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‘Is The Cover In Your Super Enough?’ And Other Quickfire Insurance Questions With Skye Wealth · She's On The Money

• 0:00
  Speaker 1: My name's Tatasha Bamblet. I'm a proud First Nations woman
• 0:03
  Speaker 1: and I'm here to acknowledge country t Glenn Young Ganya Niana,
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  Speaker 1: kaka ya Ya Binahaka, nian arka In, Nimbini, yak um Jar,
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  Speaker 1: Dominyagumika Umaga, Ihowaka, Nilewaman damon Immalan, Bumba bang gadaboma In
• 0:17
  Speaker 1: and naw In Waka ghana On yak rum Jar Watanadaa. Hello,
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  Speaker 1: beautiful friends, we gather on the lands of the Aboriginal people.
• 0:26
  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.
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  Speaker 3: Hello friends, and welcome to She's on the Money, the
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  Speaker 3: podcast that helps you build a financial future that has
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  Speaker 3: your back.
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  Speaker 4: Now, let's be very honest.
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  Speaker 3: If you weren't able to work for a few months,
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  Speaker 3: would you have enough in your savings to keep the
• 1:05
  Speaker 3: lights on, keep fridge filled, and your bills paid? What
• 1:10
  Speaker 3: if suddenly you couldn't work full time or had to
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  Speaker 3: provide ongoing care for a loved one going through a
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  Speaker 3: similar situation for some of you.
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  Speaker 4: Unfortunately, this is not actually hypothetical.
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  Speaker 3: We've heard from a number of you who are affected
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  Speaker 3: by health conditions and life events that have forced you
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  Speaker 3: to take some time off work or roll back your
• 1:29
  Speaker 3: commitments altogether. And while a lot of you have had
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  Speaker 3: insurance money win, many of you experienced the very rude
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  Speaker 3: awakening of not having enough cover to see you through.
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  Speaker 3: Today's episode is all about insurance and making sure that
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  Speaker 3: you've got a safety net no matter what happens, and
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  Speaker 3: we'll get into it right after this break. Hello, my friends,
• 1:54
  Speaker 3: you've probably gathered it's Victoria divine. But with me is
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  Speaker 3: my very good friend Phil. He's the CEO of sky Wealth,
• 2:02
  Speaker 3: Phil Thompson, Welcome back to the show.
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  Speaker 5: Hello, thanks for having me.
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  Speaker 4: I'm not gonna lie.
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  Speaker 3: I didn't think that when we had you on our
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  Speaker 3: show for the very first time, we would have people say,
• 2:13
  Speaker 3: please get back the white man who talks about insurance.
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  Speaker 4: But here we are.
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  Speaker 5: That's right, a mainstay of Shoes on the Money.
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  Speaker 3: Yeah, you like kind of becoming part of the furniture,
• 2:22
  Speaker 3: and like we talk about you on the show all
• 2:24
  Speaker 3: the time, would be like, oh well, Phil would say,
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  Speaker 3: our well, Phil's company, our well feels team.
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  Speaker 5: Like we're in the cop for me? Maybe is that
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  Speaker 5: is that fair?
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  Speaker 3: I like it? But I've got you back not just
• 2:35
  Speaker 3: because we like you. We've got you back to help
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  Speaker 3: answer some of our communities insurance questions. So today we
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  Speaker 3: are going to discuss what kind of color you might
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  Speaker 3: consider depending on your lifestyle and your financial goals. We're
• 2:48
  Speaker 3: also going to be pulling apart two examples, so we've
• 2:51
  Speaker 3: got two profiles to compare what it might actually look
• 2:54
  Speaker 3: like to be overinsurit versus under and the consequences of
• 2:59
  Speaker 3: both of these situations. Phil, I feel like everyone kind
• 3:02
  Speaker 3: of leans in and goes, well, what's the problem with
• 3:04
  Speaker 3: being over insured? But there is a problem with it,
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  Speaker 3: isn't it.
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  Speaker 5: It costs money.
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  Speaker 4: It costs a lot of money.
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  Speaker 3: So I'm very excited for this conversation, not because it's
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  Speaker 3: an exciting conversation, but I hope that it means that
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  Speaker 3: people get their stuff together and actually just up their
• 3:21
  Speaker 3: insurances or change their insurances. Which is kind of hypocritical
• 3:25
  Speaker 3: of me because what have you been chasing me for?
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  Speaker 5: I send you an email probably once every three weeks,
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  Speaker 5: and I've previously just emailed you. Now I'm copying Steve
• 3:34
  Speaker 5: in so because I know Steve will help you get
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  Speaker 5: that life at me in under control. As well.
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  Speaker 3: The way I laughed at the way you said that
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  Speaker 3: as well, you were like, Steve, I'm emailing you because
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  Speaker 3: your wife isn't doing what she said she was going to.
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  Speaker 4: And I was like, why are you dubbing on me?
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  Speaker 5: I didn't want Steve to feel like I was following
• 3:52
  Speaker 5: him up because you told me that. He was like, Victoria,
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  Speaker 5: we're going to get it.
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  Speaker 3: She should have been a microactive feminism from your behalf
• 3:59
  Speaker 3: being like, oh, I always chase up the man on
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  Speaker 3: life Admin things like that's what it should have been,
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  Speaker 3: not you, Actually, Victoria, I was throwing you under your
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  Speaker 3: bus so that your husband would chase you.
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  Speaker 5: Hey, let me just say. I also follow it up
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  Speaker 5: with I'm happy to come over and help you guys
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  Speaker 5: fill out these forms. You just got to fill it out.
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  Speaker 1: Let's go.
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  Speaker 2: I know.
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  Speaker 3: So, I think that's a very good example of the
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  Speaker 3: plumber who has a leaky tap, because I'll tell you
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  Speaker 3: to do it, but don't do as I do, do
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  Speaker 3: as I say. Right, So today our community has the flaw,
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  Speaker 3: not victoria, and they actually have a bunch of questions
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  Speaker 3: on the types of cover that they might need or
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  Speaker 3: the types of cover that they might need to revisit.
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  Speaker 4: Im me, because you deal with.
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  Speaker 3: Personal insurances literally date in day out, when are people
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  Speaker 3: most likely going to need to revisit what personal insurance
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  Speaker 3: as they hold?
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  Speaker 5: Yeah, most of the life stages that trigger an idea
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  Speaker 5: of hey we need to think about this is babies
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  Speaker 5: as you've just gone through, yeah multiple times. Now, buying
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  Speaker 5: a house or grading or downgrading houses is a really
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  Speaker 5: good trigger event. But really starting a full time job
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  Speaker 5: once you're fully reliant on your income is a really
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  Speaker 5: good idea to think, Actually, do I need to have
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  Speaker 5: income protection? Is this a good time to get it
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  Speaker 5: sorted out? So they're the kind of three big trigger points.
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  Speaker 5: But then changing careers, what does that look like? Do
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  Speaker 5: I need to bring my cover down? Do I need
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  Speaker 5: to change the occupation because I'm in lower risk occupation.
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  Speaker 5: They're the type of triggered points that is a great
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  Speaker 5: time to just go Okay, personal insurance, let's get that
• 5:28
  Speaker 5: life had been done.
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  Speaker 3: Yeah, And I feel like that could be a get
• 5:32
  Speaker 3: out of jail free card for some people listening, because
• 5:35
  Speaker 3: they'll be like, well, I don't have a significant life
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  Speaker 3: event happening right now.
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  Speaker 4: And for the people who maybe are thinking.
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  Speaker 3: Well, that's not for me, Phil, you and I both
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  Speaker 3: know that those life events are just the triggers for
• 5:47
  Speaker 3: people to go, oh, I should get my stuff together.
• 5:50
  Speaker 3: But when should people really be looking at their personal insurances,
• 5:53
  Speaker 3: not just during life changes, right.
• 5:55
  Speaker 5: Yeah, I mean today. If that's the assumption that you've
• 5:58
  Speaker 5: got it all set up properly and let's go and revisit.
• 6:01
  Speaker 5: But if you don't have it set up, you know,
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  Speaker 5: I give a lecture to all our associates in the
• 6:06
  Speaker 5: office almost every day about making sure they've got insurance
• 6:08
  Speaker 5: set up. And it's really important to make sure you've
• 6:11
  Speaker 5: got the foundation set Everyone likes talking about investing wealth creation,
• 6:15
  Speaker 5: how we're going to get ahead, or how we're going
• 6:16
  Speaker 5: to manage the cost of living. You know, it's really
• 6:19
  Speaker 5: important to think about the downside impact of if something
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  Speaker 5: was to happen. Do we have the safety net there
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  Speaker 5: or do we just rely on government support or ndis
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  Speaker 5: what does that look like? Or can we building our
• 6:31
  Speaker 5: own safety nets using insurance?
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  Speaker 3: Yeah, And I feel like I jump up and down
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  Speaker 3: about it all the time. Just get it done, Get
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  Speaker 3: it done today. The younger you are, the easier it's
• 6:40
  Speaker 3: going to be, the better it's going to be in
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  Speaker 3: terms of outcomes, like, yes, you might already have experienced
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  Speaker 3: a significant health event, but we can work around that.
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  Speaker 3: And I think so many people go, oh, I'm probably
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  Speaker 3: not going to be improved for like, you know, income protection,
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  Speaker 3: because I've heard so much about mental health and you know,
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  Speaker 3: my friend got declined because of mental health. It's like,
• 7:00
  Speaker 3: go see an actual insurance advisor and talk to them,
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  Speaker 3: because we can get a mental health exclusion so that
• 7:06
  Speaker 3: every other circumstance is covered. And yes, you might have
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  Speaker 3: an exclusion on one thing, but don't throw the baby
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  Speaker 3: out with bath water. Like it just I feel like
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  Speaker 3: so many times I'm hearing recently just blanket statements of
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  Speaker 3: like oh, well, I'd get declined because of my knee,
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  Speaker 3: and it's like, but you're going to compromise the rest
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  Speaker 3: of your entire body and your financial future because you
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  Speaker 3: would only want to claim on your knee.
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  Speaker 5: And also things like oh, I went to my superfund
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  Speaker 5: and then got declined. Well, you know, that's one insurance
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  Speaker 5: company that your super funds are using, and they have.
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  Speaker 3: Group insurance, and therefore they have group blanket statements that
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  Speaker 3: they throw around to go, oh, nap can't be bothered
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  Speaker 3: with that because they don't have the nuance and the
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  Speaker 3: depth of proper underwriting. And that's not saying that it's
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  Speaker 3: bad insurance. It just means if you do have an exclusion,
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  Speaker 3: they're likely to say no because that's how they keep
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  Speaker 3: their fees low.
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  Speaker 5: And this is why, you know, it was a great
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  Speaker 5: conversation I had just yesterday with a new client and
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  Speaker 5: they said, I went online and I tried to do it.
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  Speaker 5: Our occupation's pretty risky. They work in mining, can you know?
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  Speaker 5: And we just got quotes online and we can't get
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  Speaker 5: any cover. And so instead of thinking, well that's a
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  Speaker 5: blanket rule, we can't get any cover, they went and
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  Speaker 5: booked in a phone call with us and said, hey,
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  Speaker 5: is there anything you can do? And I just asked
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  Speaker 5: a few questions about what they do for work exactly
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  Speaker 5: is it are you going underground? Is it an open
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  Speaker 5: up mine? Or they're all the nuances that you know,
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  Speaker 5: working with a professional, we can go actually, we can
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  Speaker 5: get cover. There will be some limitations, but there's not
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  Speaker 5: a blanket statement. So I mean that was great for
• 8:33
  Speaker 5: that client to then sure do some research online, but
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  Speaker 5: then escalate it to a professional and go okay, I
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  Speaker 5: need help.
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  Speaker 3: Yeah, And I've seen this in our community a lot
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  Speaker 3: as well, where maybe they have seen some advertising for
• 8:45
  Speaker 3: an insurance company and so they're like, oh, that that
• 8:48
  Speaker 3: insurance company sounds great, and then they go on the
• 8:50
  Speaker 3: website and realize that they don't meet the criteria. Well,
• 8:53
  Speaker 3: the criteria for different insurers is different everywhere, and so
• 8:57
  Speaker 3: this person would have come to you and been like,
• 8:58
  Speaker 3: I work in mining, and imediately you might have gone, oh,
• 9:02
  Speaker 3: Insurer A is definitely not going to cover it, but
• 9:04
  Speaker 3: I'm going to call the BDM at insurer B and
• 9:06
  Speaker 3: just quickly check what their policy is. And that's where
• 9:09
  Speaker 3: you're asking the nuanced questions of like do you go
• 9:11
  Speaker 3: underground or is it open cup?
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  Speaker 4: What does this look like?
• 9:13
  Speaker 3: Because then you go, okay, well, insurre B, no, they're
• 9:16
  Speaker 3: not going to be the right fit. Insurer C though
• 9:18
  Speaker 3: slightly more expensive, but we're going to get the cover
• 9:21
  Speaker 3: and there's no exclusions like that's the messaging or that's
• 9:25
  Speaker 3: like the knowledge that only people doing it day in,
• 9:29
  Speaker 3: day out are going to have, because unless you're going
• 9:31
  Speaker 3: to deep dive into advisor only policies that you already
• 9:35
  Speaker 3: can't access on your own and read all of the
• 9:37
  Speaker 3: pds in terms and conditions and have a relationship with
• 9:39
  Speaker 3: a BDM who goes, oh, so they just sit in
• 9:42
  Speaker 3: an office filt. Yeah, let me let me personally take
• 9:44
  Speaker 3: their application and see that through to the underwriter.
• 9:47
  Speaker 4: You can't do that yourself. You need a fill in
• 9:50
  Speaker 4: your life.
• 9:50
  Speaker 5: And another example is yesterday as well, like we took
• 9:54
  Speaker 5: a client scenario. They're taking three months off to study
• 9:57
  Speaker 5: full time.
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  Speaker 4: It must be nice.
• 9:58
  Speaker 5: They've been doing their job for ten years and they're
• 10:00
  Speaker 5: taking three months off working one day a week paid work.
• 10:03
  Speaker 5: Every underwriter said, no, we won't get offer them income protection.
• 10:06
  Speaker 5: So I just pick up the phone and I talked
• 10:08
  Speaker 5: to my little team like, that's ridiculous, we can get
• 10:11
  Speaker 5: this person cover picked up the phone of the underwrite
• 10:13
  Speaker 5: and said, I want to place this policy with you
• 10:15
  Speaker 5: because overarching, you know, after that three month period, you're
• 10:18
  Speaker 5: the best place to do it. They've been doing it
• 10:20
  Speaker 5: for ten years. They're going to be doing it again
• 10:23
  Speaker 5: for probably ten years after that. This isn't a mid
• 10:26
  Speaker 5: twenty year old just kind of you know, flutting around
• 10:28
  Speaker 5: and deciding what they want to do in life. They're
• 10:30
  Speaker 5: doing a master's degree.
• 10:31
  Speaker 3: It's also so they can can knuckle down even further
• 10:34
  Speaker 3: into that specific career, like I really don't think I'm
• 10:37
  Speaker 3: not committed here, and so.
• 10:38
  Speaker 5: The underwriter was like, oh, well it's a no, but
• 10:40
  Speaker 5: I'll get a second opinion. I was like, as you should, yeah, yeah,
• 10:43
  Speaker 5: let's get a second opinion. An underwriter came back, Yeah,
• 10:45
  Speaker 5: no ways, as long as they're going back to the
• 10:47
  Speaker 5: same role, we can place the cover. So things like that,
• 10:50
  Speaker 5: just having that relationship with an underwriter to go, hey,
• 10:53
  Speaker 5: we can get this across the line. For these reasons
• 10:55
  Speaker 5: is the conversations we do as advisors all day every day.
• 10:58
  Speaker 3: Yeah, And I mean, I'm sick of up with bdms
• 11:01
  Speaker 3: because I used to be in the financial advice space.
• 11:04
  Speaker 3: I'm sick of catching up with bdms and them being like, oh, hey,
• 11:07
  Speaker 3: how are you what have you been doing? And I'll
• 11:08
  Speaker 3: be like, oh, I'm doing an app with Field next
• 11:09
  Speaker 3: week and they go, I love Phil sick of hearing it,
• 11:13
  Speaker 3: sick of it, sick of it feels great, Like can't
• 11:15
  Speaker 3: believe he just does insurances like that would do my
• 11:18
  Speaker 3: head in, But I adore him.
• 11:20
  Speaker 4: Yeah, everyone does. So thank you for taking it for
• 11:23
  Speaker 4: the team.
• 11:24
  Speaker 3: Our community obviously adore you as well, and they actually
• 11:27
  Speaker 3: had a lot of questions. I put on our Instagram
• 11:29
  Speaker 3: stories that you were coming in and they bombarded me.
• 11:32
  Speaker 3: So I've collated a few. Can we dive straight in?
• 11:35
  Speaker 4: Let's go all right, and we're going.
• 11:37
  Speaker 3: To try and be like a little bit quick fire
• 11:39
  Speaker 3: with this because I want to spend as much time
• 11:41
  Speaker 3: as possible on your case studies, because that's like the grit, right,
• 11:45
  Speaker 3: But is the insurance in your superannuation enough?
• 11:49
  Speaker 2: Ah?
• 11:51
  Speaker 5: Maybe? Like really, there are limitations with cover within super.
• 11:55
  Speaker 5: If you're not gamefully employed at the time you want
• 11:57
  Speaker 5: to claim on in competition, you can't get covered well
• 11:59
  Speaker 5: and advance policy you will get paid out, So there
• 12:03
  Speaker 5: is some cover, but often most people won't have enough
• 12:06
  Speaker 5: cover anywhere near enough cover, and some of the case
• 12:08
  Speaker 5: studies will look at like the default level of covers,
• 12:10
  Speaker 5: you know, several hundred thousand dollars. If that so high level,
• 12:14
  Speaker 5: you can get an advisor to set up a proper
• 12:17
  Speaker 5: policy for you and get your super fun to pay
• 12:18
  Speaker 5: for it, so you may as well do it that way.
• 12:20
  Speaker 4: That's how I do it. I mean, mine needs to
• 12:22
  Speaker 4: be increased, but that is.
• 12:23
  Speaker 5: How when you get around to do it, that's how
• 12:25
  Speaker 5: you will do Yep, yep.
• 12:27
  Speaker 4: I hate this episode all I love it.
• 12:29
  Speaker 5: I love it. Not very often do you self shame.
• 12:33
  Speaker 3: I have to be transparent with my community. I can't
• 12:35
  Speaker 3: have you on and be like, oh my god, you
• 12:36
  Speaker 3: should do this. I always do this and then be
• 12:39
  Speaker 3: like yeah it feel has been chasing me for that.
• 12:41
  Speaker 3: But also do you know I have recorded probably like
• 12:43
  Speaker 3: three money diaries recently, and the three diarists have been
• 12:47
  Speaker 3: like because I ask. Now, I'm like, have you got
• 12:49
  Speaker 3: your insurances sorted?
• 12:50
  Speaker 4: They're like yes.
• 12:51
  Speaker 3: I heard last week that one of the diarists ghosted
• 12:54
  Speaker 3: sky Wealth and that's me too, And now I'm going
• 12:56
  Speaker 3: to call them again.
• 12:57
  Speaker 4: And I was like, you call Phil Hiss used to
• 12:59
  Speaker 4: being ghostood?
• 12:59
  Speaker 5: I did that? Like, just be very normal. It's very normal.
• 13:04
  Speaker 5: This is the thing, like insurance is never urgent. It's
• 13:07
  Speaker 5: just so important, it's.
• 13:08
  Speaker 3: Not no, do you know what it is like having
• 13:12
  Speaker 3: spoken to a lot of people who have said, oh,
• 13:15
  Speaker 3: I engaged in the process, and then I backtracked, like
• 13:18
  Speaker 3: it's just quite confronting having these conversations about your personal health,
• 13:23
  Speaker 3: what happens if you die, what happens to my partner,
• 13:26
  Speaker 3: what happens to my assets? Like it's kind of scary.
• 13:30
  Speaker 3: But then also it's not cheap. And yes, it is
• 13:33
  Speaker 3: going to come out of your super most of the time,
• 13:35
  Speaker 3: and it can be structured really well. But you're like, wow,
• 13:38
  Speaker 3: that's like a thousand dollars or it's a bit more.
• 13:40
  Speaker 3: Not the advice like feels really reasonably priced, don't worry,
• 13:43
  Speaker 3: but like you do still have to pay for the insurance.
• 13:45
  Speaker 3: And I think a lot of us go, yeah, I
• 13:47
  Speaker 3: want to get my stuff sorted. I want to get
• 13:48
  Speaker 3: my stuff sorted, and then you kind of just see
• 13:50
  Speaker 3: the receipt and you're like, oh, maybe next week, but
• 13:54
  Speaker 3: it is really important to revisit it. So Phil another question,
• 13:58
  Speaker 3: if I've ghosted you, are you get to be mad
• 14:00
  Speaker 3: and bitter when I come back.
• 14:02
  Speaker 5: No, not at all.
• 14:04
  Speaker 1: For us.
• 14:05
  Speaker 5: We understand insurance is never that urgent for individuals.
• 14:08
  Speaker 4: Happens to get business across the board, and so yeah.
• 14:12
  Speaker 5: I mean, we definitely don't get mad at the end
• 14:14
  Speaker 5: of the day our job and you just get even
• 14:17
  Speaker 5: the core purpose of our job, and like our mission
• 14:22
  Speaker 5: at skuy is to help every day Shanes access good,
• 14:26
  Speaker 5: affordable advice. That's what we want to do. And what
• 14:29
  Speaker 5: we want to do is we want to educate everyone
• 14:31
  Speaker 5: who comes and works with us, and we want to
• 14:33
  Speaker 5: empower them to make the decision that's right for them.
• 14:36
  Speaker 5: And so if that decision is an informed decision not
• 14:38
  Speaker 5: to take our cover, happy days, that's not an issue
• 14:41
  Speaker 5: at all. Now I disagree with it. I think you
• 14:44
  Speaker 5: should have cover, but that's not my decision because I
• 14:46
  Speaker 5: don't pay your premiums. But as long as there's an
• 14:48
  Speaker 5: informed decision to make a choice and someone's made that choice,
• 14:52
  Speaker 5: then we don't know high feelings at all from our own.
• 14:54
  Speaker 4: That is literally the premise.
• 14:56
  Speaker 3: If she's on the money, and I have so many
• 14:57
  Speaker 3: people say to me, oh my god, Victoria, I wouldn't
• 14:59
  Speaker 3: want to tell you what my spending habits are there
• 15:01
  Speaker 3: so bad, And I'm like, I couldn't care less, Like
• 15:05
  Speaker 3: I care that you were given the information so that
• 15:08
  Speaker 3: you could make an informed decision.
• 15:10
  Speaker 4: How you smaed it. I don't care, babe.
• 15:11
  Speaker 3: Go buy another handbag, Go buy some shoes, build up
• 15:15
  Speaker 3: your emergency fund. Obviously, I'm going to have a preference
• 15:18
  Speaker 3: because I want you to be financially secure. But if
• 15:21
  Speaker 3: I've given you every single tool and resource and done
• 15:23
  Speaker 3: everything within my ability to put on the table basically
• 15:26
  Speaker 3: on a silver platter, education that I think you deserve
• 15:30
  Speaker 3: at a bare minimum, and then you choose the life
• 15:32
  Speaker 3: you want to live, amazing, happy days, Happy days because
• 15:35
  Speaker 3: you made an informed decision, and that's all I can
• 15:38
  Speaker 3: ask of you. But if you didn't know that was there,
• 15:40
  Speaker 3: and then all of a sudden you needed insurance and
• 15:43
  Speaker 3: you're like, damn, I wish that i'd you know, I
• 15:46
  Speaker 3: wish i'd known. That's where I fail. But if I
• 15:49
  Speaker 3: taught you and then you chose not to and then
• 15:51
  Speaker 3: you regret it, by ba's on you exactly. That's actually
• 15:54
  Speaker 3: not part of my decision making process. One question I
• 15:57
  Speaker 3: found interesting was what percentage of your income should you
• 16:01
  Speaker 3: be spending on insurances?
• 16:03
  Speaker 5: Well, that's a great question. So everyone's different. So if
• 16:05
  Speaker 5: you're a builder and you're working on a work site
• 16:08
  Speaker 5: and your mid fifties, your percentage of your income going
• 16:11
  Speaker 5: towards insurance is going to be much higher because the
• 16:13
  Speaker 5: higher risk factors. If you're an office worker and earning
• 16:17
  Speaker 5: a lot of money, that the risk factor is really
• 16:19
  Speaker 5: low from an insurance point of view, so the premiums
• 16:22
  Speaker 5: will be quite low compared to your income. So every
• 16:25
  Speaker 5: time we deliver advice to our clients, we always have
• 16:28
  Speaker 5: a table called an affordability assessment, So we show what
• 16:31
  Speaker 5: the premiums that are paid through your bank account, what
• 16:34
  Speaker 5: percentage of your income is that makeup, and that is
• 16:38
  Speaker 5: generally one percent. You know, if it's three percent, I'm
• 16:41
  Speaker 5: pretty shocked. And then we also have an affordability assessment.
• 16:45
  Speaker 5: How much of the prem's coming from your super? What
• 16:47
  Speaker 5: percentage of that? And I think I don't have the
• 16:49
  Speaker 5: averages in front of me right now, but I think
• 16:51
  Speaker 5: we normally sit at around fifteen percent of your supercontributions
• 16:55
  Speaker 5: going towards your insurance. Premiums for our clients now is
• 16:58
  Speaker 5: to have full coverage all the different types of policies
• 17:01
  Speaker 5: that we look at. That's a general guide for us.
• 17:04
  Speaker 5: But as I said, it can be more expensive, it
• 17:05
  Speaker 5: can be cheaper. We make a judgment called that we
• 17:08
  Speaker 5: will actually limit our advice and make changes if it
• 17:11
  Speaker 5: is too high.
• 17:12
  Speaker 3: Yeah, yeah, all right. Next question I've got. If you
• 17:16
  Speaker 3: have ADHD, can this give you a blanket mental health exclusion?
• 17:20
  Speaker 5: Yeah? Some insurers do blanket mental health exclusion, which is
• 17:23
  Speaker 5: like broad every mental health condition under the sun. But
• 17:26
  Speaker 5: there are some insurers who are moving towards just ADHD
• 17:29
  Speaker 5: only exclusions.
• 17:30
  Speaker 4: Very cool jokes on them.
• 17:32
  Speaker 3: I got my insurance before they started putting exclusions on ADHD.
• 17:36
  Speaker 4: I'm lucky.
• 17:37
  Speaker 3: Yeah, but also hilariously, that's why I can do what
• 17:40
  Speaker 3: I do. So good luck getting me out of the office.
• 17:43
  Speaker 5: And this is I know you want to sure you
• 17:45
  Speaker 5: know quick answers. I won't talk any more.
• 17:48
  Speaker 4: You're like, there is a lot of nuance.
• 17:50
  Speaker 5: Yeah, so much nuance. I'm trying not to go.
• 17:52
  Speaker 4: Do you want to give any nuance or let's keep it.
• 17:56
  Speaker 3: We can do a whole neurospicy episode one day more
• 17:59
  Speaker 3: than happy. I think that would be cool, like because
• 18:01
  Speaker 3: there are a lot of people who are like, what
• 18:03
  Speaker 3: the hell is mental health exclusion?
• 18:05
  Speaker 4: How deep does it go?
• 18:06
  Speaker 3: And there's a lot of insurance law in the background,
• 18:09
  Speaker 3: like oh my gosh, like go back ten years ago
• 18:12
  Speaker 3: and mental health exclusions?
• 18:14
  Speaker 5: What is mental health exactly like?
• 18:16
  Speaker 3: And then they started giving them and we didn't like
• 18:18
  Speaker 3: as an advisor at that point in time, I remember
• 18:21
  Speaker 3: getting my first mental health exclusion and.
• 18:23
  Speaker 4: I was like, sorry, what sir?
• 18:25
  Speaker 5: Yeah, like what is this? I remember it as well?
• 18:27
  Speaker 5: And you call it the underwrite? I just arguing with them.
• 18:30
  Speaker 4: Yeah, I was literally fighting on the ground.
• 18:31
  Speaker 5: They just had a relationship breakdown and prescribed some medication
• 18:34
  Speaker 5: that they never talk while you're doing a mental health exclusion.
• 18:37
  Speaker 5: Oh we have to blah blah blah.
• 18:38
  Speaker 2: Yeah.
• 18:38
  Speaker 3: It was actual crazy times, Like I'm surprised that some
• 18:42
  Speaker 3: of the insurers, like I'm still friends with some of
• 18:44
  Speaker 3: their bdms because you you hired one of their bdms.
• 18:48
  Speaker 3: Iconic can't believe she's still my friend because I'd call
• 18:51
  Speaker 3: up Zerich and be like, what the heck my client
• 18:54
  Speaker 3: deserves better yea, and yeah we're best use now.
• 18:59
  Speaker 4: I think they get where we're coming from.
• 19:02
  Speaker 3: Next question, I've got my insurance was set up before
• 19:04
  Speaker 3: I went on maternity leave. I'm not sure when I'll
• 19:07
  Speaker 3: go back. What happens with my insurance? Could I make
• 19:10
  Speaker 3: your claim?
• 19:11
  Speaker 5: Yeah, I'm gonna try and skip overall the nuance because
• 19:14
  Speaker 5: it's a deep topic.
• 19:15
  Speaker 3: Aust why I'm giving you deep questions because people want
• 19:17
  Speaker 3: quick fire answers, not essays.
• 19:19
  Speaker 5: Fill yeah, let me do it, Okay. If your insurance
• 19:22
  Speaker 5: is inside of super and you've actually finished up your
• 19:25
  Speaker 5: job and you're not gainfully employed, then your insurance within
• 19:29
  Speaker 5: your super fun won't pay out anything on income protection
• 19:31
  Speaker 5: claim route. If you've set it up with an advisor,
• 19:34
  Speaker 5: there will be a feature in that policy that they
• 19:36
  Speaker 5: will look back over the last generally over the last
• 19:38
  Speaker 5: twenty four months and go what was the best twelve
• 19:40
  Speaker 5: months of your income. So you can be on parental
• 19:43
  Speaker 5: leave for twelve months and not earn an income and
• 19:45
  Speaker 5: still if you're injured, ill, sick, and you can't return
• 19:48
  Speaker 5: to work, you can still get paid your full income
• 19:49
  Speaker 5: protection benefit for the people who are long term parental
• 19:53
  Speaker 5: leave or part time you know, and what does that
• 19:56
  Speaker 5: look like. That's just a discussion from when you set
• 19:59
  Speaker 5: up the POUL. Have you had any health events that
• 20:01
  Speaker 5: may impact increasing in the future, because sometimes it may
• 20:05
  Speaker 5: be worth over paying for insurance even if you're not
• 20:08
  Speaker 5: going to get paid to climb if it's going to
• 20:10
  Speaker 5: limit any future increase on your income protection short ends,
• 20:13
  Speaker 5: I go speak to your advisor who help you set up.
• 20:15
  Speaker 3: Yeah, and there's another question here which it doesn't play
• 20:20
  Speaker 3: into it, but it makes me think along the same lines,
• 20:23
  Speaker 3: because it's like for us, you and I have both
• 20:26
  Speaker 3: said insurance, get it set up today, Like just organize
• 20:29
  Speaker 3: it today. Organize it. Someone has said I'm organizing a
• 20:33
  Speaker 3: house and land package. We're part way through the process.
• 20:36
  Speaker 3: At what point in this process should I be talking
• 20:39
  Speaker 3: to an insurance advisor.
• 20:41
  Speaker 5: Well, congratulations, so exciting out on the house and land baggage.
• 20:44
  Speaker 5: Mortgages and insurance. They're both painful experiences to go through
• 20:48
  Speaker 5: From a life admin point of.
• 20:49
  Speaker 4: View, I guess we're both in that boat.
• 20:52
  Speaker 5: So there is a fair amount of work, and so
• 20:55
  Speaker 5: we've got to recognize there is work. Generally speaking, I
• 20:58
  Speaker 5: like setting up insurance for when you the mortgage, because
• 21:01
  Speaker 5: as early as possible is the ideal. But when you've
• 21:04
  Speaker 5: got that mortgage, you've got that obligation there that you
• 21:06
  Speaker 5: need to be servicing that mortgage, and so therefore that
• 21:09
  Speaker 5: comes with you need an income. Therefore, if you don't
• 21:12
  Speaker 5: have an income, you may not be able to service
• 21:13
  Speaker 5: that mortgage. So I generally like to say once you've
• 21:16
  Speaker 5: purchased it or done all that work. Do it before
• 21:19
  Speaker 5: you move into the house, because once you move into
• 21:22
  Speaker 5: the house, you've got to set up electricity, Internet, you've
• 21:24
  Speaker 5: got to do all of that other life admin. Then
• 21:26
  Speaker 5: you're thinking about buying furniture. What does all of that
• 21:28
  Speaker 5: look like if you do it before?
• 21:30
  Speaker 4: You said so much waiting time during that period?
• 21:33
  Speaker 5: Yeah, you sentiment period can be in ninety days. Yeah,
• 21:36
  Speaker 5: and so yeah, getting it sort of out in that
• 21:38
  Speaker 5: time period ort least starting the process and then either
• 21:41
  Speaker 5: putting the responsibility onto Sky to get the work done,
• 21:44
  Speaker 5: or then once you've got the advice, go ahead with
• 21:47
  Speaker 5: the insurer, because most of the time with insurance, you're
• 21:49
  Speaker 5: actually not doing stuff. You're just waiting on the insurer
• 21:53
  Speaker 5: to do all the work and get the medical reports.
• 21:55
  Speaker 5: So a lot of people think, oh, there must be
• 21:57
  Speaker 5: heaps involved. Well, no, there is just two points in
• 22:00
  Speaker 5: time to fill in a form. Once you feel it
• 22:02
  Speaker 5: in those forms, that's really all all you need to do,
• 22:06
  Speaker 5: victoria is fill in the form.
• 22:08
  Speaker 3: Really, that's crazy. I wish everybody in my community knew
• 22:12
  Speaker 3: it was as easy as that. For me personally, yeah, exactly,
• 22:16
  Speaker 3: I'm not good at life ad mean, I'm sorry for
• 22:18
  Speaker 3: me too.
• 22:18
  Speaker 5: Hey, I have a lot of empathy because I'm exactly.
• 22:21
  Speaker 3: The same, But I promise I will do it. Next
• 22:24
  Speaker 3: question I have is do I need income protection if
• 22:27
  Speaker 3: I am self employed? Yeah?
• 22:29
  Speaker 4: For sure, But I'm self employed.
• 22:31
  Speaker 5: Phil, Will your income last if you aren't able to work?
• 22:34
  Speaker 3: No? No, it's actually worse because I'm self employed and
• 22:38
  Speaker 3: I don't have any sick leave.
• 22:39
  Speaker 5: Yes. Ah, And this is where there is a lot
• 22:41
  Speaker 5: of nuance because insurance may actually limit your income protection
• 22:44
  Speaker 5: benefit amount because you know you're doing a lot of
• 22:47
  Speaker 5: expenses through your business. People think I'm earning one hundred
• 22:50
  Speaker 5: and fifty thousand dollars, but the actual salary and profit
• 22:53
  Speaker 5: is much less than that. Yeah, or it could be
• 22:55
  Speaker 5: much greater than that. They're all the things that you
• 22:56
  Speaker 5: need to consider when you're self employed.
• 22:58
  Speaker 3: Yeah, all right, all right, we're going to take a
• 23:00
  Speaker 3: very short break, but when we return, we're going to
• 23:02
  Speaker 3: be chatting through some of the examples feels brought along
• 23:05
  Speaker 3: of what.
• 23:06
  Speaker 4: It's like to be overinsured and what it's like to
• 23:08
  Speaker 4: be underinsured.
• 23:09
  Speaker 3: So don't go anywhere, all right, Phil, It is time
• 23:16
  Speaker 3: for a couple of case studies because sometimes things just
• 23:19
  Speaker 3: stick better when you give me a real life example,
• 23:22
  Speaker 3: like other people doing their life admin. But you've done
• 23:27
  Speaker 3: some redacting, you've done some snooping on your clients to
• 23:30
  Speaker 3: give us.
• 23:31
  Speaker 5: Some a well, actually we did a shout out to
• 23:34
  Speaker 5: that she's on the Monday community feel in this form
• 23:36
  Speaker 5: we did, and so we community members.
• 23:39
  Speaker 4: We didn't, you know, do it without consent, Like we
• 23:42
  Speaker 4: made sure.
• 23:42
  Speaker 5: That the person I'm not snooping on people.
• 23:45
  Speaker 4: No, but I like to call it snooping. I like
• 23:47
  Speaker 4: to call it pervy because it just sounds better.
• 23:49
  Speaker 3: Yeah, okay, Like it's like when I was a financial advisor,
• 23:52
  Speaker 3: do you really think that like I was feeling in
• 23:55
  Speaker 3: those forms. Absolutely no judgment, of course, But I wasn't like, oh,
• 23:59
  Speaker 3: like this means nothing. I'd be like, oh interesting, Like
• 24:02
  Speaker 3: I want to know about my clients. And if your
• 24:03
  Speaker 3: advisor doesn't want to know about you and the nuance,
• 24:06
  Speaker 3: wrong advisor.
• 24:07
  Speaker 4: Yeah, I agree, Like I want to know about you.
• 24:10
  Speaker 3: I want to know what you're doing. So let's talk
• 24:12
  Speaker 3: about the first person who's over insurance. Can you give
• 24:16
  Speaker 3: me like the top level?
• 24:18
  Speaker 5: Who are they? What do they do?
• 24:19
  Speaker 4: Like, what are their jobs? What are their income?
• 24:23
  Speaker 5: So the form, we ask the community members just give
• 24:26
  Speaker 5: us age some idea about the existing cove, and we
• 24:29
  Speaker 5: allow people to upload their details. So for this person,
• 24:32
  Speaker 5: they are single, forty five years old, no kids, and
• 24:36
  Speaker 5: the executive assistant how.
• 24:37
  Speaker 4: Much money have they got or how much money do
• 24:39
  Speaker 4: they earn in.
• 24:40
  Speaker 5: Terms of income? Ninety five thousand dollars. That's good income. Yeah, yeah, sick. Yeah.
• 24:45
  Speaker 5: So in terms of over insurance, the interesting thing about
• 24:48
  Speaker 5: this community member is they have life insurance and the
• 24:51
  Speaker 5: income protection insurance. Okay, now I'll give you a bit
• 24:55
  Speaker 5: more deep diving into protection.
• 24:57
  Speaker 4: I have both of those things.
• 24:58
  Speaker 5: Yeah, income protection, and we've got an agreed value policy.
• 25:03
  Speaker 4: Yeah, very nice. So she set it up a while ago.
• 25:05
  Speaker 5: Yeah, this is an old policy you can't get today.
• 25:08
  Speaker 4: I have one of those.
• 25:09
  Speaker 5: I don't have one of those. Actually I didn't say one.
• 25:11
  Speaker 3: Now does the insurance advisor not set up in a
• 25:14
  Speaker 3: greed value policy? I only did it because I scrambled
• 25:18
  Speaker 3: when they said that they were going to get rid
• 25:19
  Speaker 3: of them, and I was like, well, if they're going
• 25:21
  Speaker 3: to be grandfathered, I want to get me one of
• 25:22
  Speaker 3: those VD.
• 25:24
  Speaker 5: This is when I judge you for not doing life
• 25:27
  Speaker 5: admin is I don't judge you without fully understanding that
• 25:31
  Speaker 5: I'm exactly the same because when it was getting taken out,
• 25:35
  Speaker 5: I knew it for a long time, and I said
• 25:37
  Speaker 5: to myself, I got to sort my income protext. Now
• 25:39
  Speaker 5: do you know what I did? You didn't do it.
• 25:42
  Speaker 5: You know what I've also been telling people in the office,
• 25:43
  Speaker 5: I've got to increase my life in TBD insurance. For
• 25:46
  Speaker 5: me to guess what I've.
• 25:47
  Speaker 4: Done, none of that exactly, So you haven't even done yours.
• 25:50
  Speaker 5: No, I haven't increased my life and TBD.
• 25:53
  Speaker 4: Okay, so I don't.
• 25:55
  Speaker 3: I had those insurance, I'm paying for them, but we
• 25:58
  Speaker 3: haven't both of us have any increase them.
• 26:00
  Speaker 4: So take that as you will.
• 26:01
  Speaker 5: I've got a lot of cover, I just want more. Yeah,
• 26:05
  Speaker 5: and same with you. You got a good das amount
• 26:07
  Speaker 5: of cover. No, I want to pay more premiums so
• 26:10
  Speaker 5: my wife can be comfortable if something happens.
• 26:13
  Speaker 4: That's exactly why I want to do it.
• 26:14
  Speaker 5: But I think that a lot of anyway.
• 26:17
  Speaker 4: Tell me more about because I.
• 26:18
  Speaker 3: Think if you took my situation and what we're going
• 26:21
  Speaker 3: to move to right now, I'm underinsured, but I think
• 26:23
  Speaker 3: we're going to move to overinsured because I didn't realize
• 26:27
  Speaker 3: the anxiety that came with children anyway, anyway, tell.
• 26:30
  Speaker 5: Them so for me, the things that I would think
• 26:33
  Speaker 5: about for this person is, being an executive assistant, do
• 26:35
  Speaker 5: we need a greed value So that policy is probably
• 26:40
  Speaker 5: twenty five to forty percent more expensive depending on the provider,
• 26:45
  Speaker 5: just the greed value option. So what that means is
• 26:47
  Speaker 5: you're guaranteed to get that benefit amount. While an indemnity contract,
• 26:52
  Speaker 5: they look back at your last depending on the style
• 26:55
  Speaker 5: of contract, they look at the last three years and go,
• 26:57
  Speaker 5: what was your best twelve months of income? Will you
• 27:00
  Speaker 5: earning the amount to justify this benefit amount? Now, for me,
• 27:03
  Speaker 5: the questions I would have for this person who's an
• 27:06
  Speaker 5: executive assistant is how much does your income fluctuate? If
• 27:09
  Speaker 5: it hasn't fluctuating in the last ten years and it's
• 27:12
  Speaker 5: not likely to fluctuate in the next ten years, do
• 27:14
  Speaker 5: you really want to pay that extra premium for that
• 27:16
  Speaker 5: agreed value policy? That may actually not be worthwhile for
• 27:20
  Speaker 5: that individual. Now, if they came to me and said, hey,
• 27:23
  Speaker 5: I'm running, she's on the money. My income may fluctuate
• 27:26
  Speaker 5: over time because I'm a small business owner, then I
• 27:29
  Speaker 5: would say for yourself, VD, Yeah, agreed, value makes a
• 27:31
  Speaker 5: lot of sense. Let's go and increase that. But if
• 27:34
  Speaker 5: you're an employee, been doing it for a long time
• 27:36
  Speaker 5: and plan to be doing it for a long time,
• 27:38
  Speaker 5: that's where I would say, maybe you're paying high premiums
• 27:42
  Speaker 5: for the benefit that may not be there. The thing
• 27:44
  Speaker 5: to consider is life insurance. You know, forty five, single,
• 27:47
  Speaker 5: no kids, Is there a need for life insurance? I
• 27:50
  Speaker 5: would much rather allocate that money towards a trauma insurance
• 27:53
  Speaker 5: policy or a disability insurance policy, because there are two
• 27:57
  Speaker 5: policies that we don't actually have in this suite of products.
• 28:00
  Speaker 3: Yeah, and for those of us playing along at home,
• 28:03
  Speaker 3: we have done Phil and I have done episodes before
• 28:06
  Speaker 3: breaking down income protection and trauma and what these different
• 28:09
  Speaker 3: insurances are. I won't use the time that I have
• 28:11
  Speaker 3: with him today to explain each and every single one
• 28:14
  Speaker 3: in depth because it just it doesn't make sense to
• 28:16
  Speaker 3: do so. So go back and make sure that they're
• 28:18
  Speaker 3: linked in the show notes so that you can get
• 28:19
  Speaker 3: the full education. But when you're single, life insurance, yes,
• 28:24
  Speaker 3: you might want to pay off your house so that
• 28:25
  Speaker 3: you can leave it to somebody in the future. But
• 28:28
  Speaker 3: you're not setting up a family. You're not like, you know,
• 28:30
  Speaker 3: paying for education into the future or for your partner
• 28:34
  Speaker 3: to continue to stay home. Like trauma though, is something
• 28:38
  Speaker 3: that I would be like, Okay, well you're single, there's
• 28:39
  Speaker 3: no one to help you if something does happen.
• 28:42
  Speaker 4: So those things, yeah, red flag for me too.
• 28:45
  Speaker 5: And these are things that you know, we've done a
• 28:49
  Speaker 5: full review of, like what need we would require for
• 28:52
  Speaker 5: someone like this based on the we didn't have a
• 28:55
  Speaker 5: debt figure in this example. For me, I think covering
• 29:00
  Speaker 5: income until age sixty five is really important with a
• 29:02
  Speaker 5: combination of income protection and disability. So that requirement means
• 29:07
  Speaker 5: that there's probably I think an under insurance of around
• 29:09
  Speaker 5: six hundred and twenty five thousand dollars for disability cover
• 29:13
  Speaker 5: because the income protection only covers a certain amount of
• 29:16
  Speaker 5: that income and trauma insurance. You know, we're relatively conservative
• 29:20
  Speaker 5: in terms of our levels of cover. Some advisors will
• 29:22
  Speaker 5: have a lot more cover than what we recommend our clients,
• 29:25
  Speaker 5: but we recommend thirty percent of income for twelve months
• 29:28
  Speaker 5: if you're off work, you'll get that income protection payment
• 29:30
  Speaker 5: as well, and one hundred thousand dollars for medical expenses
• 29:33
  Speaker 5: or you know, anything else that you need that money for.
• 29:36
  Speaker 3: You've also got to be reasonable and then, like, your
• 29:39
  Speaker 3: client can be unreasonable and like, I don't mean that
• 29:42
  Speaker 3: in a bad way, but like someone like me, for example,
• 29:44
  Speaker 3: I know that my trauma insurance is higher than what
• 29:47
  Speaker 3: you guys recommended because I just felt more comfortable with
• 29:50
  Speaker 3: that and I'm about to increase it again. But you
• 29:53
  Speaker 3: guys basically used that methodology and said this is what
• 29:55
  Speaker 3: it is because you're also being conservative with your client's
• 30:00
  Speaker 3: Like at the end of the day, you're still spending
• 30:02
  Speaker 3: a client's money on insurances, and it's like, well, in
• 30:05
  Speaker 3: a perfect world, this is actually the biggest waste of
• 30:07
  Speaker 3: money ever. Like in a perfect world, you never claim
• 30:10
  Speaker 3: on insurances and you get to the age of sixty
• 30:12
  Speaker 3: five and you say, wow, I didn't need that perfect
• 30:16
  Speaker 3: like that is the outcome. But yeah, I just think
• 30:20
  Speaker 3: it's really interesting that you can always negotiate is the
• 30:24
  Speaker 3: word negotiate or just go back and be like, oh,
• 30:26
  Speaker 3: I feel that feels a bit low. Could we tweak
• 30:28
  Speaker 3: it a little bit? Like whatever you get in terms
• 30:31
  Speaker 3: of advice from your advisor isn't set in stone. It's
• 30:33
  Speaker 3: like here's our recommendations, and you could go drive more.
• 30:37
  Speaker 3: What would happen if I had less? Like we can
• 30:39
  Speaker 3: chat hey, And that's.
• 30:41
  Speaker 5: A great segment. I didn't even tell you I had
• 30:43
  Speaker 5: this data. But fifty percent of our clients who come
• 30:46
  Speaker 5: to us actually changed the quote before we apply.
• 30:50
  Speaker 4: Really yeah, They're just like, oh, I'd be more comfortable
• 30:53
  Speaker 4: with X or why yeah.
• 30:54
  Speaker 5: Yeah, And at the end of the day, we don't
• 30:56
  Speaker 5: mind what people go ahead with. Our job is to
• 30:59
  Speaker 5: educate people, understand the policies, how much cover we think
• 31:02
  Speaker 5: is important, but then empower them to make the choices
• 31:05
  Speaker 5: right for them. And so that is some people come back,
• 31:07
  Speaker 5: I actually I want more cover. So you know, for
• 31:10
  Speaker 5: my situation, I've got way more cover than I would
• 31:12
  Speaker 5: recommend myself as a client. Even how I'm saying I
• 31:14
  Speaker 5: need to increase my cover, my needs analysis have changed. Yeah,
• 31:19
  Speaker 5: my needs analysis tells me I'm fine, I've got hate
• 31:21
  Speaker 5: to cover, but I want more. But yeah, fifty percent
• 31:23
  Speaker 5: of our clients will say, yeah, thanks for the recommendation.
• 31:26
  Speaker 5: Can we tweak it in these little ways? And that's
• 31:29
  Speaker 5: the advisor's job to educate someone in terms of going, Hey,
• 31:32
  Speaker 5: that big number to life insurance or disability insurance is
• 31:34
  Speaker 5: always the biggest number. Bringing that down may not actually
• 31:37
  Speaker 5: have as big an impact as changing another feature. So
• 31:40
  Speaker 5: I can show you two different options.
• 31:42
  Speaker 3: Yeah, and the coolest thing there is, like we get
• 31:44
  Speaker 3: your recommendations, you've taken our personal circumstances into consideration.
• 31:48
  Speaker 4: But then once the advice.
• 31:50
  Speaker 3: Comes back, you might go, oh, well, if something did
• 31:53
  Speaker 3: happen to me, I'd love to leave ten grand to
• 31:57
  Speaker 3: you know, my mum or my dad or you know,
• 32:00
  Speaker 3: something like that. And that can be built in at
• 32:02
  Speaker 3: that point, or it can be built in before like
• 32:04
  Speaker 3: you could tell them. But sometimes the advice comes back
• 32:08
  Speaker 3: and you go.
• 32:08
  Speaker 4: Well you would have X. You go oh wait, hold on,
• 32:10
  Speaker 4: could I have a little bit more? Or you go, oh, actually, I.
• 32:12
  Speaker 3: Don't know if you know this, but here's some nuance Like,
• 32:16
  Speaker 3: you know, my family would just sell the house. They
• 32:17
  Speaker 3: wouldn't need the house, so like maybe we don't need
• 32:20
  Speaker 3: as much cover there. Yeah, it just gets really interesting.
• 32:23
  Speaker 5: And for this case study that we looked at, we
• 32:25
  Speaker 5: went and did a quote adding disability cover, adding the
• 32:30
  Speaker 5: trauma cover, and we were looking at like what it
• 32:33
  Speaker 5: would cost to replace the income protection. So it's not
• 32:35
  Speaker 5: a greed value. So we're kind of going downscale on
• 32:38
  Speaker 5: that income protection. But again that depends on the client's
• 32:41
  Speaker 5: situation and if they would need it, but we would
• 32:44
  Speaker 5: save them, you know, money by moving providers and adding
• 32:49
  Speaker 5: those two other policies for you know, one hundred and
• 32:51
  Speaker 5: thirty thousand dollars of trauma and six hundred thousand dollars
• 32:54
  Speaker 5: of disability. And in this quote, the fun fact is
• 32:57
  Speaker 5: that we would actually have life cover as well, because
• 33:00
  Speaker 5: it's often cheaper just to add life insurance, so there
• 33:03
  Speaker 5: would be no loss of life insurance. In fact, an
• 33:05
  Speaker 5: increase of that two other policies an overall cheaper, with
• 33:09
  Speaker 5: the one downside being no agreed varuing come protection.
• 33:12
  Speaker 3: So you're underinsured. We're going to fix it all up,
• 33:15
  Speaker 3: but it's going to cost you less. Yeah, that sounds
• 33:17
  Speaker 3: like a pretty good deal.
• 33:18
  Speaker 5: I'm not going to lie again. Nuance nance kind of going.
• 33:22
  Speaker 3: An example, and that's why I had to be like
• 33:24
  Speaker 3: filch our quick fire. We don't want the nuance, we
• 33:27
  Speaker 3: want the higher level because obviously this isn't financial advice.
• 33:31
  Speaker 4: But if you ask an advisor, yeah I know, I
• 33:34
  Speaker 4: am one.
• 33:36
  Speaker 5: The only nuance is health your current health history, will
• 33:39
  Speaker 5: impact that recommendation, of course, if we would actually choose
• 33:42
  Speaker 5: to do that.
• 33:43
  Speaker 3: All right, Now we have another one which has some
• 33:45
  Speaker 3: pretty significant health complications. You could say, give me the lowdown.
• 33:50
  Speaker 3: Who are they, what's going on in their life? How
• 33:53
  Speaker 3: much do they earn, how much covered do they have?
• 33:55
  Speaker 3: Do they not have?
• 33:56
  Speaker 5: Yep? So another single, no kids, thirty three, three years old,
• 34:00
  Speaker 5: working as a scientist. Now they have some group cover.
• 34:05
  Speaker 4: We call people in our community.
• 34:06
  Speaker 5: UNI super Yeah, scientists, yeah, big dog. And so they've
• 34:10
  Speaker 5: got group cover within unisuper. It's cheap as chips in
• 34:14
  Speaker 5: terms of it's costing them one hundred and sixty dollars
• 34:16
  Speaker 5: per year.
• 34:17
  Speaker 4: Money win.
• 34:18
  Speaker 5: Now, in our form we asked the premiums, but we
• 34:21
  Speaker 5: didn't get the benefit abount. So I've gone to unisuper
• 34:23
  Speaker 5: and worked out what is the level of cover. We're
• 34:26
  Speaker 5: talking about just under two hundred and sixty thousand dollars
• 34:29
  Speaker 5: worth of life insurance and disability for one hundred and
• 34:32
  Speaker 5: sixty dollars per year. Not too bad. But in terms
• 34:35
  Speaker 5: of if this person was to never be able to
• 34:38
  Speaker 5: work again or be off work for a short period
• 34:40
  Speaker 5: of time, there's no income protection. We've got no trauma
• 34:42
  Speaker 5: insurance and if this individual was to be off work forever,
• 34:46
  Speaker 5: two hundred and sixty thousand dollars is really not going
• 34:48
  Speaker 5: very far.
• 34:49
  Speaker 3: Rihann and Tracy who came on the podcast, and I
• 34:51
  Speaker 3: will also link her episode in the show notes because
• 34:54
  Speaker 3: she was phenomenal. She was one of the first people
• 34:56
  Speaker 3: that we talked to on the She's on the Money
• 34:58
  Speaker 3: podcast about claiming on insurance because I think it was
• 35:01
  Speaker 3: the day before her twenty first birthday she dove into
• 35:04
  Speaker 3: a pool in Bali and became a paraplegic, and so
• 35:07
  Speaker 3: we talked about her lifetime cost and what she did
• 35:10
  Speaker 3: and didn't have, and how much disability was costing her,
• 35:14
  Speaker 3: and we calculated out that to live her life, just
• 35:17
  Speaker 3: a normal life, we need about one point seven million
• 35:20
  Speaker 3: dollars in payouts in a perfect world to have covered
• 35:23
  Speaker 3: the rest of her life.
• 35:24
  Speaker 4: So like that's a lot.
• 35:26
  Speaker 5: Yeah, And people just underestimate the value of their income.
• 35:29
  Speaker 3: Yeah, you just think, oh, one hundred grand, that's so
• 35:31
  Speaker 3: much money, Like my friend, Unfortunately, that's not going to
• 35:34
  Speaker 3: cover you to the age of sixty five and beyond.
• 35:36
  Speaker 5: Well, so this thirty three year old, great question about
• 35:39
  Speaker 5: the value of their income thirty three year old scientists
• 35:41
  Speaker 5: on one hundred and nine thousand dollars a year. The
• 35:44
  Speaker 5: value of that income between now and retirement assuming your
• 35:46
  Speaker 5: retirement sixty five. When a thirty three year old is
• 35:49
  Speaker 5: sixty five, that's not retirement age. It'll probably be much later.
• 35:53
  Speaker 5: But if you project it out, it's five point four
• 35:56
  Speaker 5: million dollars. Yeah, of income that's going to be lost.
• 35:58
  Speaker 2: Now.
• 35:59
  Speaker 5: Sure the ATOS is taking a decent chunk of that over.
• 36:02
  Speaker 4: Time, and we have a whole conversation about that, yeah.
• 36:05
  Speaker 5: Which we won't. Yes, there's lots of tax, but that's
• 36:08
  Speaker 5: the value of that income over time. So the things
• 36:11
  Speaker 5: that are interesting about this one is, you know, there
• 36:14
  Speaker 5: has been a history of endometriosis pcos, you know, pull
• 36:17
  Speaker 5: ups on the intestine and the brackagene.
• 36:20
  Speaker 3: As well, which is a rough one when it comes
• 36:23
  Speaker 3: to insurance. And I had to go through this a
• 36:25
  Speaker 3: number of times with clients when we're going through the
• 36:27
  Speaker 3: underwriting process and the brackagen conversation would come up, and
• 36:32
  Speaker 3: insurance hate the brackagen. So give me a little bit
• 36:35
  Speaker 3: of nuance for those who maybe don't know what the
• 36:38
  Speaker 3: bracka gene is and how it impacts your ability to
• 36:41
  Speaker 3: get insured.
• 36:42
  Speaker 5: Well, I've got great news for you.
• 36:44
  Speaker 4: Actually it's changed.
• 36:45
  Speaker 5: The government legislated that insurance companies cannot use genetic test
• 36:51
  Speaker 5: to impact your insurance policy.
• 36:52
  Speaker 4: But they used to.
• 36:53
  Speaker 5: They used to from.
• 36:54
  Speaker 4: One when I wasn't it. I love this when I
• 36:57
  Speaker 4: was an advisor.
• 36:58
  Speaker 5: Or this year this change it. Yeah, one April, that
• 37:01
  Speaker 5: change it. Now it doesn't get fully implemented until one October.
• 37:04
  Speaker 4: So there is I'm excited.
• 37:06
  Speaker 5: Yeah, it will, it will be there. So one insurance
• 37:09
  Speaker 5: company doesn't ask the question anymore, so they've already changed it. Yeah,
• 37:12
  Speaker 5: every other insurer still asked it because there's a system
• 37:15
  Speaker 5: process is to change the question. But from one October
• 37:18
  Speaker 5: it's it's illegal to ask questions about genetic testing.
• 37:22
  Speaker 3: That is phenomenal because for those of you who maybe
• 37:25
  Speaker 3: haven't heard of the Bracer gene before, the bracer gene
• 37:28
  Speaker 3: is related to your probability of getting breast cancer. And
• 37:33
  Speaker 3: so if you carry the bracer gene, I believe that
• 37:36
  Speaker 3: you are eighty percent more likely to get breast cancer
• 37:40
  Speaker 3: during your lifetime because it's genetic. Very likely you will
• 37:43
  Speaker 3: find out that you have the bracer gene or that
• 37:45
  Speaker 3: you're the carrier of the bracer gene when your mum
• 37:48
  Speaker 3: or your grandmother gets diagnosed with breast cancer, because you know,
• 37:52
  Speaker 3: oncologists will say, hey, can we test this, and they'll say, oh,
• 37:56
  Speaker 3: you're carrying the bracer gene. Get your kids tested because
• 37:59
  Speaker 3: there's a very high probability that this could have been
• 38:01
  Speaker 3: passed on to them. And that is historically for me,
• 38:05
  Speaker 3: being a devastating conversation because I would have to say
• 38:09
  Speaker 3: to very fit, very young, very healthy people, I'm so sorry,
• 38:13
  Speaker 3: but they're not going to cover you for breast cancer
• 38:15
  Speaker 3: and by the way, you're more likely to get it,
• 38:18
  Speaker 3: And that was so terrible. But the idea that they're
• 38:21
  Speaker 3: lifting that, that's made my day, Like I'm so excited
• 38:24
  Speaker 3: about that. And in the back of my mind, I've
• 38:26
  Speaker 3: got like four people that I need to text to
• 38:28
  Speaker 3: be like, hey, your old advisor here, I don't know
• 38:30
  Speaker 3: if you know this, but can you call your current advisor.
• 38:33
  Speaker 4: I'm sure their current advisor is on top of it.
• 38:35
  Speaker 4: But I will not be letting that one slip. It's big.
• 38:38
  Speaker 5: It's almost like I chose that case study for you
• 38:40
  Speaker 5: to talk about that.
• 38:42
  Speaker 4: Yeah, yeah, so our feelings on the strategy it is it's.
• 38:47
  Speaker 5: Great news because now again there is nuance here. Let
• 38:51
  Speaker 5: me tell you the nuance. If you have family history
• 38:54
  Speaker 5: of breast cancer, it can still impact your cover.
• 38:56
  Speaker 4: Yes, so that is fine.
• 38:58
  Speaker 5: It's more for people who when and have gone. You
• 39:01
  Speaker 5: know what, let's just get a genetic test. I want
• 39:03
  Speaker 5: to see what's going on. I want open eyes understand
• 39:05
  Speaker 5: what's going on. Those people won't be impacted by it.
• 39:09
  Speaker 5: So if you don't have any family history wrest cancer,
• 39:11
  Speaker 5: but you found out you do have the bracket gene,
• 39:13
  Speaker 5: then it won't impact your insurance application. From one October
• 39:16
  Speaker 5: twenty twenty six.
• 39:17
  Speaker 3: That is definitely something that I thought about actually when
• 39:20
  Speaker 3: I was trying to conceive for the very first time,
• 39:22
  Speaker 3: because my husband and I went and did genetic testing,
• 39:25
  Speaker 3: and it was at that point that I said to
• 39:27
  Speaker 3: my husband, our insurances are all good, aren't they? Because
• 39:29
  Speaker 3: I didn't want to do that genetic testing until I
• 39:32
  Speaker 3: knew my insurances were set and forget because anything I
• 39:34
  Speaker 3: found out after that couldn't be taken out of my insurances.
• 39:39
  Speaker 3: So just the idea that there's a lot more freedom
• 39:42
  Speaker 3: now makes so much sense.
• 39:44
  Speaker 5: Yeah, and so I guess this is the reason I
• 39:47
  Speaker 5: brought up this case study is because polyps in the
• 39:49
  Speaker 5: intestine pcos endometriosis. There was a comment saying, hey, I
• 39:53
  Speaker 5: looked into the changing cover briefly due to medical issues,
• 39:57
  Speaker 5: and I was advised if I swapped my insurance, I
• 39:59
  Speaker 5: wouldn't be it for particular illnesses. And I wasn't able
• 40:02
  Speaker 5: to get covered due to the outstanding endometriosis diagnosis. And
• 40:06
  Speaker 5: they've said they've been waiting for searchure for ten years.
• 40:08
  Speaker 5: Not that uncommon if you're going through the public system. Now,
• 40:14
  Speaker 5: I don't know if that's true. And the reason why
• 40:16
  Speaker 5: I say that is because you hear comments about, oh,
• 40:21
  Speaker 5: I got declined for mdu metiosis, and so you project
• 40:24
  Speaker 5: that and go, oh, maybe that's my situation, or you
• 40:26
  Speaker 5: speak to an advisor who may not specialize in it,
• 40:28
  Speaker 5: and go, I'm pretty sure we can't get you cover,
• 40:31
  Speaker 5: and people take that as kind of gospel. And this
• 40:34
  Speaker 5: is kind of what I wanted to kind of touch on,
• 40:36
  Speaker 5: is that may have been true at that point in time,
• 40:40
  Speaker 5: but it doesn't mean you don't revisit it again.
• 40:42
  Speaker 4: Yeah, and so things change.
• 40:43
  Speaker 3: Even I didn't know that because I'm now out of
• 40:45
  Speaker 3: the industry and now I'm a bit like, oh am,
• 40:48
  Speaker 3: I losing my touch.
• 40:50
  Speaker 4: I'm not on top of it anymore, Phiel, Which.
• 40:52
  Speaker 5: Is fine, you're busy, you're busy, but that's there the network. Yeah,
• 40:56
  Speaker 5: they're the things that it's like underwriting changes all the time.
• 41:00
  Speaker 5: Rules will change over time. So even if you went
• 41:02
  Speaker 5: and did a full assessment with Sky and we told
• 41:05
  Speaker 5: this client that they can't get cover, it doesn't mean
• 41:07
  Speaker 5: it's the case forever. It is means that maybe come
• 41:10
  Speaker 5: back in a few years time, we'll revisit everything, We'll
• 41:13
  Speaker 5: get your disclosures again, we'll send it off to ensures.
• 41:15
  Speaker 5: If it's a full decline again, we'll let you know
• 41:18
  Speaker 5: that that's the case.
• 41:19
  Speaker 3: Yeah, And I think that that's where a lot of
• 41:21
  Speaker 3: people just assume they might come to you and it's
• 41:24
  Speaker 3: a set and forget kind of thing.
• 41:25
  Speaker 4: But you kind of fall into the Sky Wealth community
• 41:28
  Speaker 4: and you.
• 41:29
  Speaker 3: Just text your advisor or message your advisor or email
• 41:33
  Speaker 3: them and be like, hey, my situation's changed, and they'll
• 41:35
  Speaker 3: be like, yeah, yeah, let me just like send you
• 41:36
  Speaker 3: the forms to update these things. So there's no you
• 41:39
  Speaker 3: having to go and do a manual process every single time,
• 41:42
  Speaker 3: like they've got all your information, we can update things,
• 41:45
  Speaker 3: we can retest things like Phil guaranteed would have put
• 41:48
  Speaker 3: if he said, oh, let me touch base in a year,
• 41:51
  Speaker 3: because like we can revisit that, or we can talk
• 41:53
  Speaker 3: about that exclusion changing. He's already got it in his calendar.
• 41:56
  Speaker 3: And he will pest to you because he pesteres me.
• 41:59
  Speaker 3: And it's not just because he pest is me. It's
• 42:01
  Speaker 3: because I have the whole community being like, how great's Phil,
• 42:05
  Speaker 3: and like I love it because like I know, but
• 42:09
  Speaker 3: just shut up about Phil.
• 42:10
  Speaker 5: You know. The last thing I wanted to touch on
• 42:12
  Speaker 5: is we did a comparison for this person with unisuper.
• 42:15
  Speaker 5: A lot of people think, go to your superfu and
• 42:17
  Speaker 5: it's cheaper, and we did the same levels of cover
• 42:20
  Speaker 5: that we would consider income protection disability to life, and
• 42:24
  Speaker 5: unisuper was twenty six hundred dollars per year. Yeah, in premiums.
• 42:29
  Speaker 5: If we had a decent level of cover, most of
• 42:31
  Speaker 5: that cost is income protection for young people, and that
• 42:34
  Speaker 5: is expensive.
• 42:35
  Speaker 3: Like I think that if you're going to get receipt
• 42:37
  Speaker 3: shock or like bill shock, it's probably going to be
• 42:39
  Speaker 3: at your income protection.
• 42:41
  Speaker 5: Yeah, yeah, I mean for young people. Yeah, that's the
• 42:43
  Speaker 5: thing that protects the bulk amount of climbs, but we
• 42:46
  Speaker 5: looked at an advice policy that was fifteen hundred.
• 42:48
  Speaker 3: Dollars okay, And that is a significant saving. And like
• 42:52
  Speaker 3: I know a lot of people will say things like, oh,
• 42:54
  Speaker 3: but it's coming out of my super Yeah, that's money
• 42:56
  Speaker 3: that can compound in your super every single year and
• 42:59
  Speaker 3: make you more money in retirement.
• 43:01
  Speaker 4: Like, this is a good outcome for a free body.
• 43:03
  Speaker 5: And this is why we all day, every day we're
• 43:06
  Speaker 5: comparing super premiums versus the premiums we can set up.
• 43:09
  Speaker 5: And I'm so sick of hearing that my super fund
• 43:12
  Speaker 5: is cheap. I'll just go there. We are rolling out
• 43:14
  Speaker 5: on our website that every time we tell a client, hey,
• 43:18
  Speaker 5: go from your super fun to this insurance providers, we're
• 43:21
  Speaker 5: going to show that data, just the numbers, not obviously
• 43:24
  Speaker 5: no client data. We're showing the numbers on average, but
• 43:27
  Speaker 5: how much we're saving our clients. And so I'm looking
• 43:29
  Speaker 5: at it. As of today, the average super premiums would
• 43:33
  Speaker 5: be just under four thousand dollars, and the average premiums
• 43:37
  Speaker 5: that we have set up is just under three thousand dollars.
• 43:40
  Speaker 4: So it's like, that's so good.
• 43:42
  Speaker 5: Massive savings, and I know you're a data geek as well.
• 43:47
  Speaker 5: We literally have gone so you can click on our
• 43:49
  Speaker 5: thing and go which super fund am I with, and
• 43:51
  Speaker 5: you can see the number of clients we've moved from
• 43:54
  Speaker 5: that super fun and how much the average saving is.
• 43:57
  Speaker 4: I see, and I think that's sick.
• 43:59
  Speaker 3: What's a number? Well, because we're just talking about it,
• 44:03
  Speaker 3: not throwing them under the bus.
• 44:05
  Speaker 4: Still call me.
• 44:05
  Speaker 5: I actually love unie super because they have defined benefits
• 44:08
  Speaker 5: and they do I like Unisuper. At the moment we
• 44:11
  Speaker 5: go low client, so there is eight clients, the average
• 44:14
  Speaker 5: saving is like fifty percent cheaper, so literally half priced
• 44:17
  Speaker 5: is the average.
• 44:18
  Speaker 3: Sorry Unisuper, we love you, but like also sorry, we
• 44:21
  Speaker 3: care more about our clients.
• 44:22
  Speaker 5: So you can search alphabetically. You can search from the
• 44:24
  Speaker 5: highest saving to the lower saving and spicy and we
• 44:27
  Speaker 5: don't game in this either. We're showing if we're moving
• 44:29
  Speaker 5: someone to a more expensive product as well, so if
• 44:32
  Speaker 5: we're saying to a client, you should be paying more
• 44:34
  Speaker 5: money for these premiens. And here's all the reasons why
• 44:36
  Speaker 5: we'll show that data.
• 44:37
  Speaker 3: I'm going to put the link to that direct website
• 44:39
  Speaker 3: in my show notes as well, because I just know
• 44:41
  Speaker 3: people are going to be like sorry, where like they're
• 44:43
  Speaker 3: scrolling through their podcast thing right now to get to
• 44:45
  Speaker 3: the show notes, to be like, oh, spicy information, because
• 44:47
  Speaker 3: that's where I live. Feel unfortunately, that is all we
• 44:51
  Speaker 3: have time for today. I feel like you're the best
• 44:53
  Speaker 3: person to talk to when it comes to comparing insurance
• 44:56
  Speaker 3: and understanding where we might fall. So thank you so
• 44:59
  Speaker 3: much for coming in and sharing your wisdom with us.
• 45:01
  Speaker 3: It is always appreciated. Thank you, and as always, my friends,
• 45:05
  Speaker 3: there's so much more for our community to take away
• 45:08
  Speaker 3: and consider when it comes to personal coverage. If your
• 45:10
  Speaker 3: insurance is in need of a little bit of a
• 45:13
  Speaker 3: health check, very brazen shout out to our friends Phil
• 45:16
  Speaker 3: and his entire team at sky Wealth to set up
• 45:19
  Speaker 3: a system that actually has your back. We're going to
• 45:21
  Speaker 3: make sure to add all of those links we've talked
• 45:23
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• 45:35
  Speaker 3: and I will see you on Friday.
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