Why must I complete a financial needs analysis form?

IA’s financial needs analysis guideline requires relevant and sufficient customer information before recommendations for the types of life policy within its scope. The purpose is to assess your circumstances rather than simply process a chosen policy. Ask which requirements apply to your proposed contract; do not assume every insurance application uses an identical form. [C1]

IA’s explanation of the analysis includes your sources of income, intended cover and premium-payment period. Prepare a realistic account of your finances and existing commitments so you can explain how premiums would be funded. Ask what each field means, including whether a figure is before or after expenditure, instead of selecting an answer just to move to the next screen. [C2, C4]

The discussion should consider long-term affordability, not merely whether the initial payment is available. If you intend to borrow against the proposed policy to pay premiums, say so: IA requires that financing to be taken into account in the assessment. Ask the licensed broker to explain how the proposed commitment fits your circumstances, and identify assumptions about future funding. [C4, C5]

Read the completed record before confirming it. Ask the insurer or intermediary to correct inaccurate income, commitments or intentions and reconsider the assessment using the corrected information. If already submitted, identify the affected fields in writing and request acknowledgement. IA’s conduct-monitoring article illustrates a sales system that collects the information needed for the analysis before generating potential recommendations. This is an illustrative control, not a separate correction procedure. Do not accept an inaccurate record simply because a policy has already been discussed. [C3, C4]

Does the analysis come before recommendations?

For policies within the guideline’s scope, relevant information must be collected before recommendations. [C1]

Is the form identical for every insurance product?

Do not assume that; ask how the guideline’s scope applies to the contract. [C1]

Should I explain my income sources?

Yes. IA includes sources of income in its description of the analysis. [C2]

Does my intended payment period matter?

Yes. IA includes the expected premium-payment period in the analysis. [C2]

Should I disclose intended premium financing?

Yes. The funding arrangement must be considered when assessing affordability. [C5]

Should I correct an inaccurate completed form?

Ask for correction and reconsideration before relying on the assessment; accurate financial disclosure matters. [C3, C4]

Does a completed form guarantee affordability for me?

No. Your circumstances and long-term ability to pay still require individual consideration. [C1, C4]

How does the Hong Kong insurance buying process work? What are premium financing risks? Country guides Trust checks Historical fulfillment ratios Life-stage hub Ask a general process question

We provide information and referrals to a licensed Hong Kong broker; regulated advice and arrangements belong with that broker. Mainland visitors must sign in Hong Kong. Do not send identity, tax or medical documents through the general enquiry form. [C4]

General information, not advice.