
Equity Mates Investing Podcast
Ask An Adviser: Phil Thompson - You'll never think about insurance the same
Mar 4, 2024
Learn about the importance of insurance from specialist Phil Thompson. Explore different types of personal insurance and how to optimize coverage. Understand the impact of super funds on insurance options. Discover the significance of income protection and life insurance policies at different life stages.
36:49
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Quick takeaways
- Income protection is crucial for financial stability during difficult times and plays a vital role in achieving financial goals.
- Individuals should assess if insurance through super funds meets their unique needs or consider supplementing it with policies managed by financial advisors for greater flexibility and coverage.
Deep dives
Understanding Personal Insurance Types
There are four main types of personal insurance discussed in the podcast: life insurance, total and permanent disablement (TPD) cover, income protection, and trauma insurance. Life insurance provides a lump sum payment if the insured individual passes away, while TPD cover offers a lump sum if the person becomes severely disabled. Income protection provides a monthly salary if the insured cannot work due to illness or injury. Trauma insurance covers serious medical events like cancer, heart attacks, MS, or Parkinson's.
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