How to apply for life insurance and income protection. 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:
– Getting insurance through an adviser, going direct to an insurer or Super fund
– A statement of medical questions
– Your ‘duty to take reasonable care’ when disclosing information
– Underwriting and the insurers ability to use claims data to determine the risk of insuring you
– Key terms like loadings, exclusions, waiting periods and coverage period
– Understanding the tax treatment of income protection premiums and benefits
