Financial Decisions (Not Financial Advice)
Compare insurance, super, and other financial products in plain English. Not financial advice.
AI can help you understand your financial options without telling you what to do. This is an important distinction. AI is not a financial adviser, and you should not treat it as one. But it is very good at explaining complex financial products in plain English and helping you compare options.
Comparing Financial Products
"I am comparing two health insurance policies. Here are the details of each: [paste the key terms from each policy, or upload the documents]. Compare them side by side. Tell me which one offers better value for someone in my situation: [describe your situation -- age, family status, how often you use health services, any specific treatments you need covered]. Highlight any differences in excess, exclusions, waiting periods, or conditions that might catch me out."
"Explain the difference between a mortgage offset account and a redraw facility. I have an owner-occupied home loan of $[amount] with [bank]. Which one would save me more money in my situation? Show me the maths with a simple example."
"I am trying to decide whether salary sacrificing into super makes sense for me. I earn $[amount] gross, my marginal tax rate is [rate or 'I am not sure'], and I am [age]. Explain what salary sacrificing is, how much tax I would save, and what the trade-offs are. I will check this with my accountant -- I just want to understand the concept first."
Understanding Financial Concepts
Important. These prompts are for understanding, not for decisions. AI can explain what an offset account is and model a simple comparison. It cannot account for your full financial situation, and it should not be the basis for major financial decisions. Use it to get informed, then talk to a professional if the stakes are high.
Try this right now (free)
Upload your health insurance policy (or photograph the summary page) to Claude or ChatGPT and ask: "Explain this policy in plain English. What am I actually covered for, what are the exclusions, and is there anything I should query with my provider?" You will probably learn something about your own policy that you did not know.