Before asking "Which policy should I buy?" ask: "What problem am I trying to solve?"
That one question can change the entire conversation.
A good insurance conversation shouldn't leave you with fewer questions because you're afraid to ask them. It should leave you with fewer questions because someone actually answered them.
Questions About Purpose
- What am I protecting?
- Who am I protecting?
- How long does this need exist?
- What happens if I do nothing?
Questions About Coverage
- What exactly does the policy cover?
- What doesn't it cover?
- How much coverage am I purchasing?
- How long does it last?
- Can the coverage change?
Questions About Cost
- What is the premium?
- Is it guaranteed?
- Can it change?
- For how long is it guaranteed?
- What could cause my costs to change?
Questions About Features
- Are there riders or optional benefits?
- What do they actually do?
- Do they cost extra?
- What circumstances trigger them?
- Do they reduce another policy benefit when used?
Questions About Ownership and Beneficiaries
- Who owns the policy?
- Who is insured?
- Who receives the benefit?
- Are my beneficiary designations correct?
- What happens if a beneficiary dies before me?
Questions About Getting Out
- Can I cancel the policy?
- Does it have cash value?
- Are there surrender charges?
- What happens if I stop paying premiums?
One More Question
Ask the person recommending the product: "Why do you believe this is appropriate for what I told you I'm trying to accomplish?"
You should be able to understand the answer.
GEMACE Perspective
A good insurance conversation shouldn't leave you with fewer questions because you're afraid to ask them.
It should leave you with fewer questions because someone actually answered them.
You don't have to become an insurance expert. But you should understand enough to ask better questions, recognize what matters and make more informed decisions.
How Does This Fit Into Your Life?
GEMACE LifeMap™ begins with your family, responsibilities, goals, concerns and what you're already counting on before discussing possible solutions.
You don't have to become an insurance expert. But you should understand enough to ask better questions, recognize what matters and make more informed decisions.
Educational Information
This material is provided for general educational purposes only and is not intended as individualized insurance, financial, investment, tax or legal advice. Individual circumstances vary. Insurance products, features, availability, eligibility, costs and policy provisions vary by insurer, product and applicant. Review actual policy documents and consult appropriately licensed or qualified professionals regarding your individual circumstances.