In this Australian Finance Podcast episode, your host Gemma Mitchell is joined by Phil Thompson from Skye Wealth to answer your biggest insurance questions. They cover: – How insurance claims actually work from start to finish – The difference between Any Occupation and Own Occupation cover – Whether you can claim Income Protection and Trauma Insurance at the same time – What exclusions, loadings and occupation ratings really mean – The truth about insurance commissions – Whether younger Australians should consider cover before automatic super enrolment – Why group insurance isn't always cheaper than retail cover – The $1.4 million insurance dispute that highlights the importance of disclosure Topics Covered – What happens when you make an insurance claim? – Understanding the insurance claims process from start to finish – Any Occupation vs Own Occupation TPD cover – Can teachers and other professionals rely on Any Occupation cover? – Income Protection and Trauma Insurance: Can you claim both? – How insurance commissions work – Should young Australians get cover before automatic super insurance starts? – What is an insurance exclusion? – What is a premium loading? – Can exclusions and loadings be removed later? – What is an occupation rating and why does it matter? – Retail insurance vs group insurance through super – Why cheaper insurance isn't always better insurance – The Skye Wealth insurance comparison example – The $1.4 million insurance dispute and the importance of disclosure – How much do you really need to tell your insurer? Chapters: 00:00 Introduction 02:05 Insurance Process Overview 10:44 Own vs Any Occupation TPD 17:35 Income Protection vs Trauma 20:39 Adviser Commissions Explained 29:11 Super Fund vs Retail Insurance 34:46 Getting Cover at 25 39:09 Exclusions and Loadings 43:47 Nondisclosure Case Study 48:44 Do You Need a Lawyer? 53:16 Wrap Up Episode resources - Skye Wealth Client Savings Comparison: https://savings.skye.com.au/client-savings - Buy Gemma’s book “The Money Reset”: https://amzn.to/42Uz0aK - Speak with the Rask Advice team: https://rask.com.au/advice - Ask a question (select the Finance podcast): https://bit.ly/R-quest Show partner resources - Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit: https://bit.ly/Pearler - Get 50% off your first two months using PocketSmith: https://bit.ly/R-PocketSmith - Whatever comes next for your business, power it with Stripe: https://stripe.com EOFY deals to know about - ending June/July 2026 - 1 free trade per month, for 12 months, for new Pearler customers: https://bit.ly/Pearler Rask resources - All services: https://bit.ly/R-services - Financial Planning: https://bit.ly/R-plan - Invest with us: https://bit.ly/R-invest - Access Show Notes: https://bit.ly/R-notes - Ask a question: https://bit.ly/R-quest - We love feedback! https://raskau.typeform.com/to/ZbfHy6IP Follow us on social media - Instagram: https://www.instagram.com/rask.invest - TikTok: https://www.tiktok.com/@rask.invest 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 confused about what that means or what your needs are, 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): https://www.rask.com.au/fsg