Dev Raga Personal Finance
413 life, TPD, trauma & income insurance (the basics, self-insuring, using an adviser or DIY + more) part 1
Apr 9, 2024
Insurance expert Phil Thompson discusses the basics of insurance, difference between financial and insurance advisors, self-insurance, super vs non-super insurance, income protection, life insurance, trauma insurance, and TPD. The conversation also covers claim rejections and the importance of seeking specialist advice for tailored coverage options.
47:02
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Quick takeaways
- Income protection covers a percentage of income during inability to work, with varying waiting and benefit periods.
- Consider factors like tax advantages and flexibility when choosing insurance through superannuation or outside.
Deep dives
Income Protection Overview
Income protection provides a percentage of your income if you're unable to work due to health reasons, the waiting period varies before receiving benefits, and the benefit period defines how long you're eligible for payments.
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