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Transcript

Smart Moves To Keep Insurance Affordable · That Home Loan Hub

• 0:10
  SPEAKER_02: I've got Rebecca in the house.
• 0:11
  SPEAKER_02: We're going to talk about insurance stuff.
• 0:13
  SPEAKER_02: So tune in.
• 0:13
  SPEAKER_02: Hello, Rebecca.
• 0:14
  SPEAKER_02: Hello.
• 0:15
  SPEAKER_02: What's the topic today?
• 0:16
  SPEAKER_01: So we've addressed it before, but we're addressing it again.
• 0:19
  SPEAKER_01: Affordability and sustainability of the premium.
• 0:22
  SPEAKER_01: Okay.
• 0:23
  SPEAKER_01: What does that mean?
• 0:24
  SPEAKER_01: So as you get older, your premium increases.
• 0:27
  SPEAKER_01: Gets more expensive.
• 0:29
  SPEAKER_01: Yeah.
• 0:30
  SPEAKER_01: I mean, there are workarounds for that with level, but we won't go into that.
• 0:32
  SPEAKER_01: We'll just talk today about you've got a stepped policy.
• 0:35
  SPEAKER_01: So it increases by age and by CPI every year.
• 0:38
  SPEAKER_00: Mm-hmm.
• 0:38
  SPEAKER_01: So every year the premium is going to go up.
• 0:41
  SPEAKER_01: Okay.
• 0:41
  SPEAKER_01: In particular at the moment, cost of living, everything is on, I mean, everyone is counting their pennies, right?
• 0:47
  SPEAKER_00: Mm-hmm.
• 0:48
  SPEAKER_01: And the thing, as we've said before, multiple times, the thing to go is insurance.
• 0:53
  SPEAKER_01: Yeah.
• 0:54
  SPEAKER_01: And I think that people don't realize that there are options.
• 1:00
  SPEAKER_01: Okay, so what can people do to help themselves?
• 1:02
  SPEAKER_01: If it's a severe hardship, we can actually suspend the policy for a little while until they're back on their feet.
• 1:09
  SPEAKER_01: So, you know, if they've lost their job or something major has happened and they cannot afford the premium at all.
• 1:15
  SPEAKER_01: But that means they're not covered.
• 1:16
  SPEAKER_01: They're not covered, no.
• 1:17
  SPEAKER_01: But it also means they don't have to go through underwriting again when they can afford it.
• 1:22
  SPEAKER_01: Okay.
• 1:22
  SPEAKER_01: So we can we can put it on suspension up to 12 months.
• 1:25
  SPEAKER_02: Okay.
• 1:26
  SPEAKER_02: So that means they're still covered for insurance when it restarts.
• 1:31
  SPEAKER_02: When it restarts.
• 1:32
  SPEAKER_01: As long as nothing has happened during that time.
• 1:34
  SPEAKER_01: So if something happens during that time and then they and then they the policy comes back into play and then they try to claim something that happened during that time, it's not going to happen.
• 1:45
  SPEAKER_01: So anything that happens within that, say, we'll say 12 months will not be covered.
• 1:50
  SPEAKER_01: But they won't have to go through underwriting again.
• 1:52
  SPEAKER_01: Because if something happens during that time, they might not get the policy again.
• 1:56
  SPEAKER_02: Okay.
• 1:57
  SPEAKER_02: So it's worst case scenario.
• 1:58
  SPEAKER_02: Yes.
• 1:59
  SPEAKER_02: Okay.
• 1:59
  SPEAKER_02: So there are options to help people out.
• 2:02
  SPEAKER_01: What else can they do?
• 2:04
  SPEAKER_01: So we can remove CPI.
• 2:06
  SPEAKER_01: So it's the consumer price index.
• 2:07
  SPEAKER_01: That's the benefit amount goes up every year based on that, as well as the premium.
• 2:12
  SPEAKER_01: Your premium will still go up by age, but if we remove the CPI and the benefit stays at a certain level, then it won't your premium won't go up as much as it normally would.
• 2:23
  SPEAKER_01: So I mean with inflation and everything, it is best for your policy to keep up with it, like to increase with CPI.
• 2:34
  SPEAKER_01: But if the premiums are getting too high, it's better than getting rid of it completely.
• 2:39
  SPEAKER_02: Yeah.
• 2:39
  SPEAKER_01: Another option is, I mean, a review every time.
• 2:42
  SPEAKER_02: Yeah.
• 2:42
  SPEAKER_01: Review your cover.
• 2:43
  SPEAKER_01: You might not need the cover you took out five years ago, ten years ago, right?
• 2:47
  SPEAKER_01: You took that out when you just got a mortgage or you just had kids, or whatever the situation is, could be completely different now.
• 2:54
  SPEAKER_01: You don't even need those levels of cover, but you still need some level of cover.
• 2:58
  SPEAKER_01: So don't just cancel it straight out.
• 3:01
  SPEAKER_01: We need to look at you might not need that cover, you might need less of that cover, you might need more of that cover, but less of a different cover.
• 3:09
  SPEAKER_01: You know, it all depends on what's happened.
• 3:11
  SPEAKER_01: So reviewing every, you know, every 12 months we'll get in touch if you're with us.
• 3:18
  SPEAKER_01: But if something major happens, just get in touch with us as well.
• 3:21
  unknown: Yeah.
• 3:21
  SPEAKER_01: But on top of that, even if you're not with us currently, we can still review your cover for you.
• 3:27
  SPEAKER_02: Yeah, exactly.
• 3:28
  SPEAKER_02: And I think that's the most important thing, right?
• 3:30
  SPEAKER_02: Because sometimes people forget who was the original insurance advisor who set it up for them.
• 3:35
  SPEAKER_02: Because if they haven't renewed it, reviewed it in years, or they moved to cities, towns, they've lost connection with that person, etc.
• 3:44
  SPEAKER_02: A lot of things happen.
• 3:45
  SPEAKER_02: So um, so yeah, you can actually go to any insurance advisor.
• 3:49
  SPEAKER_02: Obviously, we encourage our clients to come back to us and anyone else's clients to come back to us.
• 3:53
  SPEAKER_02: Yes, exactly.
• 3:54
  SPEAKER_02: And we can help you out.
• 3:55
  SPEAKER_02: So uh because at the end of the day, what we want to make sure is that the insurance policy you have in place is the right fit for you.
• 4:02
  SPEAKER_02: Exactly.
• 4:03
  SPEAKER_01: And it changes all the time.
• 4:05
  SPEAKER_01: Within a year, massive, you know, life can change so much.
• 4:09
  SPEAKER_02: Totally.
• 4:09
  SPEAKER_02: And you know, people have old relationships, new relationships, and yeah.
• 4:13
  SPEAKER_01: They sell a house, they buy a house, they have a kid.
• 4:16
  SPEAKER_01: The kid reaches 18 and moves out of home, and you don't have to support them as much.
• 4:20
  SPEAKER_01: There's so many different things.
• 4:21
  SPEAKER_02: Yeah, exactly.
• 4:22
  SPEAKER_02: No, that's awesome.
• 4:23
  SPEAKER_02: Rebecca, thank you so much.
• 4:24
  SPEAKER_02: Is there anything else you want to add to this episode?
• 4:27
  SPEAKER_02: As I say way too many times, just review your cover.
• 4:32
  SPEAKER_02: Get in touch so we can review it.
• 4:34
  SPEAKER_02: And uh another one that's uh really good for renewal is if you do have a new baby, you know, make sure you do renew because if you have a new baby, you can actually add your baby to your health policy without any medical underwriting up to the age of three months.
• 4:48
  SPEAKER_02: Yes, and if you've got trauma cover, a lot of the insurers have a built in children's trauma benefit.
• 4:53
  SPEAKER_02: Exactly.
• 4:53
  SPEAKER_02: So there are a few things that happen when you do have a new baby.
• 4:57
  SPEAKER_02: Yeah, exactly.
• 4:58
  SPEAKER_02: Awesome.
• 4:58
  SPEAKER_02: Guys, thank you so much for listening in and tune in next time.