Frequently Asked Questions

A good rule of thumb is 10 times your annual income, plus enough to clear any debts (mortgage, car loans, credit cards) and cover your family's living expenses for several years. However, the right amount depends on your age, income, number of dependants, existing savings, and any existing cover through KiwiSaver or an employer scheme. We do a full needs analysis in your free consultation.

ACC covers accidents only. If you're unable to work due to illness — cancer, heart disease, mental health, or any sickness — ACC won't pay. Income protection insurance fills that gap, covering up to 75% of your income whether your inability to work is caused by accident or illness. Most New Zealanders don't realise how significant this gap is until they need it.

New Zealand has excellent public healthcare for emergencies, but the public system has long waiting lists for specialist appointments and elective procedures. Private health insurance lets you skip those queues, choose your own specialist and hospital, and get treated faster. If time matters — and it usually does when you're unwell — health insurance is often worth it.

Critical illness (also called trauma) cover pays a lump sum if you're diagnosed with a serious condition — typically cancer, heart attack, stroke, or similar. Unlike income protection (which replaces lost income), critical illness pays regardless of whether you can work. You can use the money for anything: treatment costs, modifications to your home, paying off debt, or simply taking time off to recover.

Yes — our initial consultation is completely free and there is no obligation. We receive commissions from insurance companies and lenders when you take out a policy or loan through us. This means our advice costs you nothing directly, and it doesn't affect the premiums you pay (you'd pay the same going directly to the insurer). We always disclose commissions upfront. Full details are in our Disclosure Statement.

Yes. Mutual Solutions is not owned by or aligned with any bank or insurance company. We compare products across the full market — Partners Life, AIA, Fidelity Life, Asteron Life, nib, Southern Cross, Cigna, and others — and recommend what we genuinely believe is best for your situation.

Most clients go from initial consultation to having their policies in place within 2–3 weeks. The first appointment (30–45 minutes) is a relaxed discovery conversation. We then prepare a written recommendation, present it to you, and handle all the paperwork once you're happy to proceed.

We're here for the long term. Every client receives an annual review to make sure your cover still fits your life. We also help with claims — when you need to use your insurance is when you need us most, and we'll guide you through the process and advocate on your behalf with the insurer.

Most New Zealanders are in a default or conservative fund that isn't right for their age and goals. Research consistently shows that fund selection has a massive impact on your retirement balance — the difference between a conservative and growth fund over 30 years can be hundreds of thousands of dollars. We review your current fund, model your projected balance, and recommend a switch if it's in your best interest (at no cost to you).

The minimum is 3% of your salary. If you can afford more, increasing to 4%, 6%, 8%, or 10% significantly accelerates your retirement savings — especially with the employer match (at least 3%) and the annual government contribution (up to $521). We can model different scenarios for you.

Yes. We provide investment advice tailored to your goals — whether that's building a diversified portfolio, investing for a specific goal (like school fees or a property deposit), or making the most of an inheritance or lump sum. We take into account your risk tolerance, time horizon, and tax situation.

We work with multiple lenders — not just one bank — so we compare rates and structures across the market. We also know which lenders are offering cash-back deals, which have more flexible lending criteria, and how to structure your loan to minimise the total interest paid. Many clients find we can get them a better deal than going to their bank directly.

No. Like insurance, we're paid a commission by the lender when we arrange a mortgage for you. This doesn't cost you anything extra — the commission comes from the lender's margin, not added to your loan.

Absolutely — first home buyers are one of our specialties. We can help you understand how much you can borrow, whether you qualify for the First Home Grant or First Home Loan, how to structure your deposit, and which lender is most likely to approve your application.

Yes. Upmeet Sodhi is a registered financial adviser and Mutual Solutions Limited is a registered Financial Advice Provider under the Financial Markets Conduct Act 2013. Our FSP number is 729871. You can verify this on the Financial Service Providers Register at companiesoffice.govt.nz/fsp.

We take complaints seriously. First, contact us directly — by phone (0800 67 55 55) or email (info@mutuals.co.nz) — and we'll work to resolve it within 20 business days. If we can't resolve it to your satisfaction, you can escalate to our external dispute resolution scheme: Financial Services Complaints Limited (FSCL), a free and independent service. Call FSCL on 0800 347 257 or visit fscl.org.nz.