How do I choose a financial product?

When getting a financial product, choose the financial product carefully to avoid any financial loss when you decide to withdraw or cancel the product before its maturity.

Before you agree to any product, you should:
  • Gather information and shop around. Compare prices and product features.

  • Seek explanation if you do not understand. Buy the financial product only after you know how it works and its main terms and conditions.

  • Find out the fees and charges you may have to pay now and after you have bought the product.This is to avoid any surprise charges which you have not budgeted for.

  • Pay attention to exclusions and exception clauses under the contract.

  • Take your time to consider any offer. Say 'No' if you do not need the financial product that is being sold to you.

  • Be aware that some financial products like unit trust or insurance/takaful allow a "cooling-off period" for you to decide whether you wish to continue with the products after you have signed the agreement.

Reprinted with permission from BankingInfo (A Consumer Education Programme)

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Knowledge Base ID :   1184
Last Reviewed :   April 30, 2014
Source :   BankingInfo
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