Life insurance in Australia: What cover do you really need?

11 snips

Sep 24, 2025

Dive into the essential world of life insurance in Australia. Discover the various types of cover, including life, TPD, and income protection, and learn why each is crucial. The hosts discuss the common ways Australians obtain insurance and the advantages of consulting financial advisers. Tune in for insights on child cover options, the claims process, and the typical mistakes people make. Find out how life insurance can protect your loved ones and ensure your financial security.

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ADVICE

Take Death Cover If People Depend On Your Income

If others financially depend on you, take life (death) cover to provide a lump sum on death or terminal illness.
Claims only need a death certificate and insurers generally pay quickly once submitted.

INSIGHT

TPD Definition Determines Claim Outcomes

TPD claims hinge on the policy definition: 'any occupation' vs 'own occupation'.
Own-occupation policies pay more often for specialists who cannot do their trained job anymore.

INSIGHT

Trauma Pays Fast On Diagnosis

Trauma cover pays on diagnosis and is typically the fastest claim to receive.
Trauma payments are paid directly to the person, not via super, so they clear quickly.

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In this Australian Finance Podcast episode, your hosts Owen Rask and Phil Thompson from Skye Wealth dive into the world of life insurance in Australia. They cover: – What personal insurance is and why it matters – The different types of cover (life, TPD, trauma, income protection, child cover) – How Aussies typically get insurance & what options are best – The role of financial advisers & how they help simplify complex insurance decisions If you liked this Australian Finance Podcast episode on personal insurance, you’ll love our other episodes on protecting your financial future.

Don’t forget to subscribe for weekly shows on Apple, Spotify, YouTube, or wherever you get your podcasts! Topics Covered – What is Personal Insurance? – Life Insurance: Who needs it? – Total and Permanent Disability (TPD) Cover – Trauma Insurance: What is it? – Income Protection: How it works and who it’s for – Child Cover: Is it worth considering? – Getting Insurance via Super vs Adviser vs Direct – Why many financial advisers outsource insurance – Why Phil focuses on insurance-only advice – Understanding waiting periods & claim timeframes – What happens during a claim and how advisers help – Tips for reviewing and cancelling insurance safely – Common mistakes Aussies make with insurance – The real cost of doing nothing Resources for this episode - Skye Wealth

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DISCLAIMER This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs before acting on it. If you’re unsure, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG)

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