This list is here so that you can sit down with confidence with anyone – with me too. Twelve questions that an honest advisor has a clear answer to. Print it out, take it with you, and ask without hesitation.
In brief:
- The questions target the real points of difference between products — they can't be answered with vague generalities.
- Anyone who rushes you or dodges the question instead of answering is, in itself, an answer.
- The questions run parallel to the rows of the comparison table — the answers can be sorted straight into it.
About the benefit
- Exactly what does the product pay in the first year, the second, and after that – for death from illness and from accident? the graded amounts and the waiting period – the most important question
- What is the waiting period, and what doesn't it apply to? is an accident always an exception, and are there other exceptions
- Is there an increased accident benefit or any other extra feature? accelerated payout, a funeral-arrangement option, cover for two insured people
- Is a health declaration required – and if so, what does that mean? what happens for an early death connected with a named condition
About the premium and time
- How long do you need to pay the premium, and what happens after that? tied to an age or a chosen term – does the cover continue afterwards
- How does indexation work? automatic or offered as an option, what increases, can it be declined
- What happens if a premium is missed? grace period, paid-up reduction, lapse, reinstatement
- Is there a surrender value? and if not: what non-forfeiture options are there
About the payout and the provider
- What is the payout turnaround commitment after the documents arrive? and which documents are needed
- How does naming a beneficiary work, and how can it be changed? and what happens if no one is named
- What exclusions apply? the length of the list varies a great deal by product
- Who do you work on behalf of, and how can I verify that? broker or agent – the Hungarian National Bank (MNB) registration number
How should you use the answers?
The answers can be sorted into the rows of the comparison table – making two or three offers easy to compare side by side. And one observation worth making: it isn't only the content of the answer that speaks, but also the way it's given. Someone who answers patiently, in plain language, and names the limits too, is likely to keep your case in good hands on the day it truly matters.
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This article is for general information only and does not constitute an offer or insurance advice. The precise content of insurance policies is determined by the insurers’ terms and conditions in force at any given time.
