Compare Best Life Insurance

Best life insurance companies in New Zealand (2025)

AIA

Helping make New Zealand “one of the healthiest and best-protected nations in the world.”

The AIA Group began selling insurance in 1919 - over a hundred years ago - in Shanghai, China. Expanding into the New Zealand market in 1981, AIA NZ enjoyed rapid, constant growth and now protects nearly 800,000 Kiwis.

In 2024, AIA NZ paid out 92% of claims ($829.6 million). Life insurance claims ($298.1 million) accounted for 41% of claims, of which 54% went to claims for cancer.

Key facts about AIA NZ

Solvency details (30 June 2025)

AIA life insurance products provide financial protection for your loved ones if you pass away or develop a terminal illness. You can choose from:

• Life Cover for a lump sum payout
• Family Protection for ongoing monthly support
• Accidental Death for simple accident-only cover.

These options help pay for funeral costs, household bills, debts, and long-term financial needs.

Some of these policies come with strong built-in benefits, such as:

• Early payouts for terminal illness
• Immediate bereavement payments
• Counselling benefits
• Automatic policy upgrades through enhancement pass back
• Worldwide cover.

For added value, you can join AIA Vitality, which encourages healthier habits and rewards you with discounts on premiums or wellness services and other perks. 

To learn more, read our AIA life insurance review or talk to a Policywise adviser.

Asteron Life

“We’re in this for life.”

As winners of the ANZIIF Life Insurance Company of the Year award in 2021, 2023, and 2024, Asteron Life has consistently shown commitment to supporting members through life’s toughest moments. With roots dating back to 1878, Asteron Life has over 140 years of experience helping New Zealanders protect what matters most.

Financial confidence in the company is also strong. Fitch Ratings recently lifted Asteron Life’s rating from A to A+, following Nippon Life’s acquisition of Resolution Life (Asteron Life’s parent company). With the backing of Nippon, one of the world’s largest and most established life insurers, Asteron Life is well positioned to continue providing reliable, long-term protection for New Zealanders.

From 1 July 2023 to 30 June 2024, Asteron Life paid out 97% of claims, totalling $112 million. Over 47% of this amount ($53.5 million) went to life insurance claim payments.

Key facts about Asteron Life

Solvency details (30 September 2025)

Asteron Life insurance gives your family a financial cushion if you pass away or develop a terminal illness. The lump sum can help with:

• Medical costs
• Funeral expenses
• Living expenses
• Debt repayment
• Long-term financial goals.

Key built-in features include:

• Early payouts for terminal illness (with a life expectancy of less than 12 months)
• Funeral advancement to help cover immediate expenses while the claim is still being processed
• Cover increases after major life events.

Asteron Life lets you tailor your life insurance with a few key add-ons that provide extra support:

• Kids cover - Offers financial support if your child experiences a covered illness or injury
• Terminal illness support - Gives you early access to your life insurance payout if you’re diagnosed with specific terminal illness and given less than 24 months to live
• Specific injury support - Provides a lump sum payment for specified injuries, even if you can still work.

To learn more, read our Asteron Life life insurance review or schedule a callback with a Policywise adviser.

Chubb NZ

“Our life insurance cover will let you live your life to the fullest.”

One hundred years of keeping New Zealanders financially secure in times of stress is no small feat, but it’s a service that Chubb Life NZ has down pat.

Known historically as the world's largest publicly traded property and casualty insurer, Chubb continues to forge ahead after purchasing century-old Cigna NZ in 2022. This strategic move underlined Chubb's commitment to expanding and enhancing its menu of services in the New Zealand market.

Chubb now offers top-notch life insurance products to Kiwi individuals, families, and businesses, coupled with a claim service branded as sheer “craftsmanship.”

In 2024, Chubb paid out 96% of claims. Top conditions claimed under its life cover were cancer (46%), heart (13%), other organs (12%), neurological (8%), and accidents (7%).

Key facts about Chubb

Solvency details (30 June 2025)

Chubb NZ offers life insurance products that pay out if you pass away or become terminally ill, helping your family manage immediate costs and long-term financial needs. You can choose a traditional lump sum payment or opt for Life Income Cover, which provides consistent monthly support.

Key built-in features include:

• Early payment for terminal illness
• Bereavement support for funeral and urgent expenses
• Increases on the sum insured during important life events, such as buying a home, marriage, or having a baby, without further health assessment
• Access to financial and legal planning support to help families make informed decisions on how to best use the payout.

To learn more, read our Chubb life insurance review or speak with a Policywise adviser.

Fidelity Life

“50 years of looking after New Zealanders.”

Beginning as a family-owned business in 1973, Fidelity Life has evolved into one of New Zealand’s most responsive and agile companies, protecting the lives of over 300,000 members and paying out $1.4 billion in claims over 50 years.

With the backing of local shareholders NZ Super Fund and Ngāi Tahu Holdings, and its acquisition of Westpac Life in 2022, Fidelity Life continues to strengthen its footprint and long-term commitment to the New Zealand insurance industry.

From 1 July 2024 to 30 June 2025, Fidelity Life paid 93% of claims, amounting to $247.7 million. Of this, over 59% ($147.3 million) went to life insurance claims. The top conditions claimed for were cancer (33%), cardiovascular conditions (18%), and respiratory conditions (15%).

Key facts about Fidelity Life

Solvency details (30 June 2025)

Fidelity Life’s Life Cover provides a lump sum payment when you pass away or if you’re diagnosed with a terminal illness (less than 12 months to live). The benefit supports your family with rent or mortgage repayments, bills, or debt if your income is no longer available. 

It includes valuable built-in features, such as:

• Advanced payment to assist with immediate expenses after death
• Early payout if you’re diagnosed as terminally ill and have less than 12 months to live
• Advance payment for certain conditions that significantly shorten life expectancy
• Cover increases at life milestones without being required to provide additional medical information.

You can further enhance your policy with optional benefits, including:

• Extra terminal payment
• Inflation protection to keep your cover aligned with rising costs.

To learn more, read our Fidelity Life life cover review or talk to a Policywise adviser.

nib NZ

nib New Zealand is part of nib Group, one of Australasia’s largest and fastest-growing providers of health, travel, and life insurance. Originally established in 1952 as a hospital fund for steelworkers in New South Wales, the company has since expanded significantly, entering the New Zealand market in 2012 through the acquisition of Tower Medical Insurance Limited and then OnePath’s medical portfolio in 2015. 

Today, nib Group supports over 1.9 million residents, students, and workers across Australia and New Zealand with a range of accessible, affordable insurance options. Its New Zealand arm continues to grow, acquiring Kiwi Insurance Limited in 2022 and launching new competitive insurance solutions (Ultimate Life & Living) in 2025. 

Financially, nib NZ remains solid, with an A (Strong) financial strength rating from S&P Global Ratings. In the first half of fiscal year 2025, nib NZ paid $159.7 million in claims.

Key facts about nib

Solvency details (30 September 2025)

nib’s Ultimate Life Insurance provides a lump sum payout if you pass away or are diagnosed with a terminal illness (life expectancy under 12 months). It comes with generous built-in benefits, including:

• Full death or terminal illness payout
• Partial early payment for a terminal condition that is likely to lead to death within 24 months
• Immediate bereavement payment to help with funeral costs
• Counselling, and financial and legal advice benefits
• Parents grieving benefit if your child (including an unborn child if after 24 weeks gestation) passes away
• Special life events increase benefit, allowing you to boost your cover without medical assessment
• Special life events conversion benefit, allowing you to add either accelerated trauma or accelerated total and permanent disability cover without medical assessment.

To learn more, read our nib Ultimate Life insurance review or talk to a Policywise adviser.

Partners Life

“We're an industry leader that Kiwis trust.”

Partners Life began as a New Zealand start-up company in 2011. In a relatively short time, it’s grown to become one of New Zealand’s most trusted health, life, and business insurance providers, protecting over 340,000 Kiwis and paying over $1.6 billion claims. 

Partners Life received the ANZIIF Life Insurance Company of the Year award for 2022, recognising a strong dedication to clients and an ongoing pursuit of better solutions. Since its inception, the company has also consistently achieved the Lewers Research five-star approval rating (Lewers Survey), indicating Partners Life’s total dedication to customer service.

From 1 April 2024 to 31 March 2025, Partners Life paid 95% of claims, totalling over $325 million. Life insurance claims accounted for over 29% ($94.3 million), with cancer, cardiovascular, and accident and injury accounting for 49%, 17%, and 13% of claims, respectively.

Key facts about Partners Life

Solvency details (30 June 2025)

Partners Life offers life insurance solutions that provide either a lump sum or monthly payment if you pass away or are diagnosed with a policy-defined terminal illness. This fund can help with funeral costs, debt, ongoing living expenses, and long-term family needs.

Their policies include generous built-in benefits, such as:

• Payout on death or terminal illness (with a life expectancy of 12 months or less) or non-survivable accident (life expectancy of 3 months or less)
• Partial early payout for specific late-stage cancers and other defined terminal conditions
• Bereavement support benefit
• Financial and legal advice reimbursement
• Counselling benefit
• Special events increase benefit
• Option to convert part of your life cover to an accelerated severe trauma cover.

To learn more, read our Partners Life life insurance review or talk to a Policywise adviser.

Why compare life insurance quotes through an adviser

• Going directly to an insurer limits you to that company’s products, while other insurers may be able to offer more comprehensive cover at a similar cost. Policywise can help you find and compare better, more competitively priced life insurance plans.
• Your security and that of your loved ones is our priority, so we partner only with New Zealand’s best life insurers: AIA, Asteron Life, Chubb Life, Fidelity Life, nib, and Partners Life.
• Insurance terminology and information about covers and exclusions can be overwhelming or confusing. Policywise advisers will help you navigate those intricate details.
• Enjoy these services and benefits for FREE. You won’t be charged for the consultations.

Best life insurance plans: Key features and benefits

• Life cover / life income cover: This is the lump sum paid to beneficiaries upon the insured’s death, helping secure their financial future, especially if the deceased is the primary income earner. Some life insurers offer life income cover, which provides a monthly payment instead of a lump sum.
• Terminal diagnosis payment: Your life cover will be released in advance if you have a life expectancy of less than 12 months.
• Bereavement support benefit: A portion of the sum insured is paid immediately upon notification of the insured’s death, ensuring loved ones don’t have to worry about funeral expenses.
• Financial and legal advice benefit: Reimburses the actual cost of financial and legal consultations (subject to cost and timeframe restrictions).
• Special events increase benefit: Allows you to increase your sum insured (without further medical underwriting) after major events that might escalate financial pressure. These events could include marriage, death of a partner, divorce/legal separation, having a child, financially supporting a dependant child in secondary or tertiary education, a salary increase, mortgage increase, property purchase, or full-time family caregiving.

Optional benefits

Most insurers offer optional benefits that can be added to your life cover plan. These may include:

• Accelerated trauma cover: Provides a lump sum payment for covered serious illness or injury, with the payout deducted from your life insurance sum insured. Some plans allow you to restore your level of life cover after you make a trauma cover claim.
• Accelerated total permanent disablement cover: Pays you a lump sum if you become totally and permanently disabled, with the payout deducted from your life insurance sum insured. Some plans allow you to restore your level of life cover after you make a TPD claim.
• Terminal illness advance benefit: A portion of your benefit is paid in advance if you are diagnosed with a covered condition, such as non-small cell lung cancer (stage 4), exocrine pancreatic cancer (stage 3 or 4), or motor neurone disease.
• Suspension of cover: Allows you to suspend your premium and cover for a limited period if you go through financial difficulties, such as losing a job, bankruptcy, taking leave without pay, or becoming a full-time caregiver.
• Specific injury support: This benefit pays a lump sum if the insured suffers from a policy-defined injury. These injuries may include fractures, loss of limbs, paralysis, burns, and blindness, among others.
• Free kids cover: Some policies pay a benefit if the insured’s child becomes terminally ill or suffers a covered condition.
• Waiver of premium: Some life insurers waive premiums if the insured becomes disabled, suffers an illness or injury that impacts their ability to work full-time, or goes through financial difficulties.

How can I save money on my life insurance premium?

• Work with insurance advisers who can pull life policy quotes from multiple insurers. At Policywise, we help clients compare plans, quotes, and promos for the best life insurance cover at the lowest price
• Take out a life insurance policy while you’re young and physically fit
• Maintain a healthy lifestyle and keep within the recommended healthy weight range for your body type
• Stay nicotine-free and avoid heavy drinking
• Don’t choose a level of life cover that’s too much for what you or your family may need
• Opt out of add-on benefits if you don’t need them
• If you’re young and healthy and looking for short-term cover, consider renewable term life insurance
• Pick a premium type (stepped or level) that fits your financial plans.

This is not an exhaustive list. A Policywise adviser can discuss other ways to reduce your premium based on your specific circumstances.

Will my life insurance premium increase yearly?

Stepped premiums are cheaper at the start and increase each year. The cost is unlikely to lessen unless your circumstances change, such as if you switch to a less hazardous occupation. Some people prefer this option as it is more affordable while they’re young and starting their careers or families. However, stepped premiums can become costly as you get older.

Level premiums won’t increase with your age, but may rise due to inflation or changes in your lifestyle – for example, if you start smoking. You pay a higher premium price at first but level premiums may cost you less in the long term than a stepped insurance policy.

Renewable term life insurance can be extended after a set number of years, without requiring you to undergo an updated medical exam. If you become severely ill or uninsurable within the set period, you can still refresh your policy. Keep in mind, though, that your premium will increase when you renew.

The right premium for you may also depend on other factors, such as your age and how long you want to keep your life insurance policy. Book a call with a Policywise adviser to understand which option is better for your circumstances and how you can save on premium costs.

How much life cover do I need?

When determining how much life insurance you need, consider your:

• income
• estimated expenses in the next several years
• financial obligations; debts, mortgage, rent, and childcare
• savings
• age
• future plans, such as your children’s tertiary education.

Policywise advisers can help you calculate the right amount and compare life insurance quotes from New Zealand’s best life insurers. While no one wants to think of worst-case scenarios, knowing your family is adequately provided for can give you immeasurable peace of mind.

Why take out life insurance in New Zealand?

Nobody wants to dwell too much on what will happen when they or a loved one passes away. It’s also hard to consider the costs that might arise from a terminal illness or sudden death. But if there are people who depend on you financially, the best thing you can do is take out life insurance.

Life insurance helps protect the people who rely on you. Depending on your plan, it can pay a lump sum or provide monthly income payments if you pass away. Most life insurance policies also include terminal illness cover, giving you early access to funds if you’re expected to live less than 12 months. 

This life insurance payout can help your family cover:

• Funeral costs (which can reach around $10,000)
• Estate settlement fees
• Daily living and childcare costs
• School fees and tertiary education
• Home loan payments, rent, and debts
• Retirement support for your partner.

An accident, sudden death, or severe illness can be emotionally and financially devastating to your loved ones, especially if you’re the main income earner. While trying to get by on a reduced income, your family will need to find funds for your end-of-life care and funeral expenses.

And the stats around leading causes of death in New Zealand are sobering to read.

• Cancer can strike at any age. Out of 28,275 new cancer registrations in 2022, 8,924 were patients aged 45-64, 1,803 were aged 25-44, and 329 belonged to the 0-24 age group.
• Around 27% (10,538) of deaths in New Zealand in 2022 were due to cancer, nearly 12% (4,607) from ischaemic heart diseases, and almost 6% (2,275) from cerebrovascuar diseases.

Look after your family’s financial future even when you’re no longer around. To learn more about life insurance plans, send us a message or book a call with a Policywise adviser.