Australian Finance Podcast
How to review your insurance and adjust your cover [Life Insurance Mini Series - Part 6/7]
Sep 7, 2024
Phil Thompson, a life insurance and income protection expert from Skye Wealth, dives deep into the importance of reviewing your personal insurance. He highlights life events like having kids or buying a house that should prompt a reassessment. Phil clarifies that life insurance is not the same as car insurance and shares strategies to manage costs effectively. He discusses the differences between stepped and level premiums and explains why increasing coverage is more complex than decreasing it. This enlightening discussion is a must-listen for anyone concerned about their insurance needs.
29:04
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Quick takeaways
- Regularly reviewing and adjusting insurance coverage is essential due to changing life circumstances like income changes or having children.
- Understanding the differences between life insurance and general insurance is crucial for making informed decisions about necessary cover levels.
Deep dives
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