FNA
FNA self-study template (not a product recommendation)
Household balance sheet, income-gap, education/retirement goals, currency scenarios and risk tolerance—output is “which questions next,” not a product sheet.
Only a licensed intermediary’s FNA carries sales-compliance weight. This page helps you write clearly first so illustrations do not steer the meeting. Use beside /needs/checklist.
Household balance sheet (rough)
- □ Liquid assets (cash, money-market, etc.) ≈ ?
- □ Is a 6-month expense emergency fund already set aside?
- □ Mortgage / auto / other debt balances?
- □ Hard cap on money truly idle 10+ years?
Income-interruption sizing
- □ Main earner net monthly income? Gap if stopped 12 months?
- □ How much can spouse/family replace? Remaining group cover?
- □ Rough CI / term-life target (see encyclopedia Q43)?
Education / retirement / legacy goals
- □ Education spend location and approximate year?
- □ Retirement monthly spend currency and location?
- □ Legacy as lump sum or staged / conditional?
Currency & cross-border scenarios
- □ Household income/spend currency? Preferred policy currency?
- □ Will residence change in five years?
- □ Current tax residency and possible changes?
Risk tolerance (yes / no self-check)
- □ If forced to surrender in year 3, can you accept cash value far below premiums paid?
- □ If non-guaranteed parts are half of illustration, does the goal still hold?
- □ If fees/fund structure are unclear, will you say “not now”?
- □ Is anyone pushing with deadlines or rebates?
Outputs (not products)
- Output A: Which layer to ask next—medical / CI / term life? (write one)
- Output B: Should long lock-up savings wait? (yes/no + one reason)
- Output C: Three must-ask interview questions (copy into /interview-prep)
Existing-policy review tables
Surrender / continue / reduced paid-up / policy loan are not mood choices. Fill the tables before listening to “switch now.”
Exit options
| Option | What you keep | Typical cost | Must ask |
|---|---|---|---|
| Keep paying | Original cover + contract path | Premiums use liquidity | Does the purpose sentence still hold? |
| Surrender | Surrender-value cash | Often far below premiums early; cover ends | What is guaranteed cash value today? |
| Reduced paid-up | May keep a lower sum, no further premiums | Sum drops; confirm clause conditions | Sum and scope after reduction? |
| Policy loan | Contract may stay in force (per terms) | Interest and drag on long-term value | Rate, limit, unpaid consequences? |
Replacement warnings
| Warning | Why it hurts | Minimum ask |
|---|---|---|
| Same-day “surrender & replace” | Double loss + new waiting periods | Written old/new sheet + FNA |
| No guaranteed cash-value figure | Cannot quantify surrender cost | Pause; ask the insurer first |
| Comparing old vs new on total illustrated benefit | Treats non-guaranteed as promised | Compare guaranteed columns + purpose only |
Mainland + HK overlap cleanup
| Type | When Mainland + HK both exist | Cleanup action |
|---|---|---|
| Medical (reimbursement) | Usually no double full reimbursement of one bill | Map deductible / geography complementarity |
| CI (lump sum) | Lump sums can generally coexist | Is the sum oversized? Purpose overlap? |
| Term life | Can coexist; check duty horizon | Resize after aligning mortgage / dependants years |