931 insurance & pre-existing conditions, comparing super funds, credit card for expenses + more
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What is the main topic discussed in this episode?
Today on the show, we are talking about some insurance within super. We're talking about maybe some spending-y, planning issues. Do we use a credit card to spend? Do I use paying for to spend? I'm not sure. We'll talk about a bit of debt recycling, future plans with mortgages and kids. And I'm sure we'll get into some trouble along the way with the review that we'll do on two superannuation funds to help someone decide which fund to pick. Today on the show, joining me is Phil Thompson, founder and CEO, director, all around good guy from, what's your business, Phil? Sky Wealth? Sky Wealth. There you go. Welcome back to PodVegas. Thanks for having me, Glenn. Hi, Glenn. For those who don't know or who might be new to the show, Philip is – Philip, it's one L, isn't it?
No, two Ls.
That's two Ls. The wrong way to spell it. Yeah, I always got confused. But Philip is a dear friend of the show and of mine and, yeah, we're going to have some fun today. Hey, I'll read this question for you, Phil. Here we go. There's lots here and I love it. Hi, Glenn. Love the podcast. You've helped me a lot in my financial journey. A question on insurance. I have a mortgage, young child, and soon will have a wife who won't be working. I'm 44, earn 190K, own an apartment in Sydney. have 450 in super, 50K in shares and a 550K mortgage, no other debt. I've never had income or life insurance. Former wife had high income and we never felt the need. Huge side chat there. Don't tempt me with a good time, Phil. I'll take a seat.
Don't you worry about that. Do not tempt me. But I'm now divorced and have dependents and I really want to take action. I'm now divorced, but I assume remarried, given that you'll soon have a wife who won't be working. Anyway, don't bury the lead, Glenn. There's a problem, though. Although recovered, I have three pre-existing but treated conditions, mental health, substance misuse, and recently a basal cell carcinoma, which has been removed. I'd like to get insurance through Super, but my Super CBA Essential Super disqualifies me from coverage. Help. I want to do the right thing and get insured, but I can't, hoping for some help for myself and others. All right, Phil, what are you saying to Anonymous here about this whole sitch?
Shall I take us back to a good time, Glenn?
Let's get the good time done first, okay? Okay, okay, all right.
So in terms of one thing about insurance and the thing I love most about insurance is it's all about a puzzle piece. So one person's experience with the one insurer may be different with other insurers and someone's, you know, substance misuse it's very dependent on when it is how long ago it was you know has has life changed significantly like what does that look like so when it comes to um applying for cover with insurance um it's sometimes it's about telling a story with the underwriter and especially with substance misuse that you know insurers do have a pretty strict rule on that anytime in the last five years they may have a concern or issue but if you can tell a story of hey we've got you know, a wife, you know, we're about to get remarried, you know, we've got young children.
And so that was, you know, in a prior life and tell that story. Sometimes they can have a more favourable view on that substance misuse. Substance misuse with mental health is a bit more of a higher risk. So those two combined does cause a little bit more issues.
Yeah, because the BCC is not the story here. That's like...
Yeah, yeah, yeah, generally not. And again, it does depend on exactly what it was, what the histopathology report says. So it is, you know, there is always devil in the detail, as they say. But yeah, those two things are probably the cause. But I would say if you've gone direct or gone through your super fund, you should be able to get an understanding from the underwriter as to why they've made that judgment call. But do remember that CBA Essential Super is only working with one insurance company. And so really the next steps is going and reaching out to a financial advisor to look at the options, get a lot of that information about your health history, and then do a pre-assessment with a whole bunch of insurance companies.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:06–5:50
2
How can pre-existing mental health and substance misuse affect getting insurance through super?
5:50–20:31
3
What steps should you take if your super fund declines default insurance cover?
20:31–58:38
4
Is debt recycling the right strategy if we plan to keep our home and add kids?
58:38–1:14:30
5
When should you keep cash in an offset versus investing in ETFs for future house upgrades?
1:14:30–1:24:27
Speakers
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