If my phone is lost/broken, will I lose access to my funds?

In such cases, you don't lose access to your assets. You can use your card to access your wallet via any other mobile device. The phone itself doesn't store any assets you hold; it simply acts as a display by visualizing specific data for a particular user on screen. The storage of private keys and signing of transactions is done by your card. All you have to do is download the Tangem app on your new phone and scan the card.