Reviewing your life insurance and income protection cover is vital. How should you do the insurance review? Life insurance and income protection expert Phil Thompson from Skye Wealth joins Owen Rask on The Australian Finance Podcast to talk personal insurance in our mini series.
Topics covered:
– When is a good time to review insurance?
– Major life events that should trigger a review (kids, death, buying a house, etc.)
– Why life insurance is NOT the same as car insurance, (unless youāve had no health issues – unlikely).
– Strategies to manage and reduce insurance costs as time goes by
– Stepped versus level insurance premiums
– Why decreasing cover is easy and increasing is like a new insurance application
– How the risk to insurers has changed, and how this impacts the process
