money money money 638b life insurance myths + protecting you, your family & your income (life insurance deep dive Q&A)
Sep 20, 2023
Phil Thompson, a financial advisor from Skye Wealth, dives deep into the world of personal insurance. He explores common myths around life insurance in superannuation and emphasizes the need for personalized coverage. Phil shares insights on when to review insurance policies, busts misconceptions about child coverage, and discusses the importance of income protection for the self-employed. Personal anecdotes highlight the emotional and financial impacts of insurance during health crises, making the case for why everyone should consider their insurance needs.
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Default Super Cover Pitfalls
- Understand the pitfalls of default superannuation cover, especially regarding death and disability cover.
- It's crucial to be aware of potential changes to the policy at claim time, such as income protection stopping upon TPD eligibility.
Benefits of Using a Financial Advisor for Insurance
- Consider setting up insurance through a financial advisor to gain access to broader insurance options.
- An advisor can help tailor your policy to your needs and potentially secure better premiums than going directly through a super fund.
Limitations of Default Super Cover
- Default cover in super often has limitations regarding level and flexibility of coverage.
- Advisors can set up external policies with more control over estate planning and beneficiary nominations.