August 25, 2026 • 40 mins
Endo. Chronic injury. Mental illness diagnoses. Updates to genetic testing. Let’s talk about it.
This episode comes at a time where the NDIS is being wound back for approx. 241,000 Australians. So, what does this mean if you are experiencing chronic illness, permanent injury or disability? And what financial support is in place to help you sustain a decent quality of life when government services are being pared back?
During this Deep Dive, we’ve invited friend of the pod, Phil from Skye Wealth to chat about the impact of chronic illness on our personal insurances. From stigma and stereotyping to the upcoming industry shifts that are happening around mental illness, join Victoria and Phil for an illuminating ep on what your options are in the year of our lord 2026.
CHAT WITH SKYE: Thanks again to our partners over at Skye Wealth for making this episode possible. If you're ready to chat to a professional about your personal insurance, we have a long standing referral partnership with Skye Wealth. Book your consult at https://www.skye.com.au/shesonthemoney
INSURANCE 101: Still grade yourself at about a B+ when it comes to money? Upgrade your knowledge with this playlist on personal insurance at https://open.spotify.com/playlist/1kdVBELk5klU7yzzFblSqe?si=F7bBhVGpShSQmgWf8R4kEQ
LOVE NUMBERS? Here are some stats on the various kinds of claims being paid out across Australia from 2024. Visit insurancewatch.com.au/insurance-claims-statistics.html for more info.
New here? Follow us on Instagram (@shesonthemoneyaus) for Q&As, bite-sized advice, daily money inspo... and relatable money memes that just get you.
Acknowledgement of Country By Nartarsha Bamblett (nartarshabamblett.com.au)
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 - 4451289.
See omnystudio.com/listener for privacy information.
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Speaker 1 (00:00):
She's on the Money.
Speaker 2 (00:02):
She's on the Money. My name's Tatasha Bamblet.
Speaker 3 (00:11):
I'm a proud First Nations woman and I'm here to
acknowledge country. Hello, beautiful friends, we gather on the lands
of the Aboriginal people. We thank, acknowledge and respect the
Aboriginal people's land that we're gathering on today. Take pleasure
in all the land and respect all that you see.
She's on the Money podcast acknowledges culture, country, community and connections,
bringing you the tools, knowledge and resources for you to thrive.
Speaker 4 (00:32):
Hello, our lovely listeners, and welcome to She's Other Money,
the podcast where we discuss all of the issues concerning
your wealth goals so that you can feel more in
control of your financial future. Let me paint you a
little picture. You work for a marketing company with a
pretty good office and online culture, and while the team
isn't mandated to come into the office, you've had to
(00:54):
work from home more than usual this year because you've
had some pretty debilitating cramps. But this is not unusual
for you because you're pretty sure you have endometriosis, a
condition that affects one in seven females and those assigned
female at birth and while you've considered getting an official
diagnosis and any necessary treatment, the process often involves surgical intervention,
(01:17):
which means more time off work, time off that you
aren't sure you can actually afford. In addition to the
physical pain, the financial pressure of taking unpaid leave is
totally stressing you out, leading to overwhelm and burnout. Unfortunately,
this isn't just a hypothetical for many of our listeners,
but an uncomfortable reality for many of you in the
community who re experiencing chronic and mental illness. On today's
(01:41):
deep Dive, we're going to be covering the impact these
issues might have on your personal finances and insurances, plus
what to consider before chatting to an insurance specialist. I'm
Victoria Devine and joining me today is none other than
Phil Thompson, the CEO of Skywealth.
Speaker 2 (01:59):
Welcome back, mister Phil Thompson.
Speaker 1 (02:00):
Thanks thanks for having me.
Speaker 2 (02:02):
You've got less hair.
Speaker 1 (02:03):
I do have less hair. I chopped it off looking
a little just slightly more professional.
Speaker 2 (02:08):
Oh is that what we're going for?
Speaker 1 (02:10):
Well, no, but that's what I've been told.
Speaker 4 (02:12):
Because like, Sky act professional, but when you meet them,
you're like, oh, they're just fun guys.
Speaker 2 (02:18):
Yeah, and we get that feedback a lot.
Speaker 1 (02:20):
I always say, the what we do is incredibly serious,
but the way in which we behave doesn't need to
be too serious.
Speaker 4 (02:26):
Absolutely, and I think that that's what makes it so nice.
It doesn't have to be like your dad's financial advisor,
right like, and I think that that's what people think of.
And I just found it so hilarious last time we
did content together because it was one of the first
times we had a video podcast and I'm so sorry,
but the amount of people that replied and they were like,
(02:47):
that's feel and I was like, yeah, like he's fun,
and they're like, this makes so much more sense as
to why you'd have a guy on the show. I'm like, yeah,
like he's actually a fun, really cool dude.
Speaker 1 (02:56):
I tell you, I was a little bit self conscious
thinking do I sound like a sixty years No?
Speaker 4 (03:01):
But I think people just assume when you have a
male voice and you have a fair bit of authority
in the financial advice space, there's like a stereotype that
you probably wear a three piece suit never and I
don't even think, yeah, but you've probably never owned one either.
Speaker 2 (03:17):
No, what do you get married in? Did you get
married in.
Speaker 4 (03:20):
There you go, yeah, yeah, because you're like, I'm never
going to wear this again, exactly. All right, let's do
a little general advice disclaimer, because we are talking financial
advice today. Anything Phil says or does can and will
be held against that wrong disclaimer. Anything that we talk
about is obviously general in nature and doesn't take your
personal circumstances into account. But I think that people might
(03:43):
find this oddly specific.
Speaker 1 (03:45):
Yeah. Some, I'm a financial visor, We've got our own
a for sale, but I'm not giving personal advice on
this podcast.
Speaker 4 (03:51):
No, And we can't give personal advice because we don't
want to go to jail, and the ramifications of that
are actually five years in jail and a million dollars
of fines, and like, both of us can't afford that. No, Phil,
this is a topic that my community and I have
been very eager to chat about for such a long time,
and it's not just because of Endo. We've seen a
bunch of our community members share stories about their experiences
(04:13):
with chronic and mental illness and the challenges that they've
had to face and navigate when it comes to getting
insurance and accessing the support that they need and the
support that they deserve, and by the end of this episode,
we would love for them to have an updated understanding
of what is and isn't covered by default super plus
some recent changes to insurance and mental health claims. We're
(04:35):
going to go to a very quick break though, and
then when we get back, we're going to dive straight in.
All right, Phil, I know that at the start of
this episode I shared a little hypothetical that was completely
unrelatable to you, but as the stats nerd that I am,
I wanted to bring a few more numbers to the
(04:56):
table just to explain to how topical this conversation is
for our listeners and for our community, and something that
I know you've seen time and time again in Sky.
According to the Australian Institute of Health and Welfare, around
one in five Australians have experienced mental illness in the
last twelve months.
Speaker 2 (05:13):
Does that surprise you.
Speaker 1 (05:15):
Not by looking at our clients medical disclosures, not at all. No.
Speaker 4 (05:20):
Around half of those Australians, so about forty three percent,
have experienced mental illness during their lifetime.
Speaker 1 (05:26):
Yeah. I mean, we'll talk about this a little bit
more later in the episode, because you know, talking about
chronic illness. Talking about mental health is really conversations I
have every single day with clients exactly.
Speaker 4 (05:36):
And in twenty twenty four to twenty twenty five, one
in ten Australians received Medicare subsidized mental health services, which
equates to two point eight million people. So this isn't
a little conversation, and these figures from my perspective, become
a lot little, a lot more alarming when it comes
to chronic illness, particularly in recent years, and estimated three
(05:57):
in five Australians are living with a chronic condition that
is a selected long term health condition. Anxiety, back problems
and depression top the list among females of all ages.
Two point nine million female Australians are living with anxiety,
one point nine million with back problems, and one point
eight million are living with depression. The prevalence of living
(06:19):
with one of those or more of those selected long
term health conditions is higher among women than men aged
fifteen to forty four, and as mentioned earlier, we know
that one in seven women in Australia are living with endo.
With this kind of prevalence among roughly fifty percent of
the population, you can quickly see just how much our
(06:39):
health influences our daily lives, things like work and study
and simply engaging with our family and friends can be
negatively impacted if you aren't getting the treatment that you need,
or we simply can't show up in the world in
the way that we really want to. And if illness
wasn't enough, feel the financial consequences of not being able
to go back to work, just as insult to injury,
(07:01):
having a chronic condition might mean that you aren't able
to work full time or reach the financial goals that
you'd imagined, even with a really high paying role. It
might even mean taking a pay cut to be able
to continue within your role. More than half of Australian
workers have taken sickly due to mental exhaustion, with almost
one third requiring time off in the past twelve months alone. So,
(07:25):
my friend Phil, it is no wonder we are all
burning out. And I'm probably preaching to the converted here,
but in your experience, have these numbers shifted in the
recent years.
Speaker 1 (07:36):
Yeah, and it's been a big increase in claims, and
so this is why, you know, we look at insurances
like a bill, but it's really a safety net, a
financial safety net. So There's been two point two billion
dollars worth of claims paid out for mental health conditions
just in twenty twenty five.
Speaker 2 (07:54):
I was about to say that was just in one year.
Speaker 1 (07:55):
Yeah, and this is like double more than what it
was five years ago. So it's a steep increase. Now
one in three claims are paid out for mental health
for TEPDY, one in five for income protection, and that's
just one area of claims. And so it just shows
the importance of making sure we have cover in place.
We have that safety net behind us should we ever
(08:18):
need to claim.
Speaker 4 (08:18):
And for me, it just feels like a piece of
the puzzle, it's a very large piece, but I feel
like it's increasing because we are just so done, Like
post COVID, we thought like at the end of the tunnel,
feel it's coming, everything's going to go back to normal
and feel better.
Speaker 2 (08:34):
And do better, and it's not.
Speaker 4 (08:35):
It just feels like a consistent pylon, which just makes
chronic and mental health conditions even worse. So obviously, when
people are making claims, it's because they need the support
to stay engaged in their wider community, whether it's recovering
and returning to the workplace or having the resources to
simply participate in society, and what I mean by that
is to see their family and friends, to be able
(08:57):
to stay active and healthy and not only physically but
also mentally all of that. And I know that we
briefly touched on this earlier, but let's say this doesn't
affect you personally, how might it affect you as a
member of society. So in twenty twenty three twenty twenty four,
chronic conditions cost the Australian healthcare system ninety eight point
(09:20):
five billion dollars, which is accounting for more than half,
So roughly fifty five percent of all health system expenditure
on disease and injury in Australia, or approximately three thousand,
five hundred and ninety dollars per person.
Speaker 2 (09:37):
Isn't that wild?
Speaker 1 (09:38):
Yeah? That was a bee. That was a billiand almost
billion dred billion.
Speaker 2 (09:42):
Billions and billion in one year.
Speaker 1 (09:46):
Yeah, And it just shows how important it is to
make sure we have, you know, a safety net. The
government is a huge safety net in this one hundred
billion dollars diabolical.
Speaker 4 (09:56):
And when it comes to workforce employment, Australia has lo
around five hundred and thirty seven thousand person years of
full time employment and approximately forty seven thousand person years
of PT employment due to chronic disease. So it's not
just a big issue for the individual, but one with
widespread economic and socioeconomic implications.
Speaker 2 (10:19):
So think of it this way. If a large chunk
of our society can't.
Speaker 4 (10:23):
Participate in the workforce, as in, they can't contribute to
the products and services and ideas that are shaping our future,
how our products and services and ideas then impact it.
They become less diverse, they become less accessible, they become
less inclusive because we're making things without a whole group
of people representative of our community.
Speaker 2 (10:42):
And I think that's a pretty damn big deal.
Speaker 1 (10:45):
Phil.
Speaker 4 (10:45):
How have you found that having the right insurances or
coverage has helped people find some sense of normalcy after
a diagnosis or medical event.
Speaker 1 (10:54):
It's super important to think about these things before you
have these chronic conditions. You know, we talk a lot
about app cations and how do we apply when we
have them, and it does make it more difficult. So
setting these policies up before you have these claimable events
are so important, and so in our numbers, we'd like
to track data he's a data in our business. We've
(11:14):
got just under eleven million dollars of claims paid out.
Speaker 4 (11:17):
Yeah, I actually thought that I was stats Queen and
you were like, hold on, hold on, hold on, I'm
stats king.
Speaker 2 (11:23):
Like it's actually crazy.
Speaker 1 (11:25):
Like clean up a lot of our data and our
business and so we can just report on it.
Speaker 2 (11:29):
It's actually insane.
Speaker 4 (11:30):
In fact, if you are just listening to the show
and you don't even want to do your insurances, still
head to Fill's website because the amount of just stats
and facts in like real time data that you've just
got rolling out on the website all the time to
be like, well, actually this week we saved our clients
this amount and this is what we did, and this
is how many claims were paid to Skywealth people in
this year, and we did forty one claims.
Speaker 2 (11:52):
Here, I'm just like, how it's magic.
Speaker 1 (11:55):
It's called AI I know, but it's just like crazy. Yeah,
but but I mean these are real people and this
is a thing we help our clients go through the claims. Yeah,
we help plenty of people set up their policies for
that safety net, but the forty one individuals who have claimed,
you know, we're talking about death claims. They're talking about
cancer claims. We're talking about ongoing income protection. So we've
(12:15):
got currently nine people on ongoing income protection claims. And
we look at the average claim that you know, we've
paid out for our clients is two hundred and sixty
three thousand dollars versus the average premiums, like ninety five
years of average client premiums paid in a single claim
for each other. Yeah, and so we help people make
(12:37):
these claims, and it's not just money in the bank.
Like you know, we had a father who had his
wife pass away. He's got two young kids and had
different policies set up just because it was a right
for him or for his wife, three different life insurance policies.
That's three and a half million dollars that ended up
being paid. Now, that doesn't help solve their albums.
Speaker 4 (13:01):
Because we give the money back in a heartbeat to
have our normalcy back and our life back and our
wife back.
Speaker 2 (13:06):
Right, But that's just not what's going to happen.
Speaker 4 (13:09):
But having three and a half million dollars to raise
two kids on your own is life changing.
Speaker 1 (13:14):
And look, three and a half million dollars is not
the normal amount, like this this case was we actually
added a lot more life insurance because it ended up
being free, and so it was like, well, we've crunched
the numbers. Not having life insurance is actually going to
cost you more, and then not really thinking that that
was the main purpose of that, and this individual had
(13:35):
a car accident, passed away then, and it meant that
there was money in the bank for this grieving, you know, widow, widow,
a single father now to be able to help manage
that situation moving forward, and just money in the bank
account just allows a freedom just to do what you
need to be doing in that time, to just put
(13:56):
down everything and focus on the kids, focus on your
own grieving, focus on your your own mental health period
of time.
Speaker 4 (14:02):
Like it's yeah, it's crazy to think that these things happen,
and unfortunately, having worked in financial advice, you do see
them happen quite intimately, and it's so sad every single time.
But there's this sense of I don't know, just peace
that is provided or was provided to me when you
(14:22):
could go, okay, cool, I actually can have your back here,
let me go and do this and this, and then
you could technically go and quit your job and grief
for the entire year, or spend the entire year just
structuring your kids' lives because you didn't sign up to
this change that wouldn't have been afforded in any other circumstance.
Speaker 1 (14:40):
Yeah, and that's a life insurance claim. They are the
hardest to deal with. The chronic illnesses are the other
claims that we work with, where you know, ongoing income
protection claims is really a lifesaver. We've got a client
who is, you know, struggling to pay the mortgage, and
you know, the banks are coming after them for that
mortgage payment, you know, where they're supporting writing letters to
(15:03):
the bank saying, hey, we think you shouldn't be trying
to take this person's house off them. You back off
because this is likely going to lead to a tap
at E payment which is going to fully clear that mortgage.
So back the heck off because of a chronic injury.
That meant that our client can't work likely ever again.
Speaker 4 (15:23):
Yeah, and I think that that's where I don't know,
I've had these conversations before with people in our community.
They're like, I could just do it myself. I'm like,
just don't. Just don't do it yourself. Because not only
are you going to have somebody who's able to look
at Advisor only policies as well as the policies that
are available to the retail client and find the best
solution for you. They are so crafty at doing it
(15:43):
and fitting all the puzzle pieces together. But at claims time,
you're going to have someone on your team, like instead
of you having to do all of the paperwork and
all of the planning. You pick up the phone and
you say, Phil, things have gone wrong, and Pheel will say,
I will call you back, I will sort this out,
and I will let you know steps And that to
me is priceless. And we have had and I can
talk to you about this offare because I'm not putting
(16:06):
it on the podcast, but I have had some people
in my community message me and say, Phil has been
incredible during this period of time that otherwise we would
have been heads in the sand and.
Speaker 2 (16:16):
Just filled with grief.
Speaker 4 (16:18):
And I just I'm so grateful that your paths have
crossed because people are genuinely in better situations, and obviously
you and I both are on the same page of
thinking everybody should have this, and I think it's wonderful
that resources and coverage like this exist to support those
in our society who really need it. But I do
(16:38):
wonder why we are still experiencing such stigma around mental
health and chronic illness and accessing support, particularly financial support.
And by stigma, I mean really unfair perceptions that people
are either over exaggerating or like they're putting it on
for attention, or they are seeking a diagnosis for one
(16:59):
can or another because it's trendy, like that one's driving
me up the wall, or doesn't have chronic fatigue. They're
just lazy and you should just like suck it up,
like this stuff drives me insane, Phil, What are the
dangers of this type of stereotyping?
Speaker 1 (17:16):
Yeah, I mean, like, you know, there is this idea
that everyone has it these days, and it's not that untrue.
Like forty three percent of Australians have experience and mental
health condition as you talked about at the top, and
it's very common. You know, one in eight Australians wait
ten years before first asking for help, which is an insane.
Speaker 4 (17:36):
My word of the month is diabolical, Yeah, and your
diabolical diabolical.
Speaker 1 (17:41):
And like eight hundred thousand Australians have severe mental health illness. Yeah,
only three hundred thousand are permanently incapacitated. Most conditions come
and go, so they're in and out of their mental
health illnesses. And that's exactly what products like income protection are. Therefore,
as you are experiencing that illness, you can replace your
(18:02):
income because you need to take time to rest and recover,
and so that pays a monthly payment, so it's not
all or nothing. You can come in and out. And
you know, given five hundred thousand peoples are coming in
and out of that kind of experience throughout their life,
only three hundred thousand people are fully disabled because of
that mental health condition. And so you know, financial stress
(18:25):
is the number one driver for mental health conditions, like
the you know, i'd work closely with insurers and you
talk to the actuaries. As soon as interest rates go up,
their claim statistics go up. And so knowing that financial
stress is the major driver for mental health conditions is
a really important thing to go how do we have
a safety net for ourselves, whether it is a cash
(18:47):
flow buffer, whether it is listening shues on the money
and studying investing, Like, not having financial stress in your
life is the best mental health treatment, maybe not the
best mental health tree, very very helpful.
Speaker 4 (18:59):
And every one will say things like money doesn't solve
all your problems, or money doesn't create happiness, or you know.
Speaker 2 (19:06):
It's not the be all in door. You know what,
the stats don't lie kind of can be it's.
Speaker 1 (19:11):
Not solving a problem. But if it's a driver of
financial stress.
Speaker 4 (19:13):
Exactly like if you are having if you are having
trouble with money, it is going to impact your mental health.
If you have money, that doesn't mean that you won't
have mental health, but you are significantly less likely to
experience it.
Speaker 2 (19:28):
I get it.
Speaker 4 (19:29):
I've been in oodles of debt before and it is crippling.
Speaker 2 (19:33):
It is all you think about. It is like it
is the worst. Honestly, it sucks.
Speaker 4 (19:38):
But I think that minimizing it is even worse for
the community because then we don't reach out and we
don't ask for help. And it goes back to that
stat you said that one in eight Australians it's got
to wait ten years before asking for help.
Speaker 2 (19:52):
What aren't we about matship.
Speaker 4 (19:54):
And camaraderie Like no, anyway, I feel like it's almost
as if we turn away from but we also turn
away from a sense of social responsibility of supporting those
who are living with lifelong conditions.
Speaker 2 (20:07):
And it's a really weird.
Speaker 4 (20:09):
Phenomenon, especially when there are so many of us or
will be affected in our lifetimes. So, Phil, let's talk
what's changing and what's already changed. Have you got some
good news? Because I feel like we're getting off track
and going like this is bad, this is not great.
Speaker 2 (20:26):
Oh my gosh. So what's the good news?
Speaker 1 (20:28):
Okay, So there's a few things changing. So we talked
about this last time, that genetic tests are changing their rules,
so there was legislation changes. Insurers can't use genetic tests
when you don't have family history but you just want
to know more about your your health, so they can't
use that against you. Do it from one October twenty
twenty sorry eighth to October twenty twenty six, and so
(20:50):
they can still do it today. I actually had a
client yesterday where they future genetic tests and there is
one insuran who's scrapped it already, but everyone else is
waiting until the dead line.
Speaker 4 (21:00):
Yeah, because they can deny claims and they can deny applications.
Get it's all about risk management, but it drives me
up the wall because I'm like, do you just want
me to sit on this? Because I will sit on
this until the eighth of October and I will submit
it on the eighth of October, and you can't do
anything about that. What do you want me to do? Like,
I'm going to gain the system obviously? Oh what else
(21:20):
have you got?
Speaker 1 (21:21):
There is another thing whereby there is a life Code
of Practice. Now I'm going pretty deep and geeking out
a little bit here, but there's life code of Practices
that it governs how life insurance companies need to manage
their business. So mental health is a massive drag on
the claim statistics. When it comes to insurers, they're all
thinking about how do we not bleed cash because they're
(21:43):
not pricing their products accurately versus the claim statistics, and
so the code of practice. In the recent review, there
was legal advice that the independent review came out and
said that insurers can't blanket remove mental health condition from
life insurance contracts. And so that's a big one that
is big now historically insurance.
Speaker 2 (22:04):
Everyone's listening, it's like, what's that even mean?
Speaker 1 (22:07):
Yeah, insurers never never used to, but I actually I've
spoken many times. I actually thought they were going to
start doing it. Now there's always this question is it
actually discrimination, and so you know, this independent review came
and said, yes, it is discrimination, removing mental health from
all life insurance contracts. So that's the good news. Now,
one thing that they said that they can do is
(22:29):
limit benefits for mental health claims or they can change
kind of the contracts to manage that claim experience. And
so you know, that's some of the things that they're changing.
You know, other things like claims and recovery focused is
a bigger part of it, so you know, helping clients
get back to full health. And so I think it's.
Speaker 4 (22:49):
So important because ultimately that's what we want, Like, that's
what we want personally, Like ninety nine percent of people
on claim don't want to stay on claim exactly.
Speaker 1 (22:58):
And this is the thing that I find really interesting
about insurance companies is insurance companies are the only partners
with an individual going through a chronic illness that is
financially incentivize them to get back to full health. Yeah,
and so you know, it is an interesting dynamic. Everyone thinks, oh,
they just want to kick me off claim, so they
don't need to pay me now. They want you to
(23:20):
go back to full health.
Speaker 4 (23:21):
Because if they kick you off claim, I promise you'll
be back. So they actually want you to completely properly recover,
not just go, oh, let's get them off claim because
if we give them a few more therapy sessions, they'll
be good to go. And then you have burned out
the year after and they're on a bigger claim. Like
that's not actually in their best interests, is it?
Speaker 1 (23:40):
Yeah, exactly and so and the other thing is there
are kind of like workplace you know, chronic illness support
and policies, flexible working environments that is helping people. So
you know, seventy nine percent of people with enemy crirosis
say that working from home makes symptoms much more manageable totally.
Speaker 4 (23:57):
And the amount of friends that I have that have
or have suspected endough and go into the office and
deal with it and it's impacting their productivity and like,
you can't just be comfortable, and like, from a female perspective, Phiel,
that means maybe wearing your super comfy pants and being
able to pop to the microwave, wearing your slippers and
(24:18):
heat up your weak pack a few more times, like personally,
I'm not that comfortable doing that in the office, Like
I'm just going.
Speaker 2 (24:25):
Oh, I'll just manage this a little bit more.
Speaker 4 (24:27):
Privately because I don't want to talk about it, like
I just want to get on with life, and like
I get it. But it's crazy how many employers just go, no,
you need to be in the office. So it does
sound like there are some really promising changes underway, not
only for people with existing health conditions, but for members
of our community who suspect a diagnosis but are maybe
too afraid to seek one for fear of the financial implications.
(24:51):
And it's also sounding like the industry is shifting from
treating clients like a number or a case to close
and more like they're people who are finally being seen
as whole humans who get a holistic plan, and that
workplaces are slowly adapting their policies to keep people within
the workforce for longer, which I think is very very
(25:11):
cool stuff. All right, after the break, we're going to
be running through a few case studies inspired by our
Shees on the Money community members to help explore what
you might consider before speaking to an insurance specialist. So
guys don't go anywhere. All right, welcome back, my friends. Now,
all of those updates are well and good, but how
(25:34):
do they actually apply to real world scenarios? Because I
know you went pretty deep before, Phil, and we get it,
and policy change is very exciting for you and I.
Speaker 2 (25:43):
But most people are.
Speaker 4 (25:44):
Normal and most people go, yeah, but how does this
impact me? So we probably should get to that. We've
gathered a few examples from our community to see how
we might navigate this conversation, plus some things to consider
before speaking to an insurance specialist just like you now.
Our first example concerns a community member, Phil, who is
twenty six years old and working part time for a
(26:07):
media company. She's used up all of her sick leave
for the year, taking time off due to her ENDO.
She's facing a laparoscopy and treatment, which will mean another
week off work, but she may need follow up surgery
again later in the year. She has twenty two thousand
dollars in SUPER and hasn't organized any additional insurances outside
(26:27):
of it. She's worried that she won't be eligible to
use any of her income protection inside SUPER, and she's
more worried about using up all of her annual leave
and having to take unpaid leave, compromising her budget which
is already going towards so many medical bills. What next
steps might she consider in seeking additional insurances? Phil, what's
she going to do?
Speaker 1 (26:47):
So in terms of I'm not sure if she's eligible
for incomputation, If you're off work for any health reason,
any sickness, you are eligible. Now, income protection has a
waiting period most super funds they're waiting per default is
ninety days. So that's the downside is you're going to
have to be off work for ninety days to be
eligible for those payments. But if that is the case,
(27:10):
then they will be eligible for a claim. But in
terms of additional insurances, one thing when it comes to
insurance is we can't cover things that are historical medical events.
So we can't go I'll get a new income protection
policy that will cover me for that ENDO treatment, which
is unfortunate, but that's how home and contents works, that's
how car insurance works, and so it's the same when
(27:32):
it comes to income protection. But it is important to
make sure, Okay, if we are depleting us sickly of
our annually for ENDO treatment, that we make sure we
are setting up our insurances should another chronic illness happen
in the future, or should something else pop up that
is unexpected, So definitely considering for young twenty six year
old income protection, from my mind, is the most important thing,
(27:55):
making sure that last till age sixty five, because if
you do have a chronic illness that is lasting for
a really long time, then you're covered for a really
long time. Your value of your income is massive for
a twenty six year old.
Speaker 4 (28:08):
Everybody in our community should know by now, that's my
favorite type of insurance. Like I talk about it as
though it's like, you know, going to McDonald's and ordering something,
but like genuinely I love income protection because it's just
the best insurance. Like I know that there are six
million other types and other people will be like, oh well,
I never.
Speaker 2 (28:27):
Claim to that, but I claimed this. I don't care.
Speaker 4 (28:29):
Like across the board, if you taught me Victoria divine,
you have to get rid of every single insurance you've got,
business insurance, car insurance, life insurance. You have to get
rid of all of it, but you get to keep one.
Which one are you keeping?
Speaker 2 (28:41):
Guaranteed? It's income protection, Like every day of the week.
Speaker 1 (28:44):
Coming back to ask that in our business, we've had
sixteen climbs for income protection. Actually trauma is nineteen different.
Speaker 2 (28:51):
Climes, so more likely to claim on trauma. But I
still like income protection.
Speaker 1 (28:56):
Yeah, I prefer in come protection. It covers your income.
Is the basis of our wealth. Creation is our income,
and so protecting that is the basis of everyone's financial goals.
She'll be in coome protection.
Speaker 2 (29:08):
One hundred percent.
Speaker 4 (29:09):
And don't get me wrong, a trauma payout can be
really helpful as a big lump sum of cash deposited
into your account. But I will every day of the
week pick an ongoing revenue source to make sure that
I can still retire and still achieve my financial goals.
Because even though you know a couple of hundred grand
right now might be great, let's say you don't even
have to spend any on the trauma. You actually just
(29:30):
get to invest the whole amount. I don't want it.
I want an income guaranteed. Please, thank you. All right,
We've got another example. This community member is in her
early thirties and was advised to take stressly from a
high pressure job in the logistics industry. Feel as much
as she agrees, she does need it, she's worried about
the stigma and how it might affect her insurance. She
(29:51):
currently has income protection coverage, but no other insurance is
inside her super as she's not eligible due to health reasons.
No one might taking stress leave impact her insurance pil
and what might she consider when seeking more information about
coverage to help support her while she's supporting her mental
health well.
Speaker 1 (30:09):
In terms of the stigma or not wanting to claim,
this is very common. I don't want to claim because
my premiums will go up. The great thing about life
insurance and income projection, if you claim, your premiums aren't
going to go up after you come back because they're
not allowed to, so there is no stigma.
Speaker 4 (30:23):
It's not a current insurance where they can actually cook
you a little bit.
Speaker 1 (30:27):
As not our home and content when they can increase
it because under Life Insurance Act, they're not allowed to
charge your high premim because of your claims experience. If
you've got the policy in place and so it is
really important. If you need the stress leave and you've
been advised, they've got medical advice to take stress leave,
then go and take time off work and use that
(30:47):
income projection that's the whole safety net that you've paid
premiums for and that you've set up, So go and
use it now when considering new policies that experience, that
mental health treatment and advicecommendation will impact the future policy.
So if you need to go and increase your income
protection in the future, they will consider that advice. Even
(31:07):
if you don't take stress leave, just a doctor advising
you to take time off work will have an impact
on any future policies. It won't impact your trauma, it
won't impact your life insurance, but it will likely impact
your disability cover and your income protection if you don't
already have it set up.
Speaker 4 (31:23):
Yeah, all right, and have you got a case study
from your business that you might want to share?
Speaker 2 (31:28):
I asked you to come prepared.
Speaker 1 (31:29):
Yeah, as I said, we've got the data. So you know,
we had a young professional an osteo, you know, using
the hands all day long set up. The policies met
a few years ago, five years ago, and all six
years ago now was twenty eight at the time. Policy
went into force twenty one eighteen months later, not very
(31:50):
long holding the policy eighteen months later. Took some time
off work because I had some problems with their wrist
being an osteo that it can't work.
Speaker 4 (31:59):
That would suck too, because you're completely mentally all there
and fine, but you risk hurt so you can't go
to work.
Speaker 1 (32:04):
And there's one of these chronic injuries where it's like
I can just push through it, like it's just a
sore risk for the first week until it's not Anyway,
She's been on client for income protection for many years now,
and now second surgery in and still not better, and
so it's still not eligible. And this is going back
(32:26):
to the bank's following her up and saying paying this client.
This is the same client, and so we've had to
go into bat. We obviously wanted to go into bat
for this client and say, hey, we don't think it's
reasonably you should try and take this client's house off them.
They're making payments and they're making away. Second surgery in,
still not able to Now the good news is that
(32:49):
there is an own occupation TBD. So if this client
really can never go back to being an osteo, then
we've got that backup plan. And that was a part
of our letter to the bank is we've got a
teap policy if if she can't ever go back to work.
She's got that safety net. So your mortgage is going
to be clear. Settle down, Please give us.
Speaker 2 (33:09):
A break, give us some time. We're working through it.
Speaker 1 (33:11):
And so you know, in terms of what's been claims,
it's four nine hundred a month is paid. So you
know she's received over one one hundred and seventy thousand
dollars so far in income protection claims. I'm so glad
the policy is till age sixty five, so if she
can never work again, she'll continue to receive that. Now,
one thing to note, income protection will only cover a
(33:32):
percentage of your income. It five percent, so you're not
going to be financially better off on income protection claim
and so it is really important to make sure you
have that emergency fund. Make sure you also include TPD
as well, because if it does become a chronic illness
that you can never return to work again or go
back to your own work again, then you do have
(33:53):
that money coming in. So look really claim time when
it happens. When you have these injuries and illnesses, your
whole life just turns upside down, especially the chronic ones
that they kind of start to creep in and creep
up on you, and then it gets more stressful and
you realize, actually, I haven't mean I'm not actually okay, Yeah,
I'm not okay. I need to take time off work.
(34:14):
And these are the conversation we have with every one
of our claimants. And I would you know, you said,
Phil does all this. It's not me. I've got an
amazing team who do.
Speaker 4 (34:24):
Personally, Phil does all this for me because Phil is
actually my direct advisor. But Phil has a big team
of lots of capable people, And you're right, I should
have acknowledged that.
Speaker 1 (34:34):
Yeah, they much feel capable than me.
Speaker 2 (34:36):
You know what, You're not wrong. You're not wrong.
Speaker 4 (34:39):
One of the cool things about you and I is
we both believe we should always hire people who are
smarter than us.
Speaker 2 (34:44):
Otherwise why are we hiring you?
Speaker 4 (34:46):
So that's kind of a winner for your customers, but
not for me, because it turns out I've got the
dune advisors that.
Speaker 2 (34:51):
What you mean?
Speaker 1 (34:52):
You do? You?
Speaker 2 (34:53):
All right?
Speaker 4 (34:54):
Well, let's go into a quick fire around before we
finish of questions that have come from community Phil. While
we're on the subject of chronic and mental illness, will
NDIS budget cuts impact insurance and coverage for those currently
accessing it.
Speaker 1 (35:10):
So in terms of your personal insurance cover, no, nothing changes.
Your personal insurance cover is a contract, so ndis changes
that may lead to more claims when it comes to
that insurance. So you know that won't have an issue
with any enforced policy.
Speaker 2 (35:28):
I love that. All right.
Speaker 4 (35:30):
Here's a question from the community. I've seen a psychologist.
I'm on antidepressants. Can I even get cover?
Speaker 1 (35:38):
Yeah?
Speaker 4 (35:38):
For sure, so good because I got it through you guys,
and I have seen a psychologist and I am on antidepressants.
Speaker 2 (35:43):
So look at this walking case study exactly.
Speaker 1 (35:46):
And you know, sometimes it's it's standard rates, so no exclusion,
but most times it is exclusions. You know, the higher
claims rates is meaning that insurans are getting more conservative
and over the I've specialized insurance over six years, and
it's getting worse and worse and worse. In terms of
when setting up a policy. That doesn't mean you shouldn't
be getting a policy. It actually means get a policy earlier. Yeah,
(36:10):
as early as possible, And so it is super important
that you can get policies in place, even if you've
been seeking treatment, even if you're taking ongoing medication.
Speaker 4 (36:20):
Yeah, all right, here's another one that we get quite often.
Speaker 2 (36:24):
Isn't the default coverage am my super enough?
Speaker 1 (36:26):
So coming back to the contract, it isn't enough. So
as mental health, that legal advice I talked about earlier
said that they can't blanket rule out mental health, but
they can limit claims on mental health. And that's where
I think the trend will be going. Where default cover
through super it's a contract between the superfund and the
insurance provider, and so they can make changes whenever they want.
(36:48):
And so the average payout from an advisor is just
under five hundred and fifty thousand dollars for a retail
advice policy through the super fund, it's one hundred and
forty two thousand dollars. For TBD it's almost eight hundred
thousand dollars versus one hundred and fifty thousand dollars. So
the actual claims number for default versus going through an
advisor is going to be much different. And if you
(37:10):
are on claim, more money is better than less.
Speaker 2 (37:13):
More money equal better.
Speaker 4 (37:14):
Okay, I think we can work with that at this point,
and unfortunately we have run out of time. I have
been trying to race to the end and fit in
as many questions as possible, so we will definitely have
to get you back on the pod. But Phil, as always,
this has been such an insightful chat and I cannot
wait to get you back on the pod because I
have six million questions. But to wrap this because if
(37:34):
something hits a little bit too close to home today,
two things. First, your existing cover still works, but read
it before you assume the worst. Second, if all you
have is whatever your super fun gave you by default,
find out what you're actually holding.
Speaker 2 (37:49):
Know the numbers.
Speaker 4 (37:50):
Knowledge is power. And then when you're ready, what I
would personally be doing is checking out the Sky savings
on the sky website. It's actual, real audited data like
for light comparisons. You can find your super fund and
see what Skywelt's actual clients are paying when they move
from their default supercover to a retail policy which they
(38:11):
advise and set up for them. Honestly, I would say
it's incredibly eye opening. In fact, I just like playing
on there because I'm a data gal. I'm like, oh,
they've saved what? Oh okay, what's this one due versus
this one? In fact, I fact checked my own advice
on there because I was like, oh, I know what
that looks like. Well, what are other people doing? Because
I guess it comes back to this, most Australians deserve more.
(38:32):
The problem isn't the coverage available, it's the know how
behind it, and that is where you guys come in.
Speaker 2 (38:37):
Which is the best.
Speaker 4 (38:38):
My friends, I hope that this deep dive has brought
you some relief and maybe a little bit more confidence
when it comes to insurances and what happens when chronic
and mental illness enter the chat. If you're ready to
give your coverage a little bit of a health check,
please get in touch with Phil, but probably more his
team over at sky Wealth will make sure to add
all of the relevant references and link to the show
(39:00):
notes so that you never miss a beat. Please take
care of yourselves and of each other, and we'll see
you on Friday for some juicy dilemmas and yapps with
the gang.
Speaker 2 (39:08):
Bye guys. The advice shared.
Speaker 5 (39:14):
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.
Speaker 2 (39:32):
Advice tailored towards your needs.
Speaker 5 (39:34):
Victoria Divine and She's on the Money are authorized representatives
of money sheirper Pty Ltd ABN three two one six
four nine two seven seven zero eight AFSL four five
one two eight nine
She's on the Money.
Speaker 2 (00:02):
She's on the Money. My name's Tatasha Bamblet.
Speaker 3 (00:11):
I'm a proud First Nations woman and I'm here to
acknowledge country. Hello, beautiful friends, we gather on the lands
of the Aboriginal people. We thank, acknowledge and respect the
Aboriginal people's land that we're gathering on today. Take pleasure
in all the land and respect all that you see.
She's on the Money podcast acknowledges culture, country, community and connections,
bringing you the tools, knowledge and resources for you to thrive.
Speaker 4 (00:32):
Hello, our lovely listeners, and welcome to She's Other Money,
the podcast where we discuss all of the issues concerning
your wealth goals so that you can feel more in
control of your financial future. Let me paint you a
little picture. You work for a marketing company with a
pretty good office and online culture, and while the team
isn't mandated to come into the office, you've had to
(00:54):
work from home more than usual this year because you've
had some pretty debilitating cramps. But this is not unusual
for you because you're pretty sure you have endometriosis, a
condition that affects one in seven females and those assigned
female at birth and while you've considered getting an official
diagnosis and any necessary treatment, the process often involves surgical intervention,
(01:17):
which means more time off work, time off that you
aren't sure you can actually afford. In addition to the
physical pain, the financial pressure of taking unpaid leave is
totally stressing you out, leading to overwhelm and burnout. Unfortunately,
this isn't just a hypothetical for many of our listeners,
but an uncomfortable reality for many of you in the
community who re experiencing chronic and mental illness. On today's
(01:41):
deep Dive, we're going to be covering the impact these
issues might have on your personal finances and insurances, plus
what to consider before chatting to an insurance specialist. I'm
Victoria Devine and joining me today is none other than
Phil Thompson, the CEO of Skywealth.
Speaker 2 (01:59):
Welcome back, mister Phil Thompson.
Speaker 1 (02:00):
Thanks thanks for having me.
Speaker 2 (02:02):
You've got less hair.
Speaker 1 (02:03):
I do have less hair. I chopped it off looking
a little just slightly more professional.
Speaker 2 (02:08):
Oh is that what we're going for?
Speaker 1 (02:10):
Well, no, but that's what I've been told.
Speaker 4 (02:12):
Because like, Sky act professional, but when you meet them,
you're like, oh, they're just fun guys.
Speaker 2 (02:18):
Yeah, and we get that feedback a lot.
Speaker 1 (02:20):
I always say, the what we do is incredibly serious,
but the way in which we behave doesn't need to
be too serious.
Speaker 4 (02:26):
Absolutely, and I think that that's what makes it so nice.
It doesn't have to be like your dad's financial advisor,
right like, and I think that that's what people think of.
And I just found it so hilarious last time we
did content together because it was one of the first
times we had a video podcast and I'm so sorry,
but the amount of people that replied and they were like,
(02:47):
that's feel and I was like, yeah, like he's fun,
and they're like, this makes so much more sense as
to why you'd have a guy on the show. I'm like, yeah,
like he's actually a fun, really cool dude.
Speaker 1 (02:56):
I tell you, I was a little bit self conscious
thinking do I sound like a sixty years No?
Speaker 4 (03:01):
But I think people just assume when you have a
male voice and you have a fair bit of authority
in the financial advice space, there's like a stereotype that
you probably wear a three piece suit never and I
don't even think, yeah, but you've probably never owned one either.
Speaker 2 (03:17):
No, what do you get married in? Did you get
married in.
Speaker 4 (03:20):
There you go, yeah, yeah, because you're like, I'm never
going to wear this again, exactly. All right, let's do
a little general advice disclaimer, because we are talking financial
advice today. Anything Phil says or does can and will
be held against that wrong disclaimer. Anything that we talk
about is obviously general in nature and doesn't take your
personal circumstances into account. But I think that people might
(03:43):
find this oddly specific.
Speaker 1 (03:45):
Yeah. Some, I'm a financial visor, We've got our own
a for sale, but I'm not giving personal advice on
this podcast.
Speaker 4 (03:51):
No, And we can't give personal advice because we don't
want to go to jail, and the ramifications of that
are actually five years in jail and a million dollars
of fines, and like, both of us can't afford that. No, Phil,
this is a topic that my community and I have
been very eager to chat about for such a long time,
and it's not just because of Endo. We've seen a
bunch of our community members share stories about their experiences
(04:13):
with chronic and mental illness and the challenges that they've
had to face and navigate when it comes to getting
insurance and accessing the support that they need and the
support that they deserve, and by the end of this episode,
we would love for them to have an updated understanding
of what is and isn't covered by default super plus
some recent changes to insurance and mental health claims. We're
(04:35):
going to go to a very quick break though, and
then when we get back, we're going to dive straight in.
All right, Phil, I know that at the start of
this episode I shared a little hypothetical that was completely
unrelatable to you, but as the stats nerd that I am,
I wanted to bring a few more numbers to the
(04:56):
table just to explain to how topical this conversation is
for our listeners and for our community, and something that
I know you've seen time and time again in Sky.
According to the Australian Institute of Health and Welfare, around
one in five Australians have experienced mental illness in the
last twelve months.
Speaker 2 (05:13):
Does that surprise you.
Speaker 1 (05:15):
Not by looking at our clients medical disclosures, not at all. No.
Speaker 4 (05:20):
Around half of those Australians, so about forty three percent,
have experienced mental illness during their lifetime.
Speaker 1 (05:26):
Yeah. I mean, we'll talk about this a little bit
more later in the episode, because you know, talking about
chronic illness. Talking about mental health is really conversations I
have every single day with clients exactly.
Speaker 4 (05:36):
And in twenty twenty four to twenty twenty five, one
in ten Australians received Medicare subsidized mental health services, which
equates to two point eight million people. So this isn't
a little conversation, and these figures from my perspective, become
a lot little, a lot more alarming when it comes
to chronic illness, particularly in recent years, and estimated three
(05:57):
in five Australians are living with a chronic condition that
is a selected long term health condition. Anxiety, back problems
and depression top the list among females of all ages.
Two point nine million female Australians are living with anxiety,
one point nine million with back problems, and one point
eight million are living with depression. The prevalence of living
(06:19):
with one of those or more of those selected long
term health conditions is higher among women than men aged
fifteen to forty four, and as mentioned earlier, we know
that one in seven women in Australia are living with endo.
With this kind of prevalence among roughly fifty percent of
the population, you can quickly see just how much our
(06:39):
health influences our daily lives, things like work and study
and simply engaging with our family and friends can be
negatively impacted if you aren't getting the treatment that you need,
or we simply can't show up in the world in
the way that we really want to. And if illness
wasn't enough, feel the financial consequences of not being able
to go back to work, just as insult to injury,
(07:01):
having a chronic condition might mean that you aren't able
to work full time or reach the financial goals that
you'd imagined, even with a really high paying role. It
might even mean taking a pay cut to be able
to continue within your role. More than half of Australian
workers have taken sickly due to mental exhaustion, with almost
one third requiring time off in the past twelve months alone. So,
(07:25):
my friend Phil, it is no wonder we are all
burning out. And I'm probably preaching to the converted here,
but in your experience, have these numbers shifted in the
recent years.
Speaker 1 (07:36):
Yeah, and it's been a big increase in claims, and
so this is why, you know, we look at insurances
like a bill, but it's really a safety net, a
financial safety net. So There's been two point two billion
dollars worth of claims paid out for mental health conditions
just in twenty twenty five.
Speaker 2 (07:54):
I was about to say that was just in one year.
Speaker 1 (07:55):
Yeah, and this is like double more than what it
was five years ago. So it's a steep increase. Now
one in three claims are paid out for mental health
for TEPDY, one in five for income protection, and that's
just one area of claims. And so it just shows
the importance of making sure we have cover in place.
We have that safety net behind us should we ever
(08:18):
need to claim.
Speaker 4 (08:18):
And for me, it just feels like a piece of
the puzzle, it's a very large piece, but I feel
like it's increasing because we are just so done, Like
post COVID, we thought like at the end of the tunnel,
feel it's coming, everything's going to go back to normal
and feel better.
Speaker 2 (08:34):
And do better, and it's not.
Speaker 4 (08:35):
It just feels like a consistent pylon, which just makes
chronic and mental health conditions even worse. So obviously, when
people are making claims, it's because they need the support
to stay engaged in their wider community, whether it's recovering
and returning to the workplace or having the resources to
simply participate in society, and what I mean by that
is to see their family and friends, to be able
(08:57):
to stay active and healthy and not only physically but
also mentally all of that. And I know that we
briefly touched on this earlier, but let's say this doesn't
affect you personally, how might it affect you as a
member of society. So in twenty twenty three twenty twenty four,
chronic conditions cost the Australian healthcare system ninety eight point
(09:20):
five billion dollars, which is accounting for more than half,
So roughly fifty five percent of all health system expenditure
on disease and injury in Australia, or approximately three thousand,
five hundred and ninety dollars per person.
Speaker 2 (09:37):
Isn't that wild?
Speaker 1 (09:38):
Yeah? That was a bee. That was a billiand almost
billion dred billion.
Speaker 2 (09:42):
Billions and billion in one year.
Speaker 1 (09:46):
Yeah, And it just shows how important it is to
make sure we have, you know, a safety net. The
government is a huge safety net in this one hundred
billion dollars diabolical.
Speaker 4 (09:56):
And when it comes to workforce employment, Australia has lo
around five hundred and thirty seven thousand person years of
full time employment and approximately forty seven thousand person years
of PT employment due to chronic disease. So it's not
just a big issue for the individual, but one with
widespread economic and socioeconomic implications.
Speaker 2 (10:19):
So think of it this way. If a large chunk
of our society can't.
Speaker 4 (10:23):
Participate in the workforce, as in, they can't contribute to
the products and services and ideas that are shaping our future,
how our products and services and ideas then impact it.
They become less diverse, they become less accessible, they become
less inclusive because we're making things without a whole group
of people representative of our community.
Speaker 2 (10:42):
And I think that's a pretty damn big deal.
Speaker 1 (10:45):
Phil.
Speaker 4 (10:45):
How have you found that having the right insurances or
coverage has helped people find some sense of normalcy after
a diagnosis or medical event.
Speaker 1 (10:54):
It's super important to think about these things before you
have these chronic conditions. You know, we talk a lot
about app cations and how do we apply when we
have them, and it does make it more difficult. So
setting these policies up before you have these claimable events
are so important, and so in our numbers, we'd like
to track data he's a data in our business. We've
(11:14):
got just under eleven million dollars of claims paid out.
Speaker 4 (11:17):
Yeah, I actually thought that I was stats Queen and
you were like, hold on, hold on, hold on, I'm
stats king.
Speaker 2 (11:23):
Like it's actually crazy.
Speaker 1 (11:25):
Like clean up a lot of our data and our
business and so we can just report on it.
Speaker 2 (11:29):
It's actually insane.
Speaker 4 (11:30):
In fact, if you are just listening to the show
and you don't even want to do your insurances, still
head to Fill's website because the amount of just stats
and facts in like real time data that you've just
got rolling out on the website all the time to
be like, well, actually this week we saved our clients
this amount and this is what we did, and this
is how many claims were paid to Skywealth people in
this year, and we did forty one claims.
Speaker 2 (11:52):
Here, I'm just like, how it's magic.
Speaker 1 (11:55):
It's called AI I know, but it's just like crazy. Yeah,
but but I mean these are real people and this
is a thing we help our clients go through the claims. Yeah,
we help plenty of people set up their policies for
that safety net, but the forty one individuals who have claimed,
you know, we're talking about death claims. They're talking about
cancer claims. We're talking about ongoing income protection. So we've
(12:15):
got currently nine people on ongoing income protection claims. And
we look at the average claim that you know, we've
paid out for our clients is two hundred and sixty
three thousand dollars versus the average premiums, like ninety five
years of average client premiums paid in a single claim
for each other. Yeah, and so we help people make
(12:37):
these claims, and it's not just money in the bank.
Like you know, we had a father who had his
wife pass away. He's got two young kids and had
different policies set up just because it was a right
for him or for his wife, three different life insurance policies.
That's three and a half million dollars that ended up
being paid. Now, that doesn't help solve their albums.
Speaker 4 (13:01):
Because we give the money back in a heartbeat to
have our normalcy back and our life back and our
wife back.
Speaker 2 (13:06):
Right, But that's just not what's going to happen.
Speaker 4 (13:09):
But having three and a half million dollars to raise
two kids on your own is life changing.
Speaker 1 (13:14):
And look, three and a half million dollars is not
the normal amount, like this this case was we actually
added a lot more life insurance because it ended up
being free, and so it was like, well, we've crunched
the numbers. Not having life insurance is actually going to
cost you more, and then not really thinking that that
was the main purpose of that, and this individual had
(13:35):
a car accident, passed away then, and it meant that
there was money in the bank for this grieving, you know, widow, widow,
a single father now to be able to help manage
that situation moving forward, and just money in the bank
account just allows a freedom just to do what you
need to be doing in that time, to just put
(13:56):
down everything and focus on the kids, focus on your
own grieving, focus on your your own mental health period
of time.
Speaker 4 (14:02):
Like it's yeah, it's crazy to think that these things happen,
and unfortunately, having worked in financial advice, you do see
them happen quite intimately, and it's so sad every single time.
But there's this sense of I don't know, just peace
that is provided or was provided to me when you
(14:22):
could go, okay, cool, I actually can have your back here,
let me go and do this and this, and then
you could technically go and quit your job and grief
for the entire year, or spend the entire year just
structuring your kids' lives because you didn't sign up to
this change that wouldn't have been afforded in any other circumstance.
Speaker 1 (14:40):
Yeah, and that's a life insurance claim. They are the
hardest to deal with. The chronic illnesses are the other
claims that we work with, where you know, ongoing income
protection claims is really a lifesaver. We've got a client
who is, you know, struggling to pay the mortgage, and
you know, the banks are coming after them for that
mortgage payment, you know, where they're supporting writing letters to
(15:03):
the bank saying, hey, we think you shouldn't be trying
to take this person's house off them. You back off
because this is likely going to lead to a tap
at E payment which is going to fully clear that mortgage.
So back the heck off because of a chronic injury.
That meant that our client can't work likely ever again.
Speaker 4 (15:23):
Yeah, and I think that that's where I don't know,
I've had these conversations before with people in our community.
They're like, I could just do it myself. I'm like,
just don't. Just don't do it yourself. Because not only
are you going to have somebody who's able to look
at Advisor only policies as well as the policies that
are available to the retail client and find the best
solution for you. They are so crafty at doing it
(15:43):
and fitting all the puzzle pieces together. But at claims time,
you're going to have someone on your team, like instead
of you having to do all of the paperwork and
all of the planning. You pick up the phone and
you say, Phil, things have gone wrong, and Pheel will say,
I will call you back, I will sort this out,
and I will let you know steps And that to
me is priceless. And we have had and I can
talk to you about this offare because I'm not putting
(16:06):
it on the podcast, but I have had some people
in my community message me and say, Phil has been
incredible during this period of time that otherwise we would
have been heads in the sand and.
Speaker 2 (16:16):
Just filled with grief.
Speaker 4 (16:18):
And I just I'm so grateful that your paths have
crossed because people are genuinely in better situations, and obviously
you and I both are on the same page of
thinking everybody should have this, and I think it's wonderful
that resources and coverage like this exist to support those
in our society who really need it. But I do
(16:38):
wonder why we are still experiencing such stigma around mental
health and chronic illness and accessing support, particularly financial support.
And by stigma, I mean really unfair perceptions that people
are either over exaggerating or like they're putting it on
for attention, or they are seeking a diagnosis for one
(16:59):
can or another because it's trendy, like that one's driving
me up the wall, or doesn't have chronic fatigue. They're
just lazy and you should just like suck it up,
like this stuff drives me insane, Phil, What are the
dangers of this type of stereotyping?
Speaker 1 (17:16):
Yeah, I mean, like, you know, there is this idea
that everyone has it these days, and it's not that untrue.
Like forty three percent of Australians have experience and mental
health condition as you talked about at the top, and
it's very common. You know, one in eight Australians wait
ten years before first asking for help, which is an insane.
Speaker 4 (17:36):
My word of the month is diabolical, Yeah, and your
diabolical diabolical.
Speaker 1 (17:41):
And like eight hundred thousand Australians have severe mental health illness. Yeah,
only three hundred thousand are permanently incapacitated. Most conditions come
and go, so they're in and out of their mental
health illnesses. And that's exactly what products like income protection are. Therefore,
as you are experiencing that illness, you can replace your
(18:02):
income because you need to take time to rest and recover,
and so that pays a monthly payment, so it's not
all or nothing. You can come in and out. And
you know, given five hundred thousand peoples are coming in
and out of that kind of experience throughout their life,
only three hundred thousand people are fully disabled because of
that mental health condition. And so you know, financial stress
(18:25):
is the number one driver for mental health conditions, like
the you know, i'd work closely with insurers and you
talk to the actuaries. As soon as interest rates go up,
their claim statistics go up. And so knowing that financial
stress is the major driver for mental health conditions is
a really important thing to go how do we have
a safety net for ourselves, whether it is a cash
(18:47):
flow buffer, whether it is listening shues on the money
and studying investing, Like, not having financial stress in your
life is the best mental health treatment, maybe not the
best mental health tree, very very helpful.
Speaker 4 (18:59):
And every one will say things like money doesn't solve
all your problems, or money doesn't create happiness, or you know.
Speaker 2 (19:06):
It's not the be all in door. You know what,
the stats don't lie kind of can be it's.
Speaker 1 (19:11):
Not solving a problem. But if it's a driver of
financial stress.
Speaker 4 (19:13):
Exactly like if you are having if you are having
trouble with money, it is going to impact your mental health.
If you have money, that doesn't mean that you won't
have mental health, but you are significantly less likely to
experience it.
Speaker 2 (19:28):
I get it.
Speaker 4 (19:29):
I've been in oodles of debt before and it is crippling.
Speaker 2 (19:33):
It is all you think about. It is like it
is the worst. Honestly, it sucks.
Speaker 4 (19:38):
But I think that minimizing it is even worse for
the community because then we don't reach out and we
don't ask for help. And it goes back to that
stat you said that one in eight Australians it's got
to wait ten years before asking for help.
Speaker 2 (19:52):
What aren't we about matship.
Speaker 4 (19:54):
And camaraderie Like no, anyway, I feel like it's almost
as if we turn away from but we also turn
away from a sense of social responsibility of supporting those
who are living with lifelong conditions.
Speaker 2 (20:07):
And it's a really weird.
Speaker 4 (20:09):
Phenomenon, especially when there are so many of us or
will be affected in our lifetimes. So, Phil, let's talk
what's changing and what's already changed. Have you got some
good news? Because I feel like we're getting off track
and going like this is bad, this is not great.
Speaker 2 (20:26):
Oh my gosh. So what's the good news?
Speaker 1 (20:28):
Okay, So there's a few things changing. So we talked
about this last time, that genetic tests are changing their rules,
so there was legislation changes. Insurers can't use genetic tests
when you don't have family history but you just want
to know more about your your health, so they can't
use that against you. Do it from one October twenty
twenty sorry eighth to October twenty twenty six, and so
(20:50):
they can still do it today. I actually had a
client yesterday where they future genetic tests and there is
one insuran who's scrapped it already, but everyone else is
waiting until the dead line.
Speaker 4 (21:00):
Yeah, because they can deny claims and they can deny applications.
Get it's all about risk management, but it drives me
up the wall because I'm like, do you just want
me to sit on this? Because I will sit on
this until the eighth of October and I will submit
it on the eighth of October, and you can't do
anything about that. What do you want me to do? Like,
I'm going to gain the system obviously? Oh what else
(21:20):
have you got?
Speaker 1 (21:21):
There is another thing whereby there is a life Code
of Practice. Now I'm going pretty deep and geeking out
a little bit here, but there's life code of Practices
that it governs how life insurance companies need to manage
their business. So mental health is a massive drag on
the claim statistics. When it comes to insurers, they're all
thinking about how do we not bleed cash because they're
(21:43):
not pricing their products accurately versus the claim statistics, and
so the code of practice. In the recent review, there
was legal advice that the independent review came out and
said that insurers can't blanket remove mental health condition from
life insurance contracts. And so that's a big one that
is big now historically insurance.
Speaker 2 (22:04):
Everyone's listening, it's like, what's that even mean?
Speaker 1 (22:07):
Yeah, insurers never never used to, but I actually I've
spoken many times. I actually thought they were going to
start doing it. Now there's always this question is it
actually discrimination, and so you know, this independent review came
and said, yes, it is discrimination, removing mental health from
all life insurance contracts. So that's the good news. Now,
one thing that they said that they can do is
(22:29):
limit benefits for mental health claims or they can change
kind of the contracts to manage that claim experience. And
so you know, that's some of the things that they're changing.
You know, other things like claims and recovery focused is
a bigger part of it, so you know, helping clients
get back to full health. And so I think it's.
Speaker 4 (22:49):
So important because ultimately that's what we want, Like, that's
what we want personally, Like ninety nine percent of people
on claim don't want to stay on claim exactly.
Speaker 1 (22:58):
And this is the thing that I find really interesting
about insurance companies is insurance companies are the only partners
with an individual going through a chronic illness that is
financially incentivize them to get back to full health. Yeah,
and so you know, it is an interesting dynamic. Everyone thinks, oh,
they just want to kick me off claim, so they
don't need to pay me now. They want you to
(23:20):
go back to full health.
Speaker 4 (23:21):
Because if they kick you off claim, I promise you'll
be back. So they actually want you to completely properly recover,
not just go, oh, let's get them off claim because
if we give them a few more therapy sessions, they'll
be good to go. And then you have burned out
the year after and they're on a bigger claim. Like
that's not actually in their best interests, is it?
Speaker 1 (23:40):
Yeah, exactly and so and the other thing is there
are kind of like workplace you know, chronic illness support
and policies, flexible working environments that is helping people. So
you know, seventy nine percent of people with enemy crirosis
say that working from home makes symptoms much more manageable totally.
Speaker 4 (23:57):
And the amount of friends that I have that have
or have suspected endough and go into the office and
deal with it and it's impacting their productivity and like,
you can't just be comfortable, and like, from a female perspective, Phiel,
that means maybe wearing your super comfy pants and being
able to pop to the microwave, wearing your slippers and
(24:18):
heat up your weak pack a few more times, like personally,
I'm not that comfortable doing that in the office, Like
I'm just going.
Speaker 2 (24:25):
Oh, I'll just manage this a little bit more.
Speaker 4 (24:27):
Privately because I don't want to talk about it, like
I just want to get on with life, and like
I get it. But it's crazy how many employers just go, no,
you need to be in the office. So it does
sound like there are some really promising changes underway, not
only for people with existing health conditions, but for members
of our community who suspect a diagnosis but are maybe
too afraid to seek one for fear of the financial implications.
(24:51):
And it's also sounding like the industry is shifting from
treating clients like a number or a case to close
and more like they're people who are finally being seen
as whole humans who get a holistic plan, and that
workplaces are slowly adapting their policies to keep people within
the workforce for longer, which I think is very very
(25:11):
cool stuff. All right, after the break, we're going to
be running through a few case studies inspired by our
Shees on the Money community members to help explore what
you might consider before speaking to an insurance specialist. So
guys don't go anywhere. All right, welcome back, my friends. Now,
all of those updates are well and good, but how
(25:34):
do they actually apply to real world scenarios? Because I
know you went pretty deep before, Phil, and we get it,
and policy change is very exciting for you and I.
Speaker 2 (25:43):
But most people are.
Speaker 4 (25:44):
Normal and most people go, yeah, but how does this
impact me? So we probably should get to that. We've
gathered a few examples from our community to see how
we might navigate this conversation, plus some things to consider
before speaking to an insurance specialist just like you now.
Our first example concerns a community member, Phil, who is
twenty six years old and working part time for a
(26:07):
media company. She's used up all of her sick leave
for the year, taking time off due to her ENDO.
She's facing a laparoscopy and treatment, which will mean another
week off work, but she may need follow up surgery
again later in the year. She has twenty two thousand
dollars in SUPER and hasn't organized any additional insurances outside
(26:27):
of it. She's worried that she won't be eligible to
use any of her income protection inside SUPER, and she's
more worried about using up all of her annual leave
and having to take unpaid leave, compromising her budget which
is already going towards so many medical bills. What next
steps might she consider in seeking additional insurances? Phil, what's
she going to do?
Speaker 1 (26:47):
So in terms of I'm not sure if she's eligible
for incomputation, If you're off work for any health reason,
any sickness, you are eligible. Now, income protection has a
waiting period most super funds they're waiting per default is
ninety days. So that's the downside is you're going to
have to be off work for ninety days to be
eligible for those payments. But if that is the case,
(27:10):
then they will be eligible for a claim. But in
terms of additional insurances, one thing when it comes to
insurance is we can't cover things that are historical medical events.
So we can't go I'll get a new income protection
policy that will cover me for that ENDO treatment, which
is unfortunate, but that's how home and contents works, that's
how car insurance works, and so it's the same when
(27:32):
it comes to income protection. But it is important to
make sure, Okay, if we are depleting us sickly of
our annually for ENDO treatment, that we make sure we
are setting up our insurances should another chronic illness happen
in the future, or should something else pop up that
is unexpected, So definitely considering for young twenty six year
old income protection, from my mind, is the most important thing,
(27:55):
making sure that last till age sixty five, because if
you do have a chronic illness that is lasting for
a really long time, then you're covered for a really
long time. Your value of your income is massive for
a twenty six year old.
Speaker 4 (28:08):
Everybody in our community should know by now, that's my
favorite type of insurance. Like I talk about it as
though it's like, you know, going to McDonald's and ordering something,
but like genuinely I love income protection because it's just
the best insurance. Like I know that there are six
million other types and other people will be like, oh well,
I never.
Speaker 2 (28:27):
Claim to that, but I claimed this. I don't care.
Speaker 4 (28:29):
Like across the board, if you taught me Victoria divine,
you have to get rid of every single insurance you've got,
business insurance, car insurance, life insurance. You have to get
rid of all of it, but you get to keep one.
Which one are you keeping?
Speaker 2 (28:41):
Guaranteed? It's income protection, Like every day of the week.
Speaker 1 (28:44):
Coming back to ask that in our business, we've had
sixteen climbs for income protection. Actually trauma is nineteen different.
Speaker 2 (28:51):
Climes, so more likely to claim on trauma. But I
still like income protection.
Speaker 1 (28:56):
Yeah, I prefer in come protection. It covers your income.
Is the basis of our wealth. Creation is our income,
and so protecting that is the basis of everyone's financial goals.
She'll be in coome protection.
Speaker 2 (29:08):
One hundred percent.
Speaker 4 (29:09):
And don't get me wrong, a trauma payout can be
really helpful as a big lump sum of cash deposited
into your account. But I will every day of the
week pick an ongoing revenue source to make sure that
I can still retire and still achieve my financial goals.
Because even though you know a couple of hundred grand
right now might be great, let's say you don't even
have to spend any on the trauma. You actually just
(29:30):
get to invest the whole amount. I don't want it.
I want an income guaranteed. Please, thank you. All right,
We've got another example. This community member is in her
early thirties and was advised to take stressly from a
high pressure job in the logistics industry. Feel as much
as she agrees, she does need it, she's worried about
the stigma and how it might affect her insurance. She
(29:51):
currently has income protection coverage, but no other insurance is
inside her super as she's not eligible due to health reasons.
No one might taking stress leave impact her insurance pil
and what might she consider when seeking more information about
coverage to help support her while she's supporting her mental
health well.
Speaker 1 (30:09):
In terms of the stigma or not wanting to claim,
this is very common. I don't want to claim because
my premiums will go up. The great thing about life
insurance and income projection, if you claim, your premiums aren't
going to go up after you come back because they're
not allowed to, so there is no stigma.
Speaker 4 (30:23):
It's not a current insurance where they can actually cook
you a little bit.
Speaker 1 (30:27):
As not our home and content when they can increase
it because under Life Insurance Act, they're not allowed to
charge your high premim because of your claims experience. If
you've got the policy in place and so it is
really important. If you need the stress leave and you've
been advised, they've got medical advice to take stress leave,
then go and take time off work and use that
(30:47):
income projection that's the whole safety net that you've paid
premiums for and that you've set up, So go and
use it now when considering new policies that experience, that
mental health treatment and advicecommendation will impact the future policy.
So if you need to go and increase your income
protection in the future, they will consider that advice. Even
(31:07):
if you don't take stress leave, just a doctor advising
you to take time off work will have an impact
on any future policies. It won't impact your trauma, it
won't impact your life insurance, but it will likely impact
your disability cover and your income protection if you don't
already have it set up.
Speaker 4 (31:23):
Yeah, all right, and have you got a case study
from your business that you might want to share?
Speaker 2 (31:28):
I asked you to come prepared.
Speaker 1 (31:29):
Yeah, as I said, we've got the data. So you know,
we had a young professional an osteo, you know, using
the hands all day long set up. The policies met
a few years ago, five years ago, and all six
years ago now was twenty eight at the time. Policy
went into force twenty one eighteen months later, not very
(31:50):
long holding the policy eighteen months later. Took some time
off work because I had some problems with their wrist
being an osteo that it can't work.
Speaker 4 (31:59):
That would suck too, because you're completely mentally all there
and fine, but you risk hurt so you can't go
to work.
Speaker 1 (32:04):
And there's one of these chronic injuries where it's like
I can just push through it, like it's just a
sore risk for the first week until it's not Anyway,
She's been on client for income protection for many years now,
and now second surgery in and still not better, and
so it's still not eligible. And this is going back
(32:26):
to the bank's following her up and saying paying this client.
This is the same client, and so we've had to
go into bat. We obviously wanted to go into bat
for this client and say, hey, we don't think it's
reasonably you should try and take this client's house off them.
They're making payments and they're making away. Second surgery in,
still not able to Now the good news is that
(32:49):
there is an own occupation TBD. So if this client
really can never go back to being an osteo, then
we've got that backup plan. And that was a part
of our letter to the bank is we've got a
teap policy if if she can't ever go back to work.
She's got that safety net. So your mortgage is going
to be clear. Settle down, Please give us.
Speaker 2 (33:09):
A break, give us some time. We're working through it.
Speaker 1 (33:11):
And so you know, in terms of what's been claims,
it's four nine hundred a month is paid. So you
know she's received over one one hundred and seventy thousand
dollars so far in income protection claims. I'm so glad
the policy is till age sixty five, so if she
can never work again, she'll continue to receive that. Now,
one thing to note, income protection will only cover a
(33:32):
percentage of your income. It five percent, so you're not
going to be financially better off on income protection claim
and so it is really important to make sure you
have that emergency fund. Make sure you also include TPD
as well, because if it does become a chronic illness
that you can never return to work again or go
back to your own work again, then you do have
(33:53):
that money coming in. So look really claim time when
it happens. When you have these injuries and illnesses, your
whole life just turns upside down, especially the chronic ones
that they kind of start to creep in and creep
up on you, and then it gets more stressful and
you realize, actually, I haven't mean I'm not actually okay, Yeah,
I'm not okay. I need to take time off work.
(34:14):
And these are the conversation we have with every one
of our claimants. And I would you know, you said,
Phil does all this. It's not me. I've got an
amazing team who do.
Speaker 4 (34:24):
Personally, Phil does all this for me because Phil is
actually my direct advisor. But Phil has a big team
of lots of capable people, And you're right, I should
have acknowledged that.
Speaker 1 (34:34):
Yeah, they much feel capable than me.
Speaker 2 (34:36):
You know what, You're not wrong. You're not wrong.
Speaker 4 (34:39):
One of the cool things about you and I is
we both believe we should always hire people who are
smarter than us.
Speaker 2 (34:44):
Otherwise why are we hiring you?
Speaker 4 (34:46):
So that's kind of a winner for your customers, but
not for me, because it turns out I've got the
dune advisors that.
Speaker 2 (34:51):
What you mean?
Speaker 1 (34:52):
You do? You?
Speaker 2 (34:53):
All right?
Speaker 4 (34:54):
Well, let's go into a quick fire around before we
finish of questions that have come from community Phil. While
we're on the subject of chronic and mental illness, will
NDIS budget cuts impact insurance and coverage for those currently
accessing it.
Speaker 1 (35:10):
So in terms of your personal insurance cover, no, nothing changes.
Your personal insurance cover is a contract, so ndis changes
that may lead to more claims when it comes to
that insurance. So you know that won't have an issue
with any enforced policy.
Speaker 2 (35:28):
I love that. All right.
Speaker 4 (35:30):
Here's a question from the community. I've seen a psychologist.
I'm on antidepressants. Can I even get cover?
Speaker 1 (35:38):
Yeah?
Speaker 4 (35:38):
For sure, so good because I got it through you guys,
and I have seen a psychologist and I am on antidepressants.
Speaker 2 (35:43):
So look at this walking case study exactly.
Speaker 1 (35:46):
And you know, sometimes it's it's standard rates, so no exclusion,
but most times it is exclusions. You know, the higher
claims rates is meaning that insurans are getting more conservative
and over the I've specialized insurance over six years, and
it's getting worse and worse and worse. In terms of
when setting up a policy. That doesn't mean you shouldn't
be getting a policy. It actually means get a policy earlier. Yeah,
(36:10):
as early as possible, And so it is super important
that you can get policies in place, even if you've
been seeking treatment, even if you're taking ongoing medication.
Speaker 4 (36:20):
Yeah, all right, here's another one that we get quite often.
Speaker 2 (36:24):
Isn't the default coverage am my super enough?
Speaker 1 (36:26):
So coming back to the contract, it isn't enough. So
as mental health, that legal advice I talked about earlier
said that they can't blanket rule out mental health, but
they can limit claims on mental health. And that's where
I think the trend will be going. Where default cover
through super it's a contract between the superfund and the
insurance provider, and so they can make changes whenever they want.
(36:48):
And so the average payout from an advisor is just
under five hundred and fifty thousand dollars for a retail
advice policy through the super fund, it's one hundred and
forty two thousand dollars. For TBD it's almost eight hundred
thousand dollars versus one hundred and fifty thousand dollars. So
the actual claims number for default versus going through an
advisor is going to be much different. And if you
(37:10):
are on claim, more money is better than less.
Speaker 2 (37:13):
More money equal better.
Speaker 4 (37:14):
Okay, I think we can work with that at this point,
and unfortunately we have run out of time. I have
been trying to race to the end and fit in
as many questions as possible, so we will definitely have
to get you back on the pod. But Phil, as always,
this has been such an insightful chat and I cannot
wait to get you back on the pod because I
have six million questions. But to wrap this because if
(37:34):
something hits a little bit too close to home today,
two things. First, your existing cover still works, but read
it before you assume the worst. Second, if all you
have is whatever your super fun gave you by default,
find out what you're actually holding.
Speaker 2 (37:49):
Know the numbers.
Speaker 4 (37:50):
Knowledge is power. And then when you're ready, what I
would personally be doing is checking out the Sky savings
on the sky website. It's actual, real audited data like
for light comparisons. You can find your super fund and
see what Skywelt's actual clients are paying when they move
from their default supercover to a retail policy which they
(38:11):
advise and set up for them. Honestly, I would say
it's incredibly eye opening. In fact, I just like playing
on there because I'm a data gal. I'm like, oh,
they've saved what? Oh okay, what's this one due versus
this one? In fact, I fact checked my own advice
on there because I was like, oh, I know what
that looks like. Well, what are other people doing? Because
I guess it comes back to this, most Australians deserve more.
(38:32):
The problem isn't the coverage available, it's the know how
behind it, and that is where you guys come in.
Speaker 2 (38:37):
Which is the best.
Speaker 4 (38:38):
My friends, I hope that this deep dive has brought
you some relief and maybe a little bit more confidence
when it comes to insurances and what happens when chronic
and mental illness enter the chat. If you're ready to
give your coverage a little bit of a health check,
please get in touch with Phil, but probably more his
team over at sky Wealth will make sure to add
all of the relevant references and link to the show
(39:00):
notes so that you never miss a beat. Please take
care of yourselves and of each other, and we'll see
you on Friday for some juicy dilemmas and yapps with
the gang.
Speaker 2 (39:08):
Bye guys. The advice shared.
Speaker 5 (39:14):
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.
Speaker 2 (39:32):
Advice tailored towards your needs.
Speaker 5 (39:34):
Victoria Divine and She's on the Money are authorized representatives
of money sheirper Pty Ltd ABN three two one six
four nine two seven seven zero eight AFSL four five
one two eight nine
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