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5 Things to Know Before Meeting your Financial Advisor 

Here are five tips to help you get ready for that important meeting with your advisor.


Are you due for your yearly review session with your financial advisor? Here are some tips to help you prepare and get the most out of your financial planning session!

With life insurance being such a personal and complex purchase, many consumers may not have enough knowledge about the products, for them to choose the right insurance coverage unless there is an advisor guiding them. Many still prefer talking to a financial advisor who can help them set their financial goals and recommend suitable products to address these.

Finding a good financial advisor is never an easy task. Most people were able to meet one through the recommendation of friends and relatives. Thus, consumers are strongly encouraged to do a bit of research before meeting their financial advisor.

Here are five tips to help you get ready for that important meeting with your advisor.

1. Be clear about your objective for buying life insurance

It is important to understand why you are buying life insurance in the first place. Are you looking for financial support for your dependents should anything unfortunate happens to you? Are you planning for your retirement? Are you looking for a plan that can provide protection with an investment element? Do you need a health insurance plan that will help settle your medical bills?

It is fine to have multiple goals. What’s important is you have them in mind so you can discuss these with your financial advisor.

2. Read up about the products that you may be interested in

Now that you have given some thought to your priorities and objectives for getting an insurance policy, it's time to look at possible solutions! You can look through various insurance plans to find out which products can help address your needs. As an example, for critical illness coverage, HealthFlex is a customizable plan that can fit your lifestyle and budget. If you find it too daunting to go through everything, simply read through one briefly to have some ideas before meeting your advisor.

When you show that you know the basics of these insurance products, your financial advisor will think twice about gleaning over the details since they know that you’re likely to ask in-depth questions about the products.

3. Affordability

While working through your goals, you may face the problem of wanting to be covered by as many types of insurance as possible. It may be very expensive to do that, and highly impractical as well. It is important to find out what your priorities are, and how much you can afford to spend on insurance every month.

Do not be disheartened if you find that you have a limited budget. There are products that fit every lifestyle and budget, and your advisor can help you choose the right one. For instance, getting a Term life insurance like the Yearly Renewable Term or React5 can be an alternative to a whole life policy if your goal is to get pure protection coverage; you can then upgrade your plan to a lifetime coverage when your budget permits!

4. Prepare a set of questions for your financial representative

Don’t be afraid to ask questions for fear of looking silly. This is not a wise approach because you are planning for your future, and your advisor is only there to help you secure it.

As you do your research, take note of the questions you may have so you can ask your financial advisor to explain them in detail. On top of that, asking questions can help you gauge how knowledgeable your financial advisor is about the products, and if they’re a good fit for you. Establishing trust with your financial advisor is very important, so you should not feel shy about asking questions.

5. Look out for red flags

Having done your homework before meeting your financial advisor, you may want to look out for these signs that they’re not a good fit for you:

  • Being overly product-focused

If the advisor starts off by pushing a product instead of asking you about your goals and priorities, you may want to think twice about working with them. In this case, you may consider seeking a second opinion. Do not feel obliged to buy an insurance plan if you don’t think it’s the right one for you.

  • Enticing you with gifts

Shopping vouchers, free movie tickets, or food and beverage vouchers are hard to say no to. Who doesn't love freebies? But your financial advisor should not be offering these to you for you to purchase an insurance plan. Sure, freebies and that extra level of service may sweeten the deal, but this shouldn't be a deciding factor for purchasing an insurance plan.

  • Encouraging you to switch out of your present policies for no reason

Financial advisors should not encourage you to cancel or replace a policy unless it is entirely unsuited to your objectives. This is because cancelling a policy can come with substantial financial losses. If your financial advisor suggests that you cancel a policy to take on a new one, they should provide an objective reason for doing so and you must consider it carefully. You should also ask about what your potential losses could be and if there are any benefits to switching to a new plan.

For health insurance products, before you switch, consider whether or not your health condition has changed from the time you bought your current policy and whether or not you have any existing health concerns, which may affect your purchase.

Buying an insurance policy with the help of a financial advisor is an important part of the financial planning process since it helps you identify your needs and understand what products are suitable for you. Having an experienced and trustworthy financial advisor can also help you check any blind spots and help make the claiming process easier for you or your beneficiaries. Talk to one now!

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