean there's no bad time. If you're
6:28
Speaker 3: getting insurance at any time, then that's the best time
6:30
Speaker 3: to do it. But there are times where getting cover
6:33
Speaker 3: becomes harder. So you know, if you've had a health event,
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Speaker 3: it can be harder to get insurance in place. If
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Speaker 3: you are pregnant and having time off work, it can
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Speaker 3: be difficulties getting some cover in place at those point
6:45
Speaker 3: in time. So, no time's a bad time to get
6:47
Speaker 3: insurance or think about insurance. But they're probably the hardest
6:49
Speaker 3: in terms of underwriting.
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Speaker 2: So from an underwriting perspective and for those that don't
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Speaker 2: know underwriting is the process when an insurer kind of
6:57
Speaker 2: looks at you as an individual. They look at your health, lifestyle,
7:00
Speaker 2: your medical history, and then they make a decision individually.
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Speaker 2: You don't just apply and get put into a bulk lot.
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Speaker 2: They individually assess every single application. They decide what cover
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Speaker 2: they can actually offer you as an individual and on
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Speaker 2: what terms. Why is pregnancy such a specifically tricky time.
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Speaker 3: There are health events that happen after pregnancy and some
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Speaker 3: additional risk when it comes to pregnancies. During pregnancy, there
7:28
Speaker 3: are a lot of additional health concerns, but it's also
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Speaker 3: time off work, so things like income protection or disability
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Speaker 3: cover is protecting your income and being at work. So
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Speaker 3: if you have an extended period of for maternity leave,
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Speaker 3: insurers will then depending on the timeframe of when you're
7:42
Speaker 3: getting cover, they may not offer income protection until you're
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Speaker 3: back at work, which.
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Speaker 2: Kind of feels rude, not going to lie. So when
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Speaker 2: should women, especially those who are planning a pregnancy. They're
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Speaker 2: not pregnant right now, but they're planning to be pregnant
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Speaker 2: in the future, look at personal insurances to put themselves
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Speaker 2: in the best position or best position to have a
8:01
Speaker 2: favorable outcome.
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Speaker 3: Really. As I said, today is the best time. But
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Speaker 3: if you are planning a family, a part of that
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Speaker 3: conversation and discussion is, you know how much time we're
8:11
Speaker 3: going to have off work. You know how are we
8:13
Speaker 3: going to fund this time? And as a part of that,
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Speaker 3: you should be looking at personal insurance as well, thinking
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Speaker 3: about getting that in place. So pre pregnancy is ideal.
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Speaker 3: But that doesn't mean that if you're pregnant you can't
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Speaker 3: get insurance covered. There are lots of options. It just
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Speaker 3: means that there may be limited insurers that we can use.
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Speaker 3: So some insurers will cover you all the way up
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Speaker 3: until birth for income protection, some will say, okay, you've
8:34
Speaker 3: got to be in the first two trimesters before we'll
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Speaker 3: offer income protection.
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Speaker 2: Yeah, and that's where we've got to have good conversations
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Speaker 2: with our financial advisor when setting that up about our
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Speaker 2: life intentions. I always say that being a financial advisor
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Speaker 2: is such an intimate job. I think it's more intimate
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Speaker 2: that being someone's doctor. I mean, not physically intimate. Don't
8:53
Speaker 2: get the wrong idea, but you get to know so
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Speaker 2: much about people, like beyond what your GP or what
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Speaker 2: your countent gets to know. Like I need to know, hey, Phil,
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Speaker 2: so you're setting up these insurances, you're planning on having children,
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Speaker 2: what does that look like? Have you got any health
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Speaker 2: history there? You know, what's your partner like, what's their income?
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Speaker 2: Like We're not just asking like doctor questions. We're asking
9:14
Speaker 2: everything and putting it all in one bucket, which is
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Speaker 2: why it's so important to have these conversations. And then
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Speaker 2: on the flip side, I also wanted to caveat when
9:23
Speaker 2: I was planning on getting pregnant with Harvey. My husband
9:27
Speaker 2: and I were like, we need to look at our
9:28
Speaker 2: health insurance, which is a completely separate conversation. But because
9:32
Speaker 2: maternity wasn't covered in the standard, there was like this
9:35
Speaker 2: big twelve month wait, but a massive loading. So my
9:39
Speaker 2: health insurance absolutely doubled, like I would say, just over doubled,
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Speaker 2: because it then needed to include obstetric care and like
9:47
Speaker 2: maternity and more hospital cover. It's not like that with
9:50
Speaker 2: personal insurances, is it.
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Speaker 3: Yeah, So no, you aren't getting a one hundred percent
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Speaker 3: loading if you are pregnant getting income protection depending on
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Speaker 3: the individual, but you're going to be charged with standard
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Speaker 3: rates and individual same occupation, same income, same health history,
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Speaker 3: whether they're pregnant or not pregnant will be charged the
10:07
Speaker 3: same premiums.
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Speaker 2: And disappointingly, which to you and I as an auto surprise,
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Speaker 2: but to everybody who maybe isn't insured, women are more
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Speaker 2: expensive to ensure than men, aren't.
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Speaker 3: They feel yeah, for income protection and trauma insurance, everything
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Speaker 3: else being equal, the premnians will be more if life
10:25
Speaker 3: insurance and disability men get charged more.
10:27
Speaker 2: I used to always caveat that with clients and be like, hey,
10:30
Speaker 2: I'm going to do all these apps, but just know
10:32
Speaker 2: the quotes that come back. Even though you're basically the
10:34
Speaker 2: same age you met at high school, neither of you
10:36
Speaker 2: have had health events, her insurance is going to be
10:39
Speaker 2: more expensive than his. And it's just the way it
10:40
Speaker 2: comes out of the wash because I'd had a few
10:43
Speaker 2: conversations prior where I was presenting an SOA to a
10:46
Speaker 2: client and They're like, well, why is his cheaper? And
10:48
Speaker 2: I'd be like, oh, honestly misogyny, But in reality, you
10:53
Speaker 2: are more risky. So when it comes to women, what
10:56
Speaker 2: is the main thing insurers are looking at.
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Speaker 3: It's claim statistic. At the end of the day, insurance
11:01
Speaker 3: companies are just the math geeks called actuaries at insurance companies.
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Speaker 2: They're real cool, they're real fun.
11:07
Speaker 3: They are the cool guys. And sometimes the sales team
11:10
Speaker 3: ignore all their numbers and just you choose whatever numbers
11:13
Speaker 3: they want to get to get sales in the door.
11:14
Speaker 3: But the actuaries are the ones that go okay based
11:18
Speaker 3: on our claims data, and you know who's claiming on
11:21
Speaker 3: these policies more. And so the reason income protection and
11:24
Speaker 3: trauma insurance is more expensive for women is because the
11:27
Speaker 3: claims supports that there are more claims and so therefore,
11:31
Speaker 3: if you're going to use that policy more, you know
11:33
Speaker 3: you're going to be charged one. Just like a twenty
11:36
Speaker 3: three year old young man getting car insurance statistically more
11:40
Speaker 3: likely to crash, these car more expensive, is more expensive
11:43
Speaker 3: than me as a sub forty year old.
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Speaker 2: I didn't say at any point you were over forty.
11:48
Speaker 2: I just said that you could have nearly twenty years experience.
11:53
Speaker 3: I'm turning forty next year and I couldn't be happy.
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Speaker 2: Forty is the forty the pinical? Yeah, the best for
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Speaker 2: thirty Anyway, I want to know topic, what are the
12:02
Speaker 2: most common health conditions that can impact an insurance application?
12:06
Speaker 2: Because we know that there are some health conditions that
12:09
Speaker 2: they'll look at and be like, oh, that that doesn't
12:11
Speaker 2: mean anything at this point, So what can that look like?
12:13
Speaker 2: And then on top of that, what can that then
12:15
Speaker 2: mean for things like exclusions and loadings and all of
12:19
Speaker 2: that fun stuff.
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Speaker 3: Yeah, so every insurance application will look at every individual's
12:24
Speaker 3: health history. Things that are specific for women are things
12:27
Speaker 3: like pregnancy complications, So things like preclampsy. Are we're talking
12:31
Speaker 3: about like that one.
12:33
Speaker 2: Yeah, I'm so good at this, but I didn't get
12:37
Speaker 2: to claim income protection routs?
12:39
Speaker 3: Yeah yeah, And then there's like things like gestational diabetes.
12:43
Speaker 3: Some of those things will impact a future application, whether
12:47
Speaker 3: it has no impact at all, there will be questions
12:49
Speaker 3: about those things. But other specific health events for women
12:52
Speaker 3: are things like endometriosis pcos and so there are specific
12:58
Speaker 3: women's health events that impact an insurance application.
13:01
Speaker 2: Yeah.
13:01
Speaker 3: Now, some people may have this history, but it has
13:05
Speaker 3: no impact on the application. Some may have different experiences
13:08
Speaker 3: of the same diagnosis, but different experiences will have a
13:12
Speaker 3: different outcome. I know.
13:13
Speaker 2: It also covers things that I think are more obvious,
13:17
Speaker 2: so like female specific cancers like breast cancer or cervical
13:21
Speaker 2: cancer or ovary in cancer. And then I had a
13:24
Speaker 2: lot to come up way back when, because I'm not
13:26
Speaker 2: an advisor anymore, and that it feels like yesterday, but
13:30
Speaker 2: also like six million years ago. And the insurance industry
13:32
Speaker 2: has changed so much. But we used to have a
13:34
Speaker 2: lot of conversation about the Bracker gene when it came
13:37
Speaker 2: to breast cancer and them testing for that and if
13:40
Speaker 2: you had a history of that. So they do go
13:42
Speaker 2: very deep. They're not just going you got sick and
13:46
Speaker 2: then you go nah, and then they go all right,
13:48
Speaker 2: well good bro well good bruh, like that's not how
13:50
Speaker 2: it works.
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Speaker 1: Like.
13:51
Speaker 2: They actually will go very deep. And I would say,
13:55
Speaker 2: like that medical questionnaire, any medical questionnaire for any insurer,
13:59
Speaker 2: she's perfec. She's real pervy, So be prepared for that.
14:03
Speaker 3: And what we do with SKY is we basically replicate
14:06
Speaker 3: all those questions because we know there's a massive difference
14:10
Speaker 3: between insurance companies based on a whole bunch of health histories.
14:13
Speaker 3: So we actually ask all those questions up front so
14:16
Speaker 3: we can get a really clear understanding. Because you know
14:18
Speaker 3: the brackagene, some insurers view it differently, but even family
14:22
Speaker 3: history of cancer if you've never experienced it or you
14:25
Speaker 3: don't have the bragga gene. But your mother had breast cancer.
14:28
Speaker 3: That will impact your insurance with different insurers at different times. Yeah,
14:32
Speaker 3: and so all of those things we try and find
14:34
Speaker 3: as much detail as possible. So at SKY we're very
14:38
Speaker 3: pervy when.
14:39
Speaker 2: It comes to you have to be and that's why
14:40
Speaker 2: I'm like, hey, guys, just warning you. This is going
14:42
Speaker 2: to be a pervy experience. But that's why you want
14:45
Speaker 2: someone that's trusted and to be honest. I'd prefer you
14:47
Speaker 2: to ask all of those questions upfront, because the reality
14:50
Speaker 2: is if you went ahead and some financial advisors will
14:54
Speaker 2: actually go great, I'd never want to invade on your
14:56
Speaker 2: personal space. So what I'm going to do is you
14:59
Speaker 2: can do the telling questionnaire and you can call the
15:01
Speaker 2: insurer yourself and just do the whole questionnaire yourself. Sorry,
15:05
Speaker 2: I need to control it a bit more because if
15:06
Speaker 2: you disclose something on that phone call that I wasn't
15:09
Speaker 2: aware of and would have been one of the reasons
15:11
Speaker 2: I would never have sent you to that insurer. I
15:13
Speaker 2: need to make sure that I'm sending you in the
15:15
Speaker 2: right direction. And you might not think, oh, well, that's
15:17
Speaker 2: a bit of a waste of time. That's not the
15:18
Speaker 2: biggest deal. But if you get a decline from an insurer,
15:23
Speaker 2: it makes it very hard to go to other insurers.
15:25
Speaker 2: So we want to just like cover our bases. So
15:28
Speaker 2: let your financial advisor be pervy, and I would say,
15:31
Speaker 2: don't DIY because you don't know what you're stepping on,
15:35
Speaker 2: like you disclosing, Oh yeah, my dad had a back issue,
15:38
Speaker 2: and you don't think it's an issue that particular insurer might.
15:42
Speaker 3: And this is why it's super important. You're talking about
15:44
Speaker 3: advisors knowing a lot, Like you know, if you're a
15:48
Speaker 3: wealth advisor doing superannuation, you just need to know the
15:51
Speaker 3: financial outcomes, what is your life goals? And we can
15:53
Speaker 3: kind of do that. But when it comes to life insurance,
15:56
Speaker 3: we've got a it's like a puzzle that we're putting
15:59
Speaker 3: together with each individual person based on the individual health
16:03
Speaker 3: history and then picking the insuran that's best suited to
16:06
Speaker 3: someone's health history.
16:07
Speaker 2: Yeah. So going back to all of these women specific
16:11
Speaker 2: health conditions, what happens if these things are pre existing
16:15
Speaker 2: or you have already experienced them, can you still get cover?
16:19
Speaker 3: Yeah? So I mean two examples.
16:22
Speaker 2: I was about to ask you can I have some
16:24
Speaker 2: interesting examples.
16:25
Speaker 3: Let's talk about it.
16:26
Speaker 2: So I thrive on being able to understand. An example,
16:30
Speaker 2: I don't read a textbook.
16:31
Speaker 3: So something like endometriosis very very common, and so someone
16:36
Speaker 3: who has a diagnosis, but it's very well treated and
16:40
Speaker 3: it doesn't lead to any time off work, you're going
16:42
Speaker 3: to be covered generally at standard rates, depending on how
16:45
Speaker 3: recent that diagnosis is. If it's recent, then there may
16:48
Speaker 3: be an exclusion, but you could probably get it removed
16:51
Speaker 3: in the future fairly easily. If someone is having more
16:54
Speaker 3: severe pains and you know, maybe some time off work,
16:57
Speaker 3: then there may be an endometriosis exclusion. If it is
17:00
Speaker 3: really severe and a lot of time off work and
17:03
Speaker 3: it has a really significant impact on your your lifestyle,
17:07
Speaker 3: your work situation, they may actually decline cover out right.
17:10
Speaker 3: So it's not so much what do you diagnose with,
17:14
Speaker 3: it's more what is your actual experience, you know, as
17:17
Speaker 3: an individual. So you know, two, the endometeriosis diagnosis can
17:20
Speaker 3: lead to no impact at all on your insurance or
17:23
Speaker 3: to a decline on your insurance.
17:24
Speaker 2: Yeah, and that's really important to understand because sometimes you
17:28
Speaker 2: might have chats at brunch with your girlfriend to be like, oh,
17:30
Speaker 2: I didn't get insurance because like I had my endo,
17:33
Speaker 2: and then you just assume that that would apply to
17:36
Speaker 2: you as well, and that is not the case exactly.
17:38
Speaker 2: And then you said before you can get exclusions removed.
17:42
Speaker 2: And I think that's important to talk about as well,
17:44
Speaker 2: because I got my insurance when I was pretty young,
17:46
Speaker 2: because I was a financial advisor and I was like,
17:48
Speaker 2: oh my goodness, like it's always the plumber that has
17:50
Speaker 2: a leaky tap. I've got to get my stuff together.
17:52
Speaker 2: And when I first got my insurance, says I had
17:55
Speaker 2: a mental health exclusion because when I was a teenager,
17:58
Speaker 2: I had an eating disorder hospitalized for it. I'm happy
18:01
Speaker 2: to talk about it, but that was one of the
18:03
Speaker 2: reasons why I was still seeing a psychologist to like,
18:06
Speaker 2: you know, deal with all of those issues. And they
18:09
Speaker 2: were like, look, we'll cover you, but like not for
18:13
Speaker 2: eating disorder related health issues. And I was like, okay, cool,
18:16
Speaker 2: accepted that. Five years later, I gave them all the
18:19
Speaker 2: documentation to say I don't see a psychologist. I'm not
18:22
Speaker 2: struggling with this anymore. I have gone to the doctor
18:24
Speaker 2: and everything is good, and now I don't have a
18:26
Speaker 2: mental health exclusion at all on my policy. So I
18:29
Speaker 2: think that that's really important to kind of reiterate as
18:32
Speaker 2: well that exclusions could be forever, Like there might be
18:36
Speaker 2: really big ones where you've had lung cancer because you
18:39
Speaker 2: were a smoker, and they're like, absolutely never lifting any
18:42
Speaker 2: exclusion related to that. But if it's something that you
18:45
Speaker 2: no longer struggle with and you might not or assuming
18:48
Speaker 2: you won't relapse into they're pretty good at making sure
18:52
Speaker 2: that they tick all the boxes and make sure that
18:54
Speaker 2: their clients are in the best possible position exactly.
18:56
Speaker 3: And the other example about cancer is a mainly family
18:59
Speaker 3: history cancer. So if you you know, have your mother
19:03
Speaker 3: had breast cancer when your mother was over forty but
19:07
Speaker 3: under fifty two, insurers will look at it and go,
19:09
Speaker 3: we will offer you cover without any exclusions. Everyone else
19:13
Speaker 3: on the market will say, we'll either offer you an
19:15
Speaker 3: exclusion or will charge your high premium if you want
19:18
Speaker 3: that covered, if you'll give me that option.
19:20
Speaker 2: They just said nah, no bueno. And then I was like,
19:24
Speaker 2: ha ha ha, now I want it back.
19:27
Speaker 3: But there are other ones, like, you know, if your
19:30
Speaker 3: mother was actually over fifty, then you've got a lot
19:31
Speaker 3: more options. And that's back to your point about this
19:35
Speaker 3: is why we find out all this information up front.
19:37
Speaker 3: Because we want to know how old was your mother
19:39
Speaker 3: when she had breast cancer, Even though that's not your experience,
19:42
Speaker 3: we want to know that because that can lead us
19:44
Speaker 3: to recommend a more expensive product. But it's going to
19:47
Speaker 3: cover breast cancer because given that you've had that family
19:50
Speaker 3: history and it's been a part of your family, we
19:52
Speaker 3: want to make sure likely to experience that.
19:54
Speaker 2: And I actually want you to be covered for that.
19:56
Speaker 3: Yeah, and it's more important to you because you've seen
19:58
Speaker 3: the impacts of it.
19:59
Speaker 2: Yeah. Absolutely, all right, Phil, Let's go to a really
20:02
Speaker 2: quick break because when we get back, I'm when I
20:03
Speaker 2: talk about my favorite type of insurance, only cool people
20:06
Speaker 2: have favorite types of insurance, and that is income protection
20:10
Speaker 2: because the stats show us a lot about how women
20:12
Speaker 2: experience illness, how they experience time off work and recovery
20:16
Speaker 2: differently to men. And I would say it's really important,
20:19
Speaker 2: but also really I opening, so guys that don't go anywhere.
20:26
Speaker 2: All right, Phil, we are back and we're talking about
20:28
Speaker 2: my favorite type of insurance. Do you have a favorite
20:30
Speaker 2: type of insurance or is it just me?
20:32
Speaker 3: I actually think trauma is my favorite.
20:34
Speaker 2: Why is it just cooler small novel?
20:36
Speaker 3: No, because it's quite easy to get a claim.
20:39
Speaker 2: Yeah, I like that too, But like I just love
20:41
Speaker 2: the income protection protects your income and that's like low key,
20:45
Speaker 2: very sexy.
20:45
Speaker 3: Yeah it's cool. It's cool, But like trauma. Trauma is
20:48
Speaker 3: like we've had this horrible diagnosis of cancer.
20:51
Speaker 2: Here's a bunch of cash.
20:52
Speaker 3: Here's some cash in your bank account.
20:54
Speaker 2: See. I love that, but I want cash forever. You know,
20:57
Speaker 2: not that income protection is forever. It's usually to the
20:59
Speaker 2: age sixty five, just to be very clear, not going
21:01
Speaker 2: to get it forever. But to me, that feels like
21:04
Speaker 2: a long time. I can still achieve my financial goals.
21:07
Speaker 3: And you know what the beauty is, you can have
21:09
Speaker 3: both boo.
21:09
Speaker 2: Can oh lust us. I love this for us. Let's
21:13
Speaker 2: talk about income protection because I've got some stats and
21:16
Speaker 2: I want to read them to you probably already know them.
21:18
Speaker 2: But as women, we have higher rates of mental health issues,
21:21
Speaker 2: especially around pregnancy. We have more autoimmune conditions, we have
21:27
Speaker 2: more chronic conditions. As we hit our thirties, our forties,
21:30
Speaker 2: and our fifties, we have more pregnancy and post natal
21:33
Speaker 2: conditions that only women deal with. And what this means
21:38
Speaker 2: is it can result in women being more likely to
21:41
Speaker 2: lodge an income protection and trauma insurance claim than men,
21:45
Speaker 2: so we should be insured. So with all of that
21:48
Speaker 2: in mind, what do you think are the most important
21:51
Speaker 2: things women need to know about income protection?
21:54
Speaker 3: Yeah, so there's really two most important times when you
21:57
Speaker 3: think about income protection. It's when you're setting out the
21:59
Speaker 3: polls and when you're making a claim on the policy.
22:02
Speaker 3: So when you're setting up the policy, what does your
22:04
Speaker 3: work actually look like at that point in time, and
22:07
Speaker 3: when you claim on the policy. Now, no one knows
22:09
Speaker 3: when they're setting it up when they're going to claim,
22:11
Speaker 3: but it's really important, especially for women to be understanding
22:14
Speaker 3: how the policies work because some of the clauses with
22:17
Speaker 3: income protection is at the time of claim, they'll look
22:20
Speaker 3: back at the last twelve months and will cover you
22:22
Speaker 3: for your last twelve months of income. Now, if you
22:24
Speaker 3: haven't had an income, there are some features where they'll
22:27
Speaker 3: look if you're on maternity leave, they'll look back a
22:31
Speaker 3: bit further, but generally speaking, it's the last twelve months.
22:35
Speaker 3: And so it's really important because men generally have a
22:38
Speaker 3: more linear working relationship. You start work and you may
22:41
Speaker 3: have some time off work, but women it's much more
22:44
Speaker 3: broken up in terms of matt leave, part time work,
22:47
Speaker 3: what does that look like? When it comes to income protection,
22:49
Speaker 3: It's really important to make sure every time you have
22:51
Speaker 3: a work change, if you're going on matt leave, you're
22:54
Speaker 3: reaching out to your financial advisor or you're looking into
22:56
Speaker 3: your policies that you have and going will this cover
22:59
Speaker 3: me for this period of time? And so that's super
23:02
Speaker 3: important because again we don't know when we're going to claim,
23:04
Speaker 3: but if we do claim, these are the things that
23:06
Speaker 3: everyone will read every line of a PDS when they
23:09
Speaker 3: need a claim to see if they're eligible or not.
23:12
Speaker 2: What happens when it is time to claim, and is
23:14
Speaker 2: there anything specific we need to be aware of if
23:16
Speaker 2: we're like pregnant, so obviously like the PDS and making
23:20
Speaker 2: sure that it ticks all of the boxes, but like
23:22
Speaker 2: should I be updating my insurer regularly or like what's
23:27
Speaker 2: the claiming process?
23:28
Speaker 3: Yeah, so we have a lot of conversations with people
23:31
Speaker 3: going through this process and it's really just about understanding
23:33
Speaker 3: what is your plan over the next few years. Do
23:36
Speaker 3: you plan to be off work for five years because
23:38
Speaker 3: you're going to have kids in quick succession? Are you
23:41
Speaker 3: planning on taking you three months off and going back
23:44
Speaker 3: to work straight away. Those two things will have a
23:47
Speaker 3: very different outcome on what we do with your insurance.
23:49
Speaker 3: So if you are planning on going back to work
23:51
Speaker 3: within twelve months, generally you don't need to worry about
23:54
Speaker 3: your income protection if you've set up properly in the
23:55
Speaker 3: first place, because we'll still be covered at claim anytime
23:58
Speaker 3: within that twelve month period. If you are planning on
24:00
Speaker 3: a long period of time off work, then there's a
24:03
Speaker 3: lot more questions about, Okay, have you had any health
24:05
Speaker 3: events since when we took out the cover and today,
24:08
Speaker 3: because even though at claim time you may not get
24:10
Speaker 3: paid out of claim, you still may not want to
24:12
Speaker 3: cancel it because you may be uninsurable because of those
24:15
Speaker 3: health events that happened after the policy was in place.
24:17
Speaker 3: So again it's a puzzle. It's all about putting this
24:21
Speaker 3: intricate puzzle together based on everyone's unique situation.
24:25
Speaker 2: I also want to touch on here how genuinely easy
24:28
Speaker 2: it is to claim, because I think people go, oh,
24:30
Speaker 2: my goodness, I'm going through all of this and then
24:32
Speaker 2: you expect me to claim. Not if you have a
24:35
Speaker 2: financial advisor, So what would that look like. Let's say
24:38
Speaker 2: I experience a very significant health event I just call you,
24:42
Speaker 2: don't I.
24:43
Speaker 3: Yeah, pretty much. Not even one said up their policy
24:45
Speaker 3: through a financial advisor.
24:48
Speaker 2: Sorry, I mean, we can't give advice.
24:49
Speaker 3: But if you have, then you reach out to your
24:51
Speaker 3: financial advisor.
24:52
Speaker 1: You know.
24:52
Speaker 3: In our business, we've got a claims team and someone
24:55
Speaker 3: who manages claims full time. That's their job, because unfortunately,
24:59
Speaker 3: we've got a lot of clients climbing on their policies, which.
25:01
Speaker 2: Is like good and bad, Like I don't want anyone
25:04
Speaker 2: to experience that, but like to prove that it is necessary.
25:09
Speaker 2: Phil has a full time individual that works on the
25:12
Speaker 2: claims of his clients, which tells you unfortunately, claiming is
25:17
Speaker 2: more common than you think, even if you don't see
25:19
Speaker 2: it day to day or your friends or family have
25:21
Speaker 2: never claimed on insurance.
25:22
Speaker 3: Yeah, exactly. So in terms of like the process, just
25:26
Speaker 3: let's just get to nitty gritty. Obviously, climbing on insurance
25:29
Speaker 3: no one wants to do. But our process is reaching
25:32
Speaker 3: out to our team and we kind of just get
25:35
Speaker 3: a rough understanding of what's happened, and then we'll understand, Okay,
25:38
Speaker 3: is this an income protection claim? Is it a trauma claim?
25:42
Speaker 3: You know, if it's life insurance claim, then there's a
25:44
Speaker 3: whole bunch of different forms that we need to we
25:46
Speaker 3: need to fill in, So it depends on the claim experience.
25:50
Speaker 3: But yeah, reach out to your financial advisor. They'll guide
25:52
Speaker 3: you through the whole process. And if you don't have
25:54
Speaker 3: a financial advisor or we don't have a relationship with them,
25:56
Speaker 3: you can reach out to the insurance company directly, but
26:00
Speaker 3: they're much less helpful. And in fact, we've had a
26:02
Speaker 3: client who reached out directly to them and the insurance
26:05
Speaker 3: company told them something that was not correct and we
26:08
Speaker 3: got involved and that client now has one point six
26:11
Speaker 3: million dollars in the bank.
26:12
Speaker 2: Oh okay, I would love to be lied to by
26:15
Speaker 2: an insurer in that case before we get ourselves in trouble.
26:19
Speaker 2: Let's pivot and I want to talk about your favorite
26:22
Speaker 2: type of insurance, trauma insurance. And I think a lot
26:24
Speaker 2: of people are relatively confused about what trauma insurance actually is.
26:30
Speaker 2: I think a lot of people think because they have
26:32
Speaker 2: like private health insurance, or they already have their income
26:35
Speaker 2: protection setup, that they don't need trauma insurance. So, Phil,
26:40
Speaker 2: what is And I know we've done a whole episode
26:42
Speaker 2: on this, but recap what is trauma insurance And how
26:44
Speaker 2: is it very different to having private health insurance and
26:47
Speaker 2: income protection.
26:48
Speaker 3: Yeah, so trauma insurance is otherwise known as critical illness.
26:51
Speaker 3: Different insurance use different terms, but it basically covers like
26:54
Speaker 3: forty odd diagnosises or conditions. So the main ones are
26:59
Speaker 3: things like cancers. That makes up fifty percent of females
27:02
Speaker 3: claiming is on cancer, all types of cancer, and depending
27:06
Speaker 3: on the policy, there may be different levels and stages
27:09
Speaker 3: of cancer. You may be able to get partial claims
27:11
Speaker 3: or you may be able to get a full claim.
27:13
Speaker 2: But my girlfriends just got a partial claim actually, and
27:16
Speaker 2: like this is not me being like yay melanoma, but
27:20
Speaker 2: she had a melanoma cut out of her arm, tested it,
27:23
Speaker 2: it was cancerous, but they'd gotten rid of all of it,
27:27
Speaker 2: like very very lucky situation. And I was like, doar
27:31
Speaker 2: insurance And turns out she did and got a nice
27:34
Speaker 2: lump some payment for that inconvenience.
27:36
Speaker 3: Yeah, And this is the funny thing. Most people don't
27:39
Speaker 3: really think about, like things like that they would have
27:41
Speaker 3: just gone to their GP and gotten a cutout, and
27:43
Speaker 3: she did and super easy, and so you don't really
27:45
Speaker 3: think that, oh, maybe I can claim on these so again,
27:48
Speaker 3: that's why it's super important to have a relationship with
27:50
Speaker 3: the advisor. Just send them an email, Hey, I had this,
27:53
Speaker 3: can I claim on anything?
27:54
Speaker 2: I love the claims that are like not like your
27:57
Speaker 2: life hasn't changed at all. I want to give you
28:00
Speaker 2: for that. It's so fun in comparison to obviously things
28:04
Speaker 2: being a lot more dramatic, Like those are the ones
28:06
Speaker 2: that I'm like, oh, it's a little bit.
28:08
Speaker 3: Like everyone wins out of those ones because there's no
28:11
Speaker 3: downside from a health point of view. And so yeah,
28:13
Speaker 3: cancer is the majority for trauma, critical illness, other things
28:17
Speaker 3: like harder to heart conditions, strokes, MS where it leads
28:21
Speaker 3: to it, you know, degenerative diseases like MS or Parkinson's,
28:26
Speaker 3: but you need to be pretty significant down the road
28:28
Speaker 3: with those things. But that's what trauma covers any major diagnos,
28:32
Speaker 3: not not every major diagnosis, but a lot of ones.
28:36
Speaker 2: And I've got a list in front of me because
28:38
Speaker 2: when I knew that you were coming in, I was like,
28:40
Speaker 2: I'm going to be stats queen again, because like, you're
28:43
Speaker 2: the professional, but I can bring some stats to the table.
28:45
Speaker 2: So when you look at the data for women, I
28:48
Speaker 2: would say it gets incredibly clear why it's so important
28:52
Speaker 2: for women in particular to prioritize trauma insurance. So first,
28:56
Speaker 2: at one in eight women will get breast cancer, percent
29:00
Speaker 2: of autoimmune conditions occur in women, MS is three times
29:05
Speaker 2: more common in women. Thyroid cancer is also three times
29:10
Speaker 2: more common in women, and cancer rates mean women in
29:13
Speaker 2: their thirties and forties are one of the highest trauma
29:16
Speaker 2: claiming age groups, which a lot of you are going
29:19
Speaker 2: to be like, oh my god, Like, I'm in my
29:21
Speaker 2: thirties or I'm in my forties and I've never seen
29:24
Speaker 2: my friends or family do that. That doesn't mean it's
29:26
Speaker 2: not happening. You just haven't seen it. Thank thank God.
29:31
Speaker 2: Like that is a good thing. So what do women
29:33
Speaker 2: specifically need to understand about trauma insurance?
29:37
Speaker 3: The Australian way of living is sheer, well, no, it's
29:41
Speaker 3: not going to happen to me. And I think that
29:43
Speaker 3: you don't actually need to look too far if you
29:46
Speaker 3: just spend a bit of time thinking, do I know
29:48
Speaker 3: anyone in my life who has had cancer, has had
29:50
Speaker 3: a diagnosis or a scare in some regard, I'm going
29:53
Speaker 3: to guarantee you almost every listener over the age of
29:56
Speaker 3: thirty will have someone in their life close to them
29:58
Speaker 3: who is under AG sixty who has experienced that is
30:03
Speaker 3: so prevalent in Australia and this trauma insurance is as
30:06
Speaker 3: you said, women are claiming on it more than men
30:09
Speaker 3: are and it's super important that we have this policy
30:12
Speaker 3: in place. Income protection. Being your favorite insurance is super
30:15
Speaker 3: super important.
30:16
Speaker 2: Cool people have favorite insurances feel don't say it.
30:19
Speaker 3: Like I do asry And the reason why trauma is
30:23
Speaker 3: my favorite is because it is generally the simplest. You
30:27
Speaker 3: pay a premium if you have a diagnosis and we
30:29
Speaker 3: can prove it, which the doctors will prove it anyway
30:32
Speaker 3: because they want to diagnose it. Then we get a check.
30:35
Speaker 3: You know, we don't actually get checks. It just gets
30:37
Speaker 3: to positive.
30:38
Speaker 2: But like old school it used to be a check.
30:41
Speaker 3: It used to be a check, but it's just money
30:42
Speaker 3: in your bank account. And the relief that people feel
30:45
Speaker 3: of just going I don't need to stress or worry
30:48
Speaker 3: about king of work or going into debt or does
30:51
Speaker 3: my private health insurance cover me or not. People often
30:54
Speaker 3: think I've got private health insurance that covers cost. Trauma
30:58
Speaker 3: insurance just gives you money in the bank account you
31:00
Speaker 3: can spend on whatever you want. There is no obligation
31:03
Speaker 3: pub with it. You could do whatever you want. You
31:05
Speaker 3: can pay down your mortgage with it.
31:07
Speaker 2: Yeah, and that is very sexy. But the thing I've
31:10
Speaker 2: liked about it historically is that that's that initial lump
31:14
Speaker 2: sum payment that you often get before your income protection
31:18
Speaker 2: kicks in. So like in a more dramatic situation where
31:21
Speaker 2: you have been diagnosed with a cancer and you do
31:25
Speaker 2: require ongoing treatment, that is the parking at the hospital.
31:29
Speaker 2: It is those awful hospital sandwiches and being able to
31:31
Speaker 2: pay for them and not going further into debt and
31:33
Speaker 2: not being stressed about your mortgage or payments or you know,
31:36
Speaker 2: the kid's school fees or whatever's coming out. And then
31:39
Speaker 2: your income protection will kick in after that, and hopefully,
31:42
Speaker 2: because it was such a good lump some payment, you've
31:44
Speaker 2: got some leftover to kind of have a little bit
31:47
Speaker 2: more financial freedom, which, honestly, in those circumstances I wish
31:51
Speaker 2: everybody would have, because no one should be going into
31:54
Speaker 2: debt when they're unwell. That's the most stressful time to
31:57
Speaker 2: do it. If a woman is listening to this and
32:00
Speaker 2: they're thinking, cool story, guys like you, guys are losers.
32:04
Speaker 2: Who has favorite insurances and they're thinking, I don't. I
32:08
Speaker 2: don't need to worry about this, Like I'm in perfect health,
32:11
Speaker 2: my family they're fine. And you know what, I'm pretty
32:14
Speaker 2: sure I have insurance in my superannuation. So it's fine.
32:18
Speaker 2: What do they need to know?
32:20
Speaker 3: Well, draal insurance will never be in your superher you.
32:23
Speaker 2: Don't have that one. If you think it's in your super,
32:24
Speaker 2: you wrong.
32:25
Speaker 3: Yeah, pretty much. The superannuation insurance is amazing. You've got
32:30
Speaker 3: an incredible supersystem. And as a part of that, the
32:33
Speaker 3: trustees need to consider insurance for their members and so
32:36
Speaker 3: a lot of them will have default cover. Most of
32:39
Speaker 3: those default covers will not have income protection, so your
32:42
Speaker 3: favorite insurance is often not included, which is low.
32:45
Speaker 2: Key rude because it's like the coolest kind.
32:47
Speaker 3: Like and they will never have DRAWM insurance. That's the
32:50
Speaker 3: other thing. So draual insurance has to be paid out
32:52
Speaker 3: of your bank account. It can't be funded through super.
32:55
Speaker 3: And so the coolest thing about insurance is most of
32:57
Speaker 3: the premiers can actually be funded through Super, except for
33:00
Speaker 3: trauma cover that has to be paid personally. And the
33:03
Speaker 3: reason for that is and the benefit of that is
33:05
Speaker 3: it goes into your bank account when you claim, and
33:07
Speaker 3: there's tax free.
33:08
Speaker 2: I was about to say it's tax benefit. So it's
33:11
Speaker 2: not just paid through supbranuation. It's the structure of the insurance.
33:14
Speaker 2: So for example, with income protection, that would take over
33:18
Speaker 2: your income and the ATO would look at it as
33:21
Speaker 2: your income and then tax you as they deemed fit.
33:24
Speaker 2: Whereas trauma completely isolated. All the cash is all yours
33:28
Speaker 2: and it's just a lump some payment. You don't claim
33:30
Speaker 2: it on tax. Taxman can't touch it.
33:32
Speaker 3: Amount of times we get a trauma claim and they
33:35
Speaker 3: send me an email and say, oh, how much money
33:36
Speaker 3: do I need to set aside for tax one? It's
33:38
Speaker 3: all yours, baby, It's just the best email. It's all yours.
33:41
Speaker 3: You give it all all. I love that.
33:43
Speaker 2: The other thing about having income protection inside superranuation is
33:46
Speaker 2: you might go, well, Phil, I don't want trauma. I
33:49
Speaker 2: don't have any free cash flow. I actually just checked,
33:51
Speaker 2: I have life insurance and I have income protection. You
33:54
Speaker 2: need to read the PDS's Sometimes that income protection policy
33:58
Speaker 2: is not going to see you through to tirement if needed.
34:01
Speaker 2: It's usually a two year policy, which I go, great,
34:05
Speaker 2: But what happens after year two? Like what happens in
34:08
Speaker 2: year three and four if I'm still unwell and can't
34:11
Speaker 2: return to work. And that's a really important consideration because
34:15
Speaker 2: I know that a lot of people could struggle through
34:19
Speaker 2: the first two years without any insurance. And it's when
34:23
Speaker 2: life gets real serious and you're like, wow, I'm not
34:25
Speaker 2: going to achieve my financial goals. Now I'm having chats
34:27
Speaker 2: with my partner about selling our house because we genuinely
34:30
Speaker 2: can't keep trying to pay the mortgage. That's when I think,
34:34
Speaker 2: if you have a long term illness, income protection really
34:37
Speaker 2: needs to kick in at that point. So for me,
34:41
Speaker 2: just make sure you're checking them and getting in the
34:43
Speaker 2: right situation and seeing someone like you Phil. It doesn't
34:46
Speaker 2: mean that we take it out of your insurance. It
34:48
Speaker 2: can stay there. You just tweak it to make it
34:50
Speaker 2: work better exactly.
34:51
Speaker 3: Yeah, it's not a it's not a setting up through
34:54
Speaker 3: a financial visor. Has to be paid all through cash.
34:56
Speaker 3: So we can set it up so you're super Fun.
34:59
Speaker 3: We don't move you, Soper Fun. You can stay with
35:01
Speaker 3: Australian Super with aart wherever you are, so it doesn't
35:04
Speaker 3: actually matter. But they can steal fund the good policies
35:07
Speaker 3: and we can set it up properly. That's tailor for you.
35:10
Speaker 3: Do you even have to touch your super as life changes,
35:12
Speaker 3: as you become pregnant, as you do family planning, as
35:15
Speaker 3: you take a few years off work, or take three
35:17
Speaker 3: months off work, whatever that looks like, we can adjust
35:20
Speaker 3: and mold it as you go along.
35:22
Speaker 2: Yeah, you've just said taking time off work, And I
35:24
Speaker 2: think that's also an important thing to touch on when
35:26
Speaker 2: it comes to insurances that a lot of people don't know.
35:30
Speaker 2: So some superanuation funds will automatically cancel a woman's insurances
35:36
Speaker 2: that she holds inside superannuation after sixteen months of inactivity
35:41
Speaker 2: inside her super fun. So if you've gone off work
35:44
Speaker 2: for twelve months and then you're like, oh, I really
35:45
Speaker 2: don't want to return yet, and you and your partner
35:47
Speaker 2: have decided maybe we'll make it two years, and you
35:50
Speaker 2: don't update your super fund and you have default insurances,
35:54
Speaker 2: they are very likely to cancel those because they go, well,
35:56
Speaker 2: she hasn't been making super contributions for sixteen months, Like
36:00
Speaker 2: legally they have to cancel your insurances and you will
36:04
Speaker 2: just get a note to say, hey, we cancel these.
36:06
Speaker 2: They're not going to be like, hey, Phil did you
36:07
Speaker 2: still want these, they actually just cancel them and they're
36:10
Speaker 2: often very hard to get back, which I would say
36:13
Speaker 2: disproportionately affects those on extended leave, which are usually women.
36:19
Speaker 3: Ent. Yeah, I mean, this is protecting your super legislation
36:23
Speaker 3: that was brought in twenty nineteen, and it says that
36:27
Speaker 3: super funds legally have to can your insurance policies if
36:31
Speaker 3: you don't contribute within sixteen months. Some super funds actually
36:34
Speaker 3: make it even twelve months, because if they go over
36:37
Speaker 3: sixteen months, then they've breached their obligations. That's so they've gone,
36:41
Speaker 3: let's actually create safety net for us as a super fund,
36:44
Speaker 3: and we'll cancel it twelve months.
36:46
Speaker 2: Yeah, and they can do that because it's in your
36:48
Speaker 2: terms and conditions. It's in your PDS for your insurance, which,
36:51
Speaker 2: let's be honest, you and I read because that's really
36:54
Speaker 2: fun nighttime reading. But nobody else is reading the pds
36:57
Speaker 2: or the terms and conditions of their super fund. They
36:59
Speaker 2: just go, i've got money in there, I've got insurance,
37:01
Speaker 2: great tickbox, let's go. But then nobody's thinking about their insurances.
37:06
Speaker 2: Once you're eleven months into your map leave, like it's just.
37:09
Speaker 3: Not your priority Yeah, and they own the contract, they
37:12
Speaker 3: get to say whatever they want. You just are an
37:14
Speaker 3: insured person within their contract that they control and adjust.
37:18
Speaker 3: And so again, you know, I'm glad we've got another
37:20
Speaker 3: three hours to talk about insurance inside super because we
37:23
Speaker 3: don't can adjust it and change it as they can.
37:26
Speaker 2: We just continue this over lunch. All right, last question,
37:29
Speaker 2: last question. I'm hoping that most of our audience is
37:32
Speaker 2: now thinking I probably need to sort my insurances out.
37:37
Speaker 2: What's the best next step?
37:38
Speaker 3: So reach out to a financial advisor.
37:40
Speaker 2: Just going to tell you to go see him.
37:41
Speaker 3: You can come to Sky, for sure, but I would
37:44
Speaker 3: recommend speaking to a financial advisor who specializes in this space.
37:47
Speaker 3: And this sounds like a big sales spitch for Sky, but.
37:49
Speaker 2: It's junk all the time. I'm like, even if you
37:53
Speaker 2: want to go see a financial advisor for wealth creation,
37:56
Speaker 2: go and see Sky first set up your insurances. And
37:59
Speaker 2: this is not because I like you, It's because it's
38:01
Speaker 2: actually the best, like the most financially viable option, because
38:05
Speaker 2: any other financial advisor will see insurances as a hygiene factor,
38:10
Speaker 2: they will see it as go tick all of those boxes,
38:12
Speaker 2: but they'll charge you a couple of grand on top
38:15
Speaker 2: of your SOOA to include insurances, and Sky's fees are
38:18
Speaker 2: usually under five hundred bucks.
38:20
Speaker 3: Yeah, And the reason why using a specialist firm really
38:23
Speaker 3: matters is because, you know, we get discounts for our clients.
38:26
Speaker 3: Like insurers can give us benefits, but they can't give
38:30
Speaker 3: me any additional benefits they have to pass to our clients.
38:32
Speaker 3: So legally loading waivers, we get discounts for our clients.
38:36
Speaker 3: But that's not actually the best kind.
38:37
Speaker 2: Of even take you out to lunch anymore.
38:38
Speaker 3: Legally, yeah they can, but it's yeah, you have to go.
38:42
Speaker 2: To macas basically because no fine dining. No fine dining,
38:45
Speaker 2: that's too much of a benefit financial advisor.
38:48
Speaker 3: So, but a specialist firm will know, will ask the
38:51
Speaker 3: health questions. That is fundamentally what I believe the most
38:54
Speaker 3: important thing for anyone getting insurance is start with having
38:57
Speaker 3: an an understanding of your health history first before recommending
39:00
Speaker 3: a product. If anyone that you go to is saying
39:03
Speaker 3: this is product's the best because it's the cheapest or
39:06
Speaker 3: because it's the easiest for us to work with for me,
39:09
Speaker 3: that's not the right answer. The right answer is this
39:11
Speaker 3: is the right insurance company for you based on your
39:14
Speaker 3: individual health history. Because you know, two individuals having the
39:17
Speaker 3: same occupation, same age, same everything else may have a
39:20
Speaker 3: different health history and same diagnosis may still get a
39:24
Speaker 3: different outcome. And so yeah, working with a specialist firm
39:26
Speaker 3: who really investigates your health history first is super important.
39:30
Speaker 2: Agree, It's like, literally couldn't agree more. Now. Our community
39:33
Speaker 2: has been listening to us yap for I would say
39:35
Speaker 2: about forty minutes now, and I reckon that's their cap
39:38
Speaker 2: on insurance conversations. It is not our cap. So we're
39:41
Speaker 2: going to continue this offline and maybe brainstorm some other
39:44
Speaker 2: ways we can get fell back on the pod this year.
39:47
Speaker 2: But Phil, thank you for joining us again today. Thank
39:50
Speaker 2: you for letting me talk insurance, what our favorites were
39:53
Speaker 2: drop that you used to be in the circus. Literally
39:56
Speaker 2: no one breaks it down as well as you do,
39:58
Speaker 2: and our community absolutely loves you for it. So I'm
40:00
Speaker 2: very grateful, and guys, obviously a very shameless plug. If
40:04
Speaker 2: you want a chat to feel all the team at
40:06
Speaker 2: Skywealth about getting your own safety nets sorted. I'm going
40:10
Speaker 2: to make sure that all of the links are in
40:11
Speaker 2: the show notes for you. It's all going to be
40:13
Speaker 2: very clean and clear. You can just stalk them on
40:15
Speaker 2: socials as well. That's a good idea. And if you've
40:17
Speaker 2: learned something today, please make sure that your hit subscribe
40:21
Speaker 2: so that you never miss an episode. All right, thank
40:25
Speaker 2: you Phil and goodbye. We will see you guys on Friday.
40:28
Speaker 3: Thank you.
40:34
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Speaker 2: not be relied upon to make an investment or financial decision.
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