Start before the brochure
People often begin with “Which product is best?” That skips the most important step. A product has no meaning until you know what job the money needs to do.
1. What problem am I solving?
Protection? A house purchase? Emergency liquidity? Retirement? Children's education? Income? Capital growth? One product should not automatically be expected to solve every problem.
2. What is the real cost?
Look beyond the monthly premium, EMI or headline return. Ask about fees, interest over time, exit costs, taxes where applicable and the opportunity cost of locking money away.
3. What can go wrong?
Could the value fall? Could income stop? Could the money become difficult to access? Could interest rates change? Risk is not only “market risk.”
4. What if I need to change my mind?
Life changes. Understand liquidity, lock-ins, surrender/exit conditions, prepayment terms and what happens if you cannot continue the original plan.
5. What is the simpler alternative?
This question is powerful because complexity often looks sophisticated. Sometimes the better solution is to reduce debt, increase emergency savings, separate protection from investing, or simply wait until the goal is clearer.
“I am choosing this because ___ . It will cost me ___ . The main risk is ___ . I can exit/change it by ___ . I rejected the simpler alternative because ___ .”
If you cannot fill those blanks, you probably need more clarity before committing.
Expertise should make decisions simpler
A useful financial conversation should leave you understanding the decision better—not merely remembering a product name.
Have a financial decision you cannot simplify?
Describe the decision and what you are trying to achieve. That is enough to start a useful conversation.
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