money money money 908 insurance Q&A: do I need it, mental health, inside vs outside super + more
Feb 23, 2026
Phil Thompson, specialist financial adviser at Skye Wealth who focuses on personal insurance, underwriting and claims. He answers practical questions about when to get cover, how underwriting and price interact, mental health considerations and exclusions. They compare holding cover inside versus outside super, explain child cover, mixing insurers and when it might be safe to cancel.
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Make Cover Affordable By Adjusting Terms
- Review affordability and adjust waiting periods or cover levels if premiums are unaffordable.
- Advisors model costs and present trade-offs so clients can choose higher cover or cheaper policies with exclusions.
Underwriting Narrows The Field Then Wording Matters
- Underwriting typically narrows insurers to a few options; policy wording matters mainly on the margins.
- Phil says underwriting outcomes often determine the shortlist, then wording and price decide the final choice.
Get Tailored Advice For Mental Health History
- Don't assume a 'yes' to past mental-health treatment automatically means exclusion; outcomes are nuanced.
- Insurers consider symptoms, treatment, time off work and insurer-specific rules, so get tailored advice before applying.
