Secure your tomorrow: A review of Chubb Life Insurance in New Zealand

Chubb Life Insurance - a brief company overview

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

Chubb Life provides insurance products specifically tailored towards the Kiwi lifestyle, and the company is “committed to being there for our customers when they need us most.”

Chubb’s commitment to offering dependable insurance solutions ensures that you and your family receive all the help you need during challenging times. Their responsive team deals with every claim with the same urgency and care, staying true to the company’s goals of providing clear communication and attention to detail, so you feel very well looked after indeed.

Policywise works with the full suite of Chubb Life products, including life, critical illness, income protection, complete disablement, and business cover. In this Chubb review, we’ll look at some of these plans in more detail.

What is life insurance?

Here’s how life insurance works: You take out a policy through an insurance company and pay a cost, called a premium, on a regular basis. In return, if you pass away, your insurance company will pay your policy beneficiaries the full sum, providing them with a substantial financial cushion. It's like saying, "Even if I'm not around, I've got your back." 

Some life insurance policies even offer an advanced payout if the insured is diagnosed with a terminal illness or given less than a year to live. This amount can be used by the insured and their families to make the most of their limited time together. It also eases the financial stress on families, allowing them to focus on caring for and spending time with their terminally ill loved one.

If you have any questions or want help finding the right policy, book a callback with a Policywise adviser; it's fast and free.

In the following sections, we'll explore why you should consider taking out life insurance with Chubb Life New Zealand.

Life insurance options with Chubb Life: Features and benefits

When it comes to safeguarding your family's future, Chubb's term life insurance offers you excellent choices. Here are two key life insurance plans that Chubb is proud to promote:

1. Assurance Extra

Assurance Extra stands as Chubb Life’s flagship master policy. This comprehensive option allows you to create a bespoke life insurance plan, mixing and matching from nine distinct cover options. The result? A policy perfectly aligned with your unique requirements, goals, and financial preferences.

With the guidance of an expert adviser - such as a member of the Policywise team - you can navigate the intricacies of Assurance Extra to craft a policy that serves your needs in the best way possible.

Here's an overview of the options available under Assurance Extra

1. Chubb Life Cover and Life Income Cover: Life Cover pays a lump sum upon the policyholder's death, while Life Income Cover offers regular income payments to beneficiaries.
2. Chubb Trauma Cover: Assurance Extra includes trauma insurance, which offers financial support if you're diagnosed with a covered critical illness or experience a severe injury.
3. Chubb Complete Disablement Cover: Ensures financial protection in the event of a policy-defined total and permanent disability that prevents you from working.
4. Chubb Income Cover: If you're unable to work due to illness or injury, Income Cover provides a replacement income to help maintain your standard of living.
5. Chubb Mortgage Repayment Cover: Assurance Extra includes cover for mortgage repayments, ensuring your home remains secure.
6. Chubb Redundancy Cover: Offers support for up to six months if you face redundancy or job loss, helping you manage your financial responsibilities during the transition period.
7. Chubb Specific Injury Cover: Provides financial assistance in the event of covered injuries that lead to temporary or permanent disability.
8. Chubb Premium Cover: Enables you to maintain your life insurance policy if you are made redundant, become disabled, or declared bankrupt, by covering the policy premiums.

Advantages of Assurance Extra

2. LifeOne® Life Insurance

With LifeOne®, you can apply for up to $1,000,000 of life cover, empowering you to secure your family's financial future with ease and efficiency.

LifeOne® Life Insurance is a plan that will tick all your boxes if you are looking for simplicity and affordability. This policy offers options to help you navigate all the natural stages of life, plus those untoward events that you simply can’t predict.

A closer look at what's covered

Chubb Life's LifeOne® includes these essential components:

• Chubb Life Benefit: Chubb will pay the current Life Cover amount if the life assured dies. 

• Chubb Terminal Illness Benefit: In the event of a terminal illness diagnosis, policyholders receive an early payout of up to $500,000. This lump sum can be used for a wide range of needs, such as paying for treatment costs or providing many vital necessities for the family.
• Chubb Advanced Funeral Benefit: Should the life assured pass away, a portion of their cover is paid out early. This helps with immediate expenses, including funeral costs and other essential needs.
• Chubb Optional Critical Illness Benefit: If your policy includes a critical illness benefit, Chubb Life pays out the critical illness cover amount in the event of a policy-defined diagnosis, providing financial support for your treatment and recovery.

• Chubb Special Events Increase Benefit: For specified events, such as marriage, childbirth, funding a dependant’s tertiary study, or taking out a property loan, you can apply for an increase in cover (without the need for additional medical assessments) of 25% of the Life Cover amount for each event up to a maximum total of $200,000.

Why opt for LifeOne® Life Insurance?

Here’s why Chubb’s LifeOne® Life Insurance is an outstanding choice for you and your family:

Cover exclusions and flexibility

Understanding exclusions is important. While certain conditions and events may not be covered, the flexibility of Chubb’s policies allows for adjustments as needed. Chubb NZ promises full transparency during your application process. Your Policywise adviser can help you with this.

Other products offered by Chubb Life

“Business makes the world go round” and, in New Zealand, there are 546,000 small and 2,840 large enterprises which help this happen. Chubb Life offers several comprehensive policies which enable your business to continue operating, pay bills, maintain staff levels and protect employees, plan for the future, or sell up. These plans include:

• Chubb Assurance Extra Business: Pays a lump sum amount if a key person in the business dies, is diagnosed with a terminal illness or a policy-defined health condition, or becomes disabled due to illness or injury. 

• Chubb Group Personal Accident & Sickness Insurance: Covers your employees against the risk of accidental death, permanent disability, loss of income, or broken bones with either a lump sum payment or weekly benefit for temporary, total, or partial disablement.
• Chubb Business Insurance: Covers many risks, including property damage, cyber interference, liability, accidents, and business interruption. This insurance helps companies to maintain financial stability and continuity in the face of unexpected challenges.

Please note: Terms and conditions, as well as exclusions, apply to all Chubb Life products. It's important to review your policy carefully to understand the specific terms of cover, benefits, and any limitations. This ensures that you have a clear understanding of the protection provided by each product. If you have any questions or would like some help finding the right policy, book a callback with a Policywise adviser; it's fast and free.

Do you need Chubb Life Insurance in New Zealand?

Chubb Life Insurance provides a lump sum payment to policy beneficiaries upon your death. This amount allows your family to cover immediate expenses, funeral costs, mortgages, rent, loans, credit card balances, and ongoing living costs.

For families that depend on your income, life insurance serves as a substitute for lost earnings, helping loved ones maintain their standard of living and secure their future financial needs. It can also fund your children's education or contribute towards their goals and aspirations. This is why life insurance matters:

• Financial security: A New Zealander dies of coronary heart disease every 90 minutes. Life insurance provides a strong financial backup and peace of mind for your family on the death of the life assured.
• Debt protection: Home loan rates in New Zealand have been volatile since Covid-19, rising from lows near 2% to more than 7%. Chubb’s  Life Cover or Mortgage Repayment Cover can help cover debts, rents, mortgages, and loans, relieving your loved ones from the burden.

• Income replacement: The cost of living in New Zealand rose by 7.0% in the 12 months to the December 2023 quarter. Chubb’s Life Cover or Income Replacement Cover can help replace the financial input of the life assured, enabling your family to maintain a similar lifestyle to that if the life assured had continued working until retirement. 

• Education support: The costs of educating your child at tertiary level in New Zealand can range from $20,000 to $40,000+ per year. Chubb’s Life Cover or Life Income Cover ensures your children's education remains uninterrupted, no matter what.
• Funeral costs: The average cost of a funeral in New Zealand is $10,000 yet only 5% of Kiwis have pre-planned theirs. The Bereavement Support Benefit in Chubb’s Life Cover eases the financial strain by covering funeral expenses.
• Peace of mind: Knowing your loved ones are financially secure and can maintain their lifestyle after you're gone or unable to support them anymore offers invaluable peace of mind.

Policywise: Your trusted adviser for Chubb Life Insurance

Policywise is a 100% free service which tells you which health, life, and disability insurance provider best fits your needs. We offer fast, comprehensive, and easy-to-understand comparisons of all leading providers, and a simple summary clearly recommending which insurer is best for your situation.

Not all insurance policies are the same. Policywise can help you sort out the duds, avoid the lemons, understand the fine print and exclusions, and get the right insurance for you and your family.

We make the important decision of where to buy your insurance super easy. We’ll answer your questions, provide experienced advice, quotes, and comparisons, and manage all the back and forth throughout the application process. Taking out your cover through us means you'll have our lifetime support and claims advocacy, and we'll help you negotiate a positive outcome at claim time. We can also take care of lodging any claims on your behalf and back you up if the going gets tough.

Check out the reviews on our homepage for how other New Zealanders have found our service, because now is the time to get your life insurance sorted. Give your family or someone you love the most outstanding financial support possible. Book a 5-minute callback with Policywise today; our service is fast and free.

Disclaimer: This article is for general information only. Nothing in this blog or on this website is intended as medical, dietary, or financial advice. Although Policywise aims to update our content regularly, you are advised to consult a financial adviser, health professional, or an appropriate specialist before acting on any information herein. They can factor in your personal circumstances or preferences and help guide your decision-making process.