Australian Finance Podcast How (& why) insurance works: real-life claims with Phil Thompson
In this episode of the Australian Finance Podcast, you'll learn how and why insurance works. Life insurance, income protection, TPD & more.
Owen Rask is joined by Phil Thompson, founder of Skye Wealth, to unpack what really happens when you make an insurance claim.
They go behind the scenes on:
– How insurance claims actually work
– What mistakes people make when trying to claim
– The vital difference between "own" vs "any" occupation cover
– Why you should never go straight to a lawyer when claiming
– The most common issues that stop people getting paid
– Real client case studies and what went right (or wrong!)
If you're curious about income protection, trauma cover, life insurance, or TPD claims, this episode shows how good insurance advice can make a huge difference.
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Topics Covered
– What really happens when you make an insurance claim
– Why people often don’t realise they’re eligible for a claim
– The difference between retail vs group/super insurance
– Why having an adviser at claim time can save you money
– The role of the waiting period and how it affects payment
– Real claim case study: Chloe’s chronic fatigue income protection win
– Real claim case study: Chandler’s RSI and $1.3 million TPD cover
– Real claim case study: Rebecca’s mental health claim from a workplace accident
– The danger of going straight to lawyers before talking to your adviser
– Own occupation vs any occupation: what’s the difference?
– Why good documentation and honesty make a successful claim
– What to do if you’ve had time off work or a medical condition
– The risk of underinsurance and how to get help
Resources for this episode
Buy Gemma’s book “The Money Reset”
Ask a question (select the Finance podcast)
Show partner resources
Join Pearler using code “RASK” for $15 of Pearler Credit
Get 50% off your first two months using PocketSmith
View Betashares range of funds
Rask resources
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DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg
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