Ask an Adviser: Why earlier is better for life insurance with Phil Thompson
4/13/202636 min
You’re working hard to build wealth, but what happens if you can’t earn an income tomorrow? In this episode, we go deep on life insurance, income protection, and everything in between with insurance specialist Phil Thompson (Skye Wealth). From real-life claims to common mistakes (including relying on super), this is a practical guide to protecting your biggest asset: your ability to earn.
If you'd like to speak to Phil or anyone on our advice network head to https://equitymates.com/advice/
In this episode:
00:00 – Why protecting wealth matters
00:40 – Meet insurance specialist Phil Thompson
02:37 – Real-life claim: tragedy, and why insurance matters
06:50 – The biggest mistake: relying on super
10:07 – DIY vs advisor: what you’re missing
13:14 – Mistakes advisors make (yes, really)
16:44 – Case study: 36-year-old with kids and a mortgage
27:12 – Super vs outside super: how to pay smarter
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Clips
Transcript preview
First 90 secondsAlec Renehan· Host0:00
[beep] Everything you're about to hear is for education and entertainment purposes only. Whilst we are licensed, we're not aware of your personal financial circumstances. Any advice is general advice. Equity Mates operates under Australian Financial Services License 540697.
Bryce Leske· Host0:15
If you're gonna spend your life trying to build wealth, you should also think about protecting it, and that is what we're gonna talk about with our guest today.
Phil Thompson· Guest0:21
Equity Mates.
Bryce Leske· Host0:23
Welcome to Equity Mates, a show where we explore what's possible in the world of investing. If you've just joined us for the very first time, a huge welcome to our community. My name is Bryce, and, as always, I'm joined by my equity buddy, Ren. How are you going?
Alec Renehan· Host0:35
I'm very good, Bryce. Very excited for this episode. As you said, we are talking about protecting your wealth, but more than that, we're talking about protecting yourself, all things life insurance. When we do talk life insurance, there's one expert we get in the room, uh, Phil Thompson. He's a financial advisor, an insurance specialist, the founder of Sky Wealth. Phil, welcome back to the show.
Phil Thompson· Guest0:56
Thanks for having me, guys.
Bryce Leske· Host0:56
So, Phil- [laughs] Boys? [laughs] Boys is nice.
Phil Thompson· Guest0:59
To have me.
Bryce Leske· Host0:59
There you go.
Phil Thompson· Guest1:00
Boys or guys?
Bryce Leske· Host1:01
Yeah.
Alec Renehan· Host1:02
[laughs] Which one?
Phil Thompson· Guest1:02
One of them.
Bryce Leske· Host1:02
[laughs] Now, if you're watching online- [laughs] ... uh, you may be thinking, "I recognize the voice, I recognize the name, but I'm, I don't recognize the person."
Alec Renehan· Host1:09
I recognize the fun party shirt.
Bryce Leske· Host1:10
[laughs] [laughs] I recognize the party shirt, and that is because, Phil, you've chopped off the locks.
Phil Thompson· Guest1:15
I did, yeah.
Bryce Leske· Host1:16
Yeah. Looking good, though.
Phil Thompson· Guest1:17
Thank you.
Bryce Leske· Host1:18
Yes.
Phil Thompson· Guest1:18
Appreciate it. The amount of messages I've gotten from colleagues- [laughs] ... in the industry, even t- this morning I got one. Yeah, it's the most talked about hair in the industry, it seems like.
Bryce Leske· Host1:27
[laughs] Yeah.
Phil Thompson· Guest1:27
[laughs] It's ridiculous.
Bryce Leske· Host1:28
Well- I guess no other finance person