Prepare for an insurance adviser meeting in NZ

Start with the parts of life that insurance may need to protect, not a product name. Write down who depends on you, which income keeps the household or business running, the main debts and expenses, what cover already exists, and what would create the most financial pressure if illness, injury or death changed the plan.

The Financial Markets Authority says an adviser may ask about your personal situation, assets, debts, income, expenses, insurance policies and estate plans. Approximate figures can be enough to begin. If the conversation later moves to formal advice or an application, expect to confirm details and answer the questions you are asked fully and accurately.

A short summary is easier to use than a pile of unsorted paperwork. Put these items on one page, even if some figures are estimates. Mark anything that still needs checking instead of guessing.

If you are meeting as a couple or making decisions for a family business, agree on the main concerns beforehand. Different priorities are useful information for the adviser, not something you need to resolve before the meeting.

Existing policy schedules are usually more useful than a memory of what you bought. They can show the cover type, amount, ownership, premium basis and important dates. If you cannot find every document, list the insurer and policy number so the missing details can be checked later.

Also write down changes since the cover began or was last reviewed. A new mortgage, child, job, business, separation, move overseas, change in income or loss of workplace benefits can alter the questions worth asking. This does not mean the old policy must be replaced. It means the adviser has a clearer basis for explaining whether anything still needs attention.

Insurance discussions can involve employment, finances, health and lifestyle. For a first conversation, a clear summary of your role, income pattern, current conditions, medication and recent investigations may be enough to identify which details will matter later. You do not need to diagnose yourself or decide what an insurer will consider important.

If you proceed to an application, answer the questions asked and check uncertain dates or details rather than filling gaps from memory. Ask how sensitive documents should be sent, why the information is needed and who will receive it. The FMA says advisers must protect client information and explain advice in plain language.

The meeting is also your chance to understand the advice service. The FMA says good advice should reflect your needs and goals, explain why recommendations are suitable, explain how the adviser is paid, and explain the complaints process and dispute resolution service.

Ask for important explanations in writing. You should be able to see what the adviser considered, what sits outside the agreed scope, and which trade-offs you are being asked to accept.

Business.govt.nz recommends preparing current accounts, realistic asset replacement values, insurance and claims history, and a view of the risks in the way the business operates. That can include what happens if an owner, major customer or supplier suddenly cannot continue.

Bring a simple list of key people, major debts, fixed overheads, business assets and any personal guarantees. Keep business insurance and personal protection questions separate on the page so each can be discussed clearly. This article cannot determine what cover a business needs, but good records make the risk conversation more concrete.

You do not need to choose a policy in the first meeting. A useful outcome may simply be a written list of missing information, the agreed scope of advice, the risks being considered and the questions that need answers.

Take time to read any recommendation and policy wording. If something is unclear, ask for a plain-language explanation before making a decision. Personal recommendations should come from a one-to-one advice process that considers your circumstances, budget and existing cover.