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According to chief market strategist at CMC Markets and host of The Artful Trader podcast Michael McCarthy, there are certain investor personality traits that seem to predict success in the share market.

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In this episode of the nestegg Podcast, Michael joins host Grace Ormsby to outline exactly what these characteristics are, the difference between high-risk and low-risk appetites, and how investors can apply different strategies depending on their own personality type.

Michael also explains how fear can be both helpful and a hindrance for confident decision-making, why failure is a crucial process for investors seeking growth, and where budding investors can begin educating themselves about the markets.

Thanks Matthew, for sharing your insights with the nestegg podcast team!

You can keep up to date with what CMC Markets are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Retirement

The three types of workers that should avoid TPD insurance

By Cameron Micallef · February 13 2020

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Retirement

The three types of workers that should avoid TPD insurance

By Cameron Micallef
February 13 2020

Reading:

The three types of workers that should avoid TPD insurance

By Cameron Micallef · February 13 2020

Reading:

Australians in hazardous jobs, working part-time or those have have taken time out of work might be paying for junk total and permanent disability insurance, a consumer advocate group has warned.

According to Super Consumers, more than 12 million Australians have TPD insurance as part of their superannuation, with many unable to claim.

The advocacy group explained that insurance providers will make members pass either a standard or activities of daily living (ADL) test, with the latter “extremely difficult to succeed in a claim”.

“In some cases, the insurance can be very useful for people who can no longer work because of illness or injury, helping them to pay their bills and go about their life with dignity. But this insurance has little value if you can’t claim on it,” Super Consumers said.

The advocacy group highlighted that super funds and insurers haven’t made it easy for you to work out if the ADL test applies to members, meaning it’s difficult for members to know if their insurance is “junk”.

One of the main ways insurers create junk insurance is through the “hazardous occupations” or “special risk” list.

“Some of the jobs listed are not commonly thought of as particularly dangerous. For example, some super funds list musicians among the hazardous occupations. More commonly, it includes occupations such as airline crew, labourers and factory workers,” Super Consumers explained.

People in part-time, casual or seasonal work often have the ADL requirement as part of their TPD insurance.

In these circumstances, members have to work a certain number of hours a week to avoid this junk insurance traps, with many funds setting the required hours at 15 a week.

Depending on the fund, being out of paid work for a period of six, 12 or 13 months may land you with a junk insurance policy.

This can also apply to people who’ve gone on parental leave or leave without pay.

People out of work have insurance that is less valuable, but they may not be paying less for it.

Finally, the superannuation advocacy group said people with pre-2014 super accounts should contact their providers as some people still have old definitions that applied to which test they will take.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.