These five questions put any adviser - me included - to a good kind of test: whoever gives you honest answers to them is someone you can safely sign with. Take them to every conversation; a "why it matters" explanation comes with each one.
- The five questions cover the five typical sources of dispute: cover amount, exclusions, waiting periods, definitions, premium path.
- A good answer is always specific and points to the policy terms - a vague answer is itself an answer.
- For me, these questions are a mandatory part of every consultation - even if you don't ask them yourself.
1. "What exactly was this amount calculated from?"
A good answer builds on your own numbers: debts, monthly outgoings, years to replace, plans - the method. If the amount came from a round rule of thumb or from the premium budget, the sizing isn't tailored to you: the two traps.
2. "What exclusions and waiting periods apply - exactly?"
A correct answer points to specific clauses in the policy terms, and also shows the differences between quotes: what to watch for. This question decides whether the cheaper quote is actually cheaper.
3. "What do the riders' definitions cover - and what don't they?"
The critical illness list, the disability thresholds, the deferred period on income protection - a rider's value lies in its definition, not its name. Ask for a comparison at definition level.
4. "How will the premium change over the term?"
Indexation rules, how the risk premium moves with age, how rider premiums develop - a good answer shows the policy's likely path over its whole life, not just the first year: indexation, paying the premium.
5. "What happens if I can't pay - or if I want to get out?"
Grace period, reducing the cover, suspending payments, reinstatement - for term life; for savings-based policies, add the surrender-value table: the honest maths. Anyone who dodges this question isn't giving you a plan for your hard years.
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