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Life Insurance

Policywise helps you choose the life insurance that best matches your circumstances, 100% free.

Life insurance in New Zealand: Parents with their baby
By yourself

With Policywise

Complicated fine print

Simple one-page summary

Guesswork & assumptions

Independent research & expert experience

Confusion & doubts

Clarity & assurance

Time-consuming hard work

Fast & easy

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Here's what our customers say about us

These reviews are embedded here from Reviews.io, an independent third party website, so you can know that what you see is exactly what our customers have written, unfiltered by us.

Excellent

star star star star star

4.94 average

304reviews

David Michael​

verified

Verified Customer

Sav and the team at Policywise helped us to set up health insurance for my wife and I. She was an absolute pleasure to work with,...

2 months ago

David Michael​

verified

Verified Customer

Sav and the team at Policywise helped us to set up health insurance for my wife and I. She was an absolute pleasure to work with, offering friendly and knowledgeable service. I can definitely recommend Policywise if you're looking for someone to sort out your insurance needs.

2 months ago

sarah​

verified

Verified Customer

Sav was great, very responsive and good knowledge! Thanks for your help

2 months ago

sarah​

verified

Verified Customer

Sav was great, very responsive and good knowledge! Thanks for your help

2 months ago

Amy

verified

Verified Customer

Very helpful, good communciation, not pushy.

2 months ago

Amy

verified

Verified Customer

Very helpful, good communciation, not pushy.

2 months ago

Terryn

verified

Verified Customer

Easy to work with. Fast response times. Knowledgeable advisors.

2 months ago

Terryn

verified

Verified Customer

Easy to work with. Fast response times. Knowledgeable advisors.

2 months ago

Hannah​

verified

Verified Customer

The process of choosing the right cover for myself and my family was made simple. I just wouldn't have taken the time needed to...

2 months ago

Hannah​

verified

Verified Customer

The process of choosing the right cover for myself and my family was made simple. I just wouldn't have taken the time needed to get the right cover without the support from Policy Wise.

2 months ago

Charlie

verified

Verified Customer

I want to say a HUGE thank you to Sahan Fernando for providing one of the best customer experiences I have ever had! He was...

3 months ago

Charlie

verified

Verified Customer

I want to say a HUGE thank you to Sahan Fernando for providing one of the best customer experiences I have ever had! He was always super responsive to emails, did his best to maximise customer experience, and really made me feel valued. Thanks so much Sahan!!

3 months ago

Tapasya

verified

Verified Customer

I was dealing with Sav who helped me with my health insurance needs. She made the whole process so much easier with her continued...

3 months ago

Tapasya

verified

Verified Customer

I was dealing with Sav who helped me with my health insurance needs. She made the whole process so much easier with her continued support and expertise.

I would highly recommend her to anyone who is looking for a hand in finding the right provider based on their specific requirements which can be a daunting process.

3 months ago

Demishka​

verified

Verified Customer

Sahan was extremely helpful and made sure I understood everything and all the offers. I am young and this whole thing seemed kind...

3 months ago

Demishka​

verified

Verified Customer

Sahan was extremely helpful and made sure I understood everything and all the offers. I am young and this whole thing seemed kind of scary but working with Sahan made the whole thing very easy. Policy wise was able to show a range of different options that covered my needs and were able to answer all my questions. Some truly amazing customer service and a great company overall.

3 months ago

Bethany​

verified

Verified Customer

I have had the best experience with Policywise. When we first started to lookfor health insurance, we're extremely overwhelmed....

3 months ago

Bethany​

verified

Verified Customer

I have had the best experience with Policywise. When we first started to lookfor health insurance, we're extremely overwhelmed. There were so many companies with so many different things to consider. Not only were Policywise able to help me figure out what is the best health insurance for my family but they continue to support us make the best choices, update our cover and work out finances. The lovely Savanthee Raeburn ensured my husband and I were fully covered at a price that suits us and as our family grew she helped set them up too. We highly recommend the wonderful Sav and Policywise for finding health insurance that works for you.

3 months ago

Millaray

verified

Verified Customer

Savanthee Raeburn is very patient and kind. She explained everything in great detail and guided me to choose the best option for...

3 months ago

Millaray

verified

Verified Customer

Savanthee Raeburn is very patient and kind. She explained everything in great detail and guided me to choose the best option for me. I am really very happy with her support.

3 months ago

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 particularly 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 to protect them is take out life insurance.

An accident or a terminal illness can create financial problems that most people don’t think about until the inevitable happens. But the stats around the leading causes of death in New Zealand are sobering to read.

  • Cancer can strike at any age. Ministry of Health data shows that out of 26,405 new cancer registrations in 2019, 15,677 (59%) were aged 65 and above, 8,783 (33%) belonged to the 45–64 age group, and 1,609 (6%) were aged 25–44.
  • In 2018, out of the 33,316 deaths in New Zealand, 9,818 (29%) were due to cancer, 4,675 (14%) from ischaemic heart disease, and 2,390 (7%) from cerebrovascular disease.

Sudden death or severe illness is obviously emotionally devastating to your loved ones. At the same time, it exacts a toll on your family’s finances, 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.

After you’re gone, your partner and children could struggle with financial difficulties and an uncertain future.

But it doesn’t have to be this way.

You can 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.

What is life insurance?

Life insurance is a type of coverage that pays out a lump sum if you die from causes covered under your policy, such as an accident or a terminal illness. This payment can provide financial security at a time when physical and mental stress can be taking a huge toll on your loved ones’ own health.

A life insurance lump sum payment could help your family by covering:

  • Funeral costs, which can reach around $10,000
  • Settlement costs for your estate
  • Daily living expenses
  • Childcare, school fees, college tuition for your children
  • Mortgage, unpaid medical bills, car loans, and other debts
  • Your partner’s expenses during retirement

Most insurers have terminal illness cover built into their life insurance policies. Terminal illness cover allows you to get the full sum that you are insured for, or a portion of it, in advance if you are unlikely to survive beyond the next 12 or 24 months (the timeframe will depend on your insurer).

The advance payout could be used to cover:

  • Your lost income after stopping work
  • Income that your family or partner may give up in order to care for you
  • Home modifications and medical supplies if you are being cared for at home
  • In-home care, or respite care if you have a family caregiver
  • Ongoing debt and bill payments
  • Family living expenses

It can also be used to cover medical expenses aimed at managing your symptoms and providing quality end-of-life care. The table below shows some of these potential healthcare expenses.

Treatments

Cost per treatment (NZD)

Chemotherapy

Up to $170,000

Radiotherapy

Up to $55,000

Specialist consultation

Up to $280

Mental health consultation

Up to $255

Specialist consultation

Up to $280

Physiotherapy

Up to $70

GP consultation

Up to $60

Source: nib. nib.co.nz/health-insurance

You can also check our life insurance FAQs to find out more about insurance costs, benefits, and requirements.

Will my life insurance premium increase yearly?

This depends on the type of premium and policy you choose.

Stepped premiums are cheaper at the start and increase each year. The cost is unlikely to go down unless there are changes in your circumstances, 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 at first but level premiums may cost you less in the long term than a stepped insurance policy.

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

The right premium type 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 learn more about which option is better for your circumstances and how you can save on premium costs.

How can I save money on life insurance premiums?

There are a few ways you can lower your life insurance premiums:

  • Work with insurance advisers who can pull quotes from multiple insurers. At Policywise, we help clients compare several plans and quotes so they can get 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 cover that’s too much for what you or your family may need.
  • Opt out of add-on benefits (also called insurance riders).
  • If you’re young and healthy and looking for short-term cover, consider renewable term life insurance.
  • Pick a premium type (stepped or level premiums) that fits your financial plans.

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

Comparing life insurance products from New Zealand insurers

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logo_aia
logo_asteron-life
740_CHUBB_Logo_Purple_RGB
logo_fidelity-life
logo_nib
PartnersLife_Wordmark_RGB-2 (1)
logo_southern-cross (1)
logo_cigna
logo_partnerslife (1)

Talk to a Policywise adviser for more information on these plans and other insurance products such as trauma insurance, income protection, and total permanent disability cover.

Why choose Policywise as your life insurance adviser

POLICYWISE™ Other comparison sites Traditional brokers Banks Insurers
(going direct)
Completely free service
Yes
Yes
Yes
Yes
Yes
Quotes from 5 of NZ’s leading insurers
Yes
Some*
Some*
No*
No
Tailored recommendations fitted to your needs
Yes
No
Yes
No*
No
Detailed quote comparisons
Yes
No
Some*
No
No
Comparisons based on third-party research
Yes
Some
Yes
No
No
Fast & efficient process
Yes
Yes
Some*
Yes
Some
Independent claims support & advocacy
Yes
Some
Yes
No
No*
Laser focused on life & disability
Yes
Yes
Some*
No
Yes*
Experts at negotiating pre-existing conditions
Yes
Some
Some
No
No
Help you review your existing cover
Yes
No
Yes
No
No
Avoid ungenerous policies that make claiming hard
Yes
Yes
Yes
No
Some
Ongoing support
Yes
Yes
Yes
Yes
Yes
Nicest guys in New Zealand
Yes
No
No
No
No

FAQs

Will it cost me money to request advice and assistance from Policywise?

Definitely not. Our expert advice and assistance are free. The price we quote you for coverage is the same price you’d get if you went to each insurer directly.

How much does life insurance cost in New Zealand?

Your life insurance premium will depend on the sum you choose to be insured for, and your age, overall health, smoking status and other factors. Fill out this form so we can provide you with a quote comparison specifically tailored to your circumstances and priorities. 

Does the quoted premium include GST?

Correct, all quotes include GST. Click here to request a free quote.

What are my payment options?

Most insurers accept direct debit and credit cards. You can choose your preferred payment frequency: weekly, fortnightly, monthly, quarterly or annually.

Does my smoking status affect my life insurance?

Definitely. If you’ve been a smoker in the past year you’ll often attract higher insurance premiums.

But don’t worry. If you decide to stop smoking, just let us know and we’ll help you get a lower premium.

Want an idea of how much premiums cost for smokers? Click here to get a free life insurance quote comparison.

Do insurers offer money-back guarantees?

Yes. Insurers have a minimum 15-day free-look period. (Other insurers may offer a longer free-look period.) If you opt to cancel your insurance within 15 days of receiving your policy document, the insurer will refund your premiums.

If I can’t pay my life insurance premium on time, will my policy be automatically cancelled?

Normally, insurers allow a grace period to give you an opportunity to catch up on your payments. After this period, the insurer will cancel your policy.

Who can get covered?

New Zealand citizens and permanent residents can get covered.

When will my cover start?

Your cover will start on the date you opt for when choosing your policy.

What is a policy owner?

A policy owner, as the term implies, owns the life insurance policy. They can make decisions and changes to the policy. The policy owner is also responsible for paying the premiums to keep the policy current and maintain insurance coverage.

The policy owner is not always the person insured. For example, you can be the policy owner, but the person insured is your partner. Many couples opt for joint policy ownership.

Can I add a beneficiary to my policy?

Yes. You can add one or more beneficiaries either during your insurance application or at a later date.

What is indexation?

This is an optional life insurance feature. Under the indexation option, your sum insured will be adjusted based on the inflation rate.

For instance, if your sum insured is $100,000 and the inflation rate is 5%, your cover will increase to $105,000 to keep up with current cost of living.

Can I apply for life insurance if I have an illness or other health condition?

You can still apply for life insurance. Note that your premium may be more expensive and there may be exclusions or other conditions on your policy. These details will be discussed with you during your insurance application.

Reach out to a Policywise adviser for expert advice on life insurance plans for your specific circumstances.

Do I need to provide my health history?

Yes, we strongly recommend you declare everything you know about your health history during the application process. More information may need to be provided by you or your doctor.

Do I need to update you if my circumstances change?

Yes. Please send us a message so we can update your insurer as well.

I’m not satisfied with my existing life insurance cover. Can you find a better option for me?

Definitely! Comparing different insurance products and providers is our speciality.

Give us the details of your existing life insurance cover and we’ll find a plan that’s more appropriate for your circumstances. Talk to a life insurance expert now to know your options.

Can I cancel my cover anytime?

Yes. But we strongly recommend that you keep some form of insurance cover for your own and your family’s security.

How do I file a claim?

You can file your claim directly with your insurer. Policywise clients can also file their claims through us and we will coordinate with the insurer on your behalf. We can even help you negotiate claims in the future, if necessary.

How are life insurance benefits paid out?

If you are diagnosed as terminally ill and unlikely to survive past a certain term, usually 12 or 24 months, you will receive the lump sum cover or a portion of it as an advance payout.

In the event of your death, your beneficiaries will receive the lump sum cover or the amount that remains after deducting your advance payout.

Is the benefit payout tax-free?

Yes. Life insurance payouts in New Zealand are tax-free as long as the owner is an individual (not a business).

What if I have other questions or concerns that are not listed here?

That’s not a problem. Just send us a message or click here to book a meeting with one of our life insurance experts.

References

Quickly find the cover that’s best for you

Policywise tells you which health, life or disability insurance best matches your circumstances, 100% free. Talk to one of our insurance advisers to find out which life insurance is best for you.