1 Treat the policy as a lifecycle
Begin with needs and trace policy formation, maintenance, change and termination.
Needs and product comparison
- Protection gap, term, affordability and liquidity should be addressed before product recommendation. Exam
- Term, whole-life and savings-oriented products differ in duration, premium and cash value; none is universally better. Compare
- Guaranteed and non-guaranteed benefits must be separated; illustration or past performance is not a future promise. Trap
需要先行
Write the client's amount, term, affordable premium and liquidity before evaluating the product.
Underwriting and policy servicing
- Underwriting can lead to standard terms, extra premium, special terms, postponement or decline. Definition
- Grace period, lapse, reinstatement, policy loan, assignment and surrender have different rights and consequences. Compare
- Policyholder, life insured and beneficiary can differ; the owner of rights may not receive the death benefit. Trap
三問
For each policy action ask who may request it, when it takes effect and how it changes cover and value.
