Cory Bennett - Insurance advisor

Do I Have Insurance?

This is a question I often hear as a financial adviser. “Do you actually have insurance yourself?”

The answer is absolutely, and here’s why.

First, I have insurance for myself. Over the years, I’ve worked hard to build a lifestyle I’m proud of. Like many Kiwis, I’ve put in countless hours, made sacrifices, and taken steps to create something worth protecting. If I were to get sick, suffer an injury, or face a situation that stops me from working, I don’t want all that progress to slip away. Insurance allows me to focus on recovery instead of worrying about keeping up with the mortgage or daily expenses. It gives me the confidence that what I’ve built won’t just disappear due to life’s challenges.

But I also have insurance for my family. For me, this is probably the most important reason. If the worst were to happen, whether it’s a serious illness, permanent disability, or even death, I don’t want my family to face the financial burdens along with the emotional ones. I don’t want them to struggle to make ends meet, worry about paying bills, or lose the stability we’ve worked so hard to create. Insurance ensures they are taken care of, no matter what.

To me, insurance isn’t just about numbers on a policy; it’s about peace of mind. It’s knowing that I can continue living the way I want while also protecting the people I love most.

So yes, I have insurance. For myself. For them. For our future.

At its core, insurance is just a contract.

Tick the right boxes, meet the conditions and the contract reacts.

Just like your employment contract. You turn up, do your job, you get paid. You don’t? You probably won’t.

Insurance works the same.

If you meet your end, the insurer meets theirs.

Yet somehow, it’s become this mysterious, overly complex thing.

And sure, there are times people get frustrated if a claim doesn’t pay out – but 9 times out of 10, it’s not because someone behind the scenes is trying to be difficult.

Believe it or not, the people working in insurance genuinely care. Most of them got into this industry because they wanted to help people through the worst times in their lives.

So instead of seeing insurers as the enemy – see them for what they are:
A group of people backing a contract you signed to protect your future.

Let’s bring it back to basics.

Understand your contract, know your responsibilities and trust that good cover will do what it’s supposed to do.

Adviser 👨‍💼> Bank 🏦
I have just had a really unfortunate situation with a client that only highlights further the need to use a qualified adviser. My client had been approached by a bank to apply for insurance cover and was provided a quote for all the bells and whistles which is a great first step! The unfortunate reality is the bank clearly did not ask any pre-underwriting questions before providing them with this quote 📑
Following an initial meeting with the client where I got to know their financial and personal situation, I made a quick 5 minute phone call to a trusted underwriter at the biggest Life and Disability insurer in New Zealand… and unfortunately… based on the information provided, the only cover “potentially” available is Life cover (and with a large loading) 🥲
It is disheartening to think your everyday kiwi will see a quote and think everything is possible, take time out of their day to complete applications, satisfy all underwriting requirements to finally be told that quote put in front of you is not possible*💔 It is unfortunate that I had to break this news to the client, as you can imagine it would come as a shock and can even lead to some embarrassment. But these are the things good advisers do when putting their clients first and managing expectations.
This is just another real life example of the need and importance of a good adviser.
*Obviously full underwriting is required to determine the complete outcome for all clients - this is simply an ongoing example 👩‍🎓