You have the right to ask any question and to receive an answer. The answer should fully and completely address your question. If you don’t understand something, ask questions. If you still don’t understand, you shouldn’t buy that financial product.
Be sure to reference the following checklist during any insurance purchasing and monitoring lifecycle:
- Ask questions.
- Take notes. Document all key decisions and directions.
- Meeting minutes. Ideally, it should come from the advisor/agent/broker/financial services company; however, you can also summarize any conversation and send it in an email.
- Get everything in writing. This includes: responses or summaries of conversations, recommendations, quotes, proposals and other product & marketing documentation. If it cannot be committed to writing, it should be a huge red flag and a sign to walk away. Responses and summaries can easily be done by email.
- Review the financial services product before accepting it. Be sure you are comfortable with the product terms and that it is exactly what was mutually agreed upon. Point out anything questionable, including items that may have been added to the original application.
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