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Bennett's real name is Helen Bennett. She is the eldest daughter of a printing company executive and a psychologist. She grew up in Pasadena, California. She majored in drama at Northwestern University and acted in summer stock during college breaks.
In 1971, she was hired as the "Cadillac Eldorado convertible girl" for a New York auto show, which prompted her to move to Manhattan. There, she appeared on the game show Three on a Match, where she won $10K in prizes and was an undefeated champion. She also was part of the original cast of the Broadway production Grease, which led to her being cast on the daytime soap opera Search for Tomorrow in 1974. She played the role of the good girl, Liza, for three years, when she decided to leave New York for California for better career opportunities.
She suffered from a bout of hepatitis, and once she recovered, she was cast as Julia Newman on The Young and the Restless in 1980. She played the role on-and-off for six years, during which time, she impressed Bill Bell, the creator of The Young and the Restless, with her on-the-set script doctoring skills. He asked her to write for the show in 1981, and she did double-duty by writing and acting on the show. Her writing career would eclipse her acting career, as she shared an Emmy award with the rest of the writing staff for General Hospital in 1995. She still occasionally acts, such as in the villainous role of Allegra on General Hospital.
She met her husband Robert Guza, Jr., when they were both hired to write for a soap opera. They fell in love and married. Since then, they partnered together and wrote for several soap operas.