The Insurance Mistake Most Women Don’t Realise They’re Making

Most people see insurance as boring, optional, or something they’ll deal with “later”.
But the truth is, insurance is one of the very few things that can completely change the trajectory of your life, not when things are going well, but when they aren’t.

In this episode of Get Rich, Molly Benjamin is joined by insurance advisor Trish Gregory from Hayes & Co Insurance Services, to break down what insurance actually does, the mistakes people don’t realise they’re making, and the real-life moments where having the right cover makes all the difference.

They unpack income protection, life insurance, total and permanent disability (TPD), and trauma insurance, why so many women are underinsured (even when they earn good money), and why waiting until something goes wrong is often the most expensive mistake of all.

Molly also shares why she only updated her own insurance recently, what she assumed was covered through her super, and the moment she realised she was only protected for two years, not decades.

This is a practical, honest conversation about protecting your income, your future, and your choices, before you need to.

In this episode you'll learn:

• The real difference between life insurance, TPD, trauma, and income protection, and what each one actually covers
  
• Why so many women are dangerously underinsured, even if they earn “good money”
  
• The most common insurance mistakes people make, and why fixing them later can cost more
  
• Real-life examples of when insurance becomes life-changing, not just “nice to have”
  
• How insurance inside super works, and when it’s not enough on its own
  
• When and how to get insurance set up properly, before health or life changes make it harder
  

If you want to connect with Trish, Click here.

CHAPTERS

00:00 – Welcome to Get Rich

LINKS FROM THE EPISODE

ATO: Medicare Levy & Medicare Levy Surcharge: Medicare levy surcharge income, thresholds and rates | Australian Taxation Office
 

CONNECT WITH TRISH GREGORY

Website: https://hcis.com.au/
LinkedIn: https://www.linkedin.com/in/trish-gregory-finance/
Podcast: https://www.youtube.com/@MoneyTalkRealTalk
Instagram: https://www.instagram.com/moneytalkrealtalk/

CONNECT WITH LADIES FINANCE CLUB

Join our free Facebook group - Ladies Finance Club Money Chat
Website: https://www.ladiesfinanceclub.com/
Instagram: https://www.instagram.com/ladiesfinanceclub/
LinkedIn: https://www.linkedin.com/company/ladies-finance-club/

TAKEAWAYS

• Insurance is essential for financial security in uncertain times.
• Women often undervalue their income and insurance needs.
• Real-life stories illustrate the importance of having insurance.
• Different types of insurance serve various purposes and needs.
• Income protection can cover a significant portion of your salary.
• Many people have insurance in their superannuation without realizing it.
• Common mistakes include underinsuring or relying solely on a partner's income.
• It's crucial to lock in insurance while in good health.
• The insurance application process can be complex but manageable with guidance.
• Proactive insurance planning can prevent future financial stress.

SOUND BITES

"Trauma has to be paid outside of your super."
"Mental health is about 40% of the claims."
"The first meeting was a fact finding one."

TRANSCRIPT

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KEYWORDS

 insurance, income protection, life insurance, trauma insurance, financial security, women and insurance, insurance claims, insurance mistakes, insurance process, financial advice