How to pick an Insurance Adviser

Our experienced team of Chubb Life Insurance Advisers are regulated by the Financial Markets Authority which means they are legally required to exercise care, diligence and skill in the advisory work they undertake with Chubb Life customers. Our qualified advisers have wide ranging financial services experience and undertake regular training to ensure that they are across the latest regulations and legislation. As experts on Chubb Life insurance products, they can help you understand the finer points and nuances of Chubb Life insurance policies and ensure you make the right decision for your individual insurance needs.

Chubb Life Insurance Advisers do not work on commission, so you can be assured they are providing you sound advice in relation to the Chubb Life product suite.

An insurance broker is also regulated by the Financial Markets Authority but is able to provide advice across multiple insurer brands. An insurance broker essentially acts as a "go between" between you and your insurance company once you make your insurance policy decision. Although an insurance broker can provide advice across multiple insurers it is worth understanding that they also receive commission payments from insurers too.

This process is more transparent than ever so there is no harm in asking an insurance broker about this before you engage their services and understand any commission structure they operate under. 

For some people, engaging the services of an Independent Financial Adviser can be useful. Independent Financial Advisers can review your wider financial situation, in addition to recommending insurance based on your individual needs. Independent Financial Advisers are regulated by the Financial Markets Authority and because they operate independently it's likely they receive commissions from insurance providers and don't usually charge for their services.  

Does your policy fit your unique situation? An Insurance Adviser will ensure they understand your income and employment status, your financial goals, any dependents you have, your health and family’s medical history to ensure they’re offering you tailored advice and that the insurance policy conditions fit your situation.

Understanding what risk level you need in a policy can be difficult to understand if you’re new to insurance or if your situation is a little complicated. That’s where experienced advice from an Insurance Adviser can help you understand and navigate what level of risk is right for you.

Your specific insurance needs and your budget often determine your premium options. Your premium can also be impacted by any policy add ons you may need for your specific insurance needs, which will alter your premium. An Insurance Adviser can be hugely useful in understanding what you do and don’t need in your policy.

Understanding your policy benefits can sometimes be the hardest part of locking down your insurance. Letting an Insurance Adviser remove the guesswork can be a huge weight lifted from your shoulders. Wading through the differences between two similarly worded policies can be better left to the experts sometimes.

Ideally, you want to talk with someone who has a minimum of 3-5 years in the insurance industry. You want to be reassured that their recommendations are sound, well researched and come from having helped many others in their insurance policy selection. If they have less experience but you would like to work with them, check what recent qualifications they have, and whether they work with a more senior Insurance Adviser to provide their advice.

There is no point seeing a health insurance specialist to discuss your business insurance needs. Just as you wouldn’t see a mortgage broker to chat about your superannuation investment portfolio. For many people, most Insurance Advisers should be able to help with straightforward queries, but if you have a complex insurance matter relating to your personal situation or complicated business insurance requirements, we strongly recommend you request a specialist in that field. For business owners, it can be useful engaging with an Insurance Adviser that handles both personal and business insurances. Company directors can have wider ranging insurance needs than employees.

If you do want more wide ranging financial advice, this is when it could be useful to request an Insurance Adviser with a broader financial advice background.

There are certain qualifications that Insurance Advisers are expected to have in New Zealand to work in the industry. Insurance Advisers will hold a National Certificate in Financial Services (Level 5) and may hold a Graduate Diploma in Business Studies (Financial Planning or Personal Risk Management). Two other qualifications to be aware of are whether your Insurance Adviser is a Certified Financial Planner (CFP) or a Chartered Life Underwriter (CLU).

Chubb Life Insurance Advisers are regulated by the Financial Markets Authority and as such, are legally required to exercise care, diligence and skill in the advice they provide.

Just as you might check online reviews when buying from a new online retail store, you can perform your own due diligence by checking testimonials for your Insurance Adviser online, or requesting them before you engage with them. Understanding that other clients were happy with the service provided, or what specific expertise was offered can help you make a well balanced decision.

Your Insurance Adviser should outline the process they’ll go through with you and understand your specific needs. That first conversation is your opportunity to understand their qualifications and if they work on commission.

You should have an opportunity to outline your short term and long term risks which can establish the insurances you’ll need.

An Insurance Adviser will need to understand your income, assets, liabilities, investments and current insurance coverage to provide you the best advice.

Your insurance advice should include insurance strategies, specific products and answer any questions you have.

Your Insurance Adviser will guide you through the insurance process to get your policies set up. They’ll also work with your accountant and lawyer if needed.

Regular check ins are important to ensure your insurance still meets your needs, and that your circumstances, lifestyle and financial goals haven’t changed significantly.