Australian Finance Podcast
What is personal insurance? [Life Insurance Mini Series - Part 1/7]
Sep 2, 2024
Phil Thompson, a life insurance and income protection expert from Skye Wealth, shares valuable insights into personal insurance. He discusses its importance and the various types, including life cover and disability insurance. The conversation dispels common myths and clarifies how personal insurance differs from general products. Phil also emphasizes the need for ongoing policy reviews and the role of financial advisors in navigating this complex landscape. Listeners are encouraged to reassess their coverage as they face new life challenges.
34:34
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Quick takeaways
- Personal insurance is crucial for protecting against financial hardships from unforeseen events and includes various coverage types such as life and income protection.
- Common misconceptions portray personal insurance as costly, yet insurance through financial advisors can often be more cost-effective than superannuation offerings.
Deep dives
The Importance of Diversification in Investing
Staying invested and growing wealth requires a diversified approach to investment. Low-cost, broad-based exchange-traded funds (ETFs) serve as essential building blocks for achieving this diversification. Core ETFs such as high-interest cash funds, equity-focused ETFs, and those offering exposure to major stock indices allow investors to balance risk and value. Utilizing platforms like Betashares helps streamline the investment process and improve portfolio management.
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