She's On The Money Summer Starter Series: Protecting Yourself With Personal Insurance
Jan 23, 2026
Phil Thompson, CEO of Skye Wealth and personal insurance specialist, explains why income protection is the foundation of any money plan. He covers types of cover like life, TPD, trauma and income protection. Conversations include waiting and benefit periods, why default super cover can fall short, and how specialising makes advice more affordable and practical.
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Protect Your Income First
- Do prioritise income protection because your ability to earn is your biggest financial asset.
- Choose a long benefit period (up to age 65) to protect against permanent loss of income.
Short Claims Are Common, Big Payouts Aren't
- Most income protection claims end within two years but most dollars paid are for long-term claims.
- That means short-term cover misses the majority of the financial risk for catastrophic loss.
Buy Income Protection Early
- Do set up income protection early while you're healthy to get lower premiums and fewer exclusions.
- A younger person's lifetime loss of income is often greater, so earlier cover can be more valuable.
