The Insurances I Would Never Buy... From an Insurance Expert

Jul 15, 2025

Phil Thompson, CEO of Skye Wealth and insurance expert, breaks down the confusing world of insurance in an engaging way. He reveals which insurances are money traps, like pet and funeral insurance, and discusses the importance of income protection. Phil emphasizes the emotional and financial significance of life insurance and shares tips on how to secure affordable insurance advice. With insights on Australia’s underinsurance crisis and the 'Ferrari rule,' listeners are equipped to make smarter financial choices without the usual jargon.

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INSIGHT

Value Your Income Like Assets

Many people undervalue their income and neglect income protection insurance.
Protecting your income is more important than insuring replaceable items like phones or cars.

ADVICE

Top Up Super Income Protection

Don't rely solely on default income protection in super, as it often lasts only two years.
Consider topping it up with external insurance for long-term protection.

ADVICE

Prioritize Personal Over Pet Insurance

Choose pet insurance only if you can afford both personal insurance and the premiums.
Otherwise, create a dedicated vet savings fund for emergencies.

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If you've ever been offered insurance at the checkout and thought, “Wait… do I actually need this?” this ep is for you. From phone cover to pet insurance, there are so many policies that sound smart in the moment but just turn out to be clever marketing. So I called in friend of the show and insurance expert Phil Thompson from Skye Wealth to help us sort the genuinely helpful from the total money drains.

We’re breaking down the covers that quietly siphon your cash, the underrated ones that actually protect your biggest assets (you might be surprised what they are BTW), and the sneaky traps hiding in default policies. If you’ve been meaning to clean up your insurance but don’t want a boring lecture about premiums and policies, this is your no-drama, straight-talking guide on what to keep, skip, or switch.

In this episode:
💸 The insurances we’d never waste our money on
💸 Why default income protection through super might leave you stranded when it counts
💸 Pet insurance or DIY vet fund? We put them head-to-head
💸 The spicy truth about funeral insurance (and why it’s a hard pass for us)
💸 How to get expert insurance advice without dropping four figures
💸 The “Ferrari rule” that’ll change how you think about your income forever

GET YOUR INSURANCES SORTED: With Phil and his team at Skye Wealth here.

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Acknowledgement of Country By Nartarsha Bamblett aka Queen Acknowledgements.

The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs. Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708, AFSL - 451289.

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