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Compare Life Insurance NZ 2026: Best Policies, Quotes & Deals

Compare life insurance quotes from AIA, Asteron, AA, Fidelity, Southern Cross Life, Chubb Life, Pinnacle Life and Partners Life. We explain how to get the right life insurance policy to protect your family.
Updated 21 September 2026

Guide Overhauled - September 2026:
  • We've rebuilt this guide from the ground up. It now includes quotes from eight insurers across the ages New Zealanders most commonly buy cover, with male, female and joint-policy pricing side by side - plus a clear warning about what it means when a joint policy pays out once.
  • We've added a link to our Life Insurance Calculator to work out how much cover you may need, a bank-by-bank breakdown of who actually underwrites bank life insurance, a plain-English section on what policies don't cover, and our findings on where the biggest price gaps sit.
  • One thing to know before you compare: Premiums, discounts and special offers change constantly, so treat every price here as a starting point and confirm with a live quote before you decide.
​Summary of Life Insurance
  • New Zealand insurers offer many different types of 'life insurance'. Some life insurance will only cover a mortgage, while other life insurance looks after all of your dependants. 
  • Our focus is on life insurance policies that cover your family if you (or your partner) were to die; death is certain, but life insurance covers the possibility that you “may” die within a certain period of time. 
  • We believe that the reliance of a family on one parent’s income is now so great any person with one or more dependants should at least consider taking out life insurance. 
  • The cost of life insurance is very competitive in New Zealand, and price comparison websites such as LifeDirect make it easy to see who's cheapest before you buy.
  • Getting the right cover level is the most significant consideration - popular practice is to insure for 10X your pre-tax salary. For example, if you earn $75,000 per year, it is reasonable to insure for $750,000. However, this is not always the best approach - our life insurance calculator offers a more extensive assessment.
  • When it comes to buying life insurance, shop around - prices vary between insurers.
  • A 30-year-old male/female non-smoker should be able to get a $500,000 policy for under $400/year by shopping around. As to be expected, policies get more expensive the older you are. 

Know this: Before making any policy switch, it's essential to confirm that any exclusions you have on your previous policy will be covered on your new policy. This can catch people out who think they're covered but find themselves uninsured by exclusions. We are aware of New Zealanders switching policies without paying careful attention to any exclusions they may have. This has led to declined claims.

Our life insurance guide covers:
What life insurance typically costs in New Zealand:
  • 30-year-olds: $361 to $445 a year for a man and $260 to $303 for a woman, for $500,000 cover (per our September 2026 quotes)
  • 45-year-olds: $588 to $765 for a man and $498 to $639 for a woman
  • 55-year-olds: Around $2,000 annually for $500,000 cover
  • Smokers and vapers: Considerably more - see our smoking and vaping guide

​Common situations where New Zealanders buy life insurance:
  • Families with children and/or mortgages
  • Households where one partner depends on the other's income
  • Parents wanting to protect their children's financial future
Wondering what life insurance actually costs for someone your age?
Most New Zealanders assume life insurance is expensive without ever checking, or pay too much by not comparing. In the next 30 seconds, you can see real quotes from
AIA, Asteron Life, Chubb Life, Fidelity Life and Partners Life - all side by side.

Know This: Get 20% of your first year's premiums back in cash with LifeDirect
  • Take out your life insurance through LifeDirect, and they'll pay you a one-off lump sum worth 20% of everything you pay in year one.
  • Your policy and premiums stay exactly the same - the cashback is paid on top, straight to your bank account.
  • As an example, a $400/year policy gives you $80 back in cash, while a $1,500/year policy returns $300.
  • ​You register through your MyLifeDirect login, and it's paid once your policy has been in force for 13 months. LifeDirect's cashback terms and conditions apply - you can find them on their website's homepage. 
Know This: How we work with LifeDirect, and how this page makes money
  • MoneyHub doesn't sell or arrange insurance, so we can't give you a live quote. LifeDirect can: it's a licensed financial advice provider whose tool quotes AIA, Asteron Life, Chubb Life, Fidelity Life and Partners Life side by side in about 30 seconds, which is why it appears throughout this guide.
  • LifeDirect pays MoneyHub a monthly fee to appear on this page. The fee doesn't change with how many readers buy a policy, and we don't receive a commission on any policy sold. No insurer pays to be in our tables or to be shown first.
  • We think that matters for how you read this page. We have no reason to push you to buy, to favour one insurer, or to prefer LifeDirect's five over the rest. Our tables include three insurers LifeDirect doesn't quote, and where one of them was cheaper, we've said so. The 20% cashback is LifeDirect's own offer, paid by LifeDirect.
  • Our advertising policy has the full detail.
Life Insurance - Why It's Important
  • Every year, thousands of New Zealand children lose a parent or guardian. Grief is often followed by the loss of an income and financial hardship for the family. Life insurance is an affordable way to help your family avoid financial suffering if the worst happens.
  • ​What’s important is making sure you get the right policy and not to overpay. New Zealand has many sad examples of families overpaying $10,000+ over the life of policies which often don’t offer the best benefits. We’ve put this guide together to explain life insurance, assess whether it’s right for you and help you get the cheapest and best policies.

Advertising Disclosure: LifeDirect pays MoneyHub a fixed monthly fee to appear on this page, whether or not you get a quote or buy a policy. This arrangement has no influence on our independent research or the quotes in our tables. Please refer to our advertising policy for more details.
​
Related Resources
  1. Do you have pre-existing health conditions? Our guide to life insurance cover with pre-existing conditions has you covered.
  2. Want to compare insurers side-by-side? Our AIA vs Asteron Life vs Chubb Life vs Fidelity vs Partners Life comparison does this for you.
  3. Want to change or adjust a life insurance policy? Our when to cancel or change a life insurance policy guide outlines the must-know considerations.
  4. Considering buying an insurance policy from a broker? Our brokers vs insurers guide outlines the pros and cons of each option.
  5. Are you a smoker or vaper? Our dedicated smoking, vaping and life insurance guide explains everything you need to know.
  6. Watch our Life Insurance Video Series - 11 minutes to understand everything you need to know
Got an investing, KiwiSaver or general money question? Come to our first-ever Auckland event on 21 November 2026. 

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Must-Know Life Insurance Facts

We compared quotes and policies from Chubb Life, Pinnacle Life, AIA, Asteron, AA, Fidelity, Southern Cross Life and Partners Life​, and the facts below apply to those insurers and life insurance in general.

Life insurance pays out a set dollar amount to your family if you die while the policy is valid

  • The payout your family will receive is called the “Cover amount”. The higher the cover amount, the higher the cost of the life insurance policy.
  • The payout is fixed at the amount you choose - it only changes if you change it, or if you take the inflation-adjustment option most insurers offer, which lifts your cover (and premium) each year.
  • The payout is paid on death (or upon diagnosis of a terminal illness).
  • Once you know what cover you need (e.g. $500,000 or $1 million), the policy with the cheapest annual premium is likely to be the best fit for you and your family.

Join MoneyHub Founder Christopher Walsh as he breaks down real life insurance quotes (Stepped and Level cover) and explains policy benefits using LifeDirect’s comparison tool. Discover what you’ll pay and what your family gains - watch now to make an informed choice:

Don’t have dependants? You probably don't need life insurance

  • If you’re single and have no dependants, then life insurance probably isn’t worth your time and money. As life insurance makes a payout upon your death, unless you want someone specifically to get such a sum if you die, you probably don't need to bother.
  • If you do have dependants who rely on your income (e.g. a partner, children or a sibling), then consider what would happen to them if you died. If there would be financial hardship, it’s wise to get a life insurance policy which will pay off a mortgage and leave money for bills and raising kids.
  • If there would be no financial consequences from your death, life insurance is probably unnecessary.

What should my cover amount be? How long should I have the policy for?

  • Our observation is that there is a popular rule to follow - cover your family for 10 times the annual pre-tax income of the highest earner until the children have finished school. For example, if you earn $60,000 per year, you may want to consider insuring for $600,000.
  • We recommend having a life insurance policy until your dependants are no longer reliant on you. If you plan to have more children, factor that in so you don’t insure for too little should you or your partner die. 
  • If you want to help cover their university or further education expenses, consider keeping your life insurance policy until your children graduate.
  • If you cannot afford our “10 times” advice, do a calculation of how much money your family would need upon your death using our Life Insurance Calculator, and make that the cover amount.

In estimating your cover amount, add up:

  1. All of your unpaid debts - e.g. credit card, mortgage, personal loans and car finance etc. This includes any loans from family members as well.
  2. Immediate expenses your dependants would need to pay, such as their living costs for several weeks - estimate $5,000 per dependant to be on the safe side.
  3. $10,000 for funeral costs (most policies pay part of the cover amount early, typically $15,000 to $25,000, so the funeral can be paid before the full claim is settled - it's an advance, not extra money).
  4. Future spending you have planned, such as university costs for your children. 

Our Life Insurance Calculator considers the above factors (and others) to predict a suitable number that would be sufficient for insurance. We also explain how to use the LifeDirect tool in the video below:

Ask yourself - Should I get a joint policy with my partner, or two single policies?

You can do either. A joint policy is almost always cheaper than two single policies, and easier and quicker to set up. If you split from your partner, your insurance premium can be re-assessed on an individual basis.

Know this before choosing: A joint policy usually pays out once, on the first death, and then ends - two single policies cost more but leave the surviving partner still covered.

The lower the risk of your death, the cheaper your life insurance

​Life insurance premiums increase with the likelihood of your death. A 30-year-old office worker will have a cheaper premium than a 90-year-old mountain climber. Specific factors include:
  • Age: generally, the younger you are, the cheaper the policy
  • Health: likewise with age, the healthier you are, the cheaper your premium will be, and insurers encourage a healthy lifestyle with discounts if you meet their criteria.
  • Risky occupation: if you have a higher risk job (construction, mining etc), your premiums will be higher.
  • Smoker: smokers pay a lot more for life insurance, as they tend to die earlier. Our smoking and vaping guide has more details.

Full disclosure is essential

Your premium is set by your age and health at the time you apply. The cost of life insurance rises steadily from your mid-30s, and any health issue before you apply will affect your price or your terms. Insurers are quick to decline claims for "non-disclosure", so if you've had a health scare, declare it.
​​
Remember, a health issue you disclose changes your premium or adds an exclusion. A health issue you hide makes the policy worthless when your family claims on it. Once your policy is in force, you don't have to tell the insurer about later changes in your health - that's the point of buying cover while you're healthy.

Have a healthy lifestyle? You’ll almost certainly get cheaper policies

​Firstly, not smoking is going to save you thousands on life insurance. If you have just quit, you may also be covered - some policies require you to be smoke-free for at least 12 months, so it’s worth checking. Again, it’s all about disclosure. If you lie and continue to smoke, your policy could be invalid if you die.
​
Secondly, some insurers reward a healthy lifestyle with cheaper premiums. The best-known example is AIA Vitality, which takes 10% off AIA premiums for members who stay active and keep up health checks; Southern Cross also gives 10% off to customers who meet its healthy-living criteria. Your policy won't be invalidated if you sit on the sofa rather than walking the dog, but it can be cheaper if you make an effort.

Switching your policy may save you money

If you already have a life insurance policy, the price tables below may help you save what you pay each year if you decide to change policies.

If a new quote for the same amount of cover shows a cheaper price, all other things being the same, it's best to switch. Remember, buy the new cover and then, once it’s valid, cancel your existing policy. Never go ”between policies”, i.e. cancel one while you shop around for another, as your beneficiaries won’t receive any payout should you die in that time.

​We recommend you take your time in deciding, making sure the cover lines up with what your previous cover offered. Remember full disclosure is needed about any health issues, so don’t try to save money by avoiding your obligation to declare recent problems. ​

Life Insurance Policy Prices Compared

How to save thousands on life insurance over your lifetime

  1. Never go directly to an insurer​. You'll pay full price and have nothing to compare with, so it may not be - and probably won't be - the best deal.
  2. Instead, start with a comparison website like LifeDirect. They compare the latest prices from five insurers (AIA, Asteron Life, Chubb Life, Fidelity Life and Partners Life) and aim to give you all of the relevant information to make a decision. LifeDirect can also provide financial advice to help you tailor your insurance needs.
  3. If you have a specialist health need, family situation and/or prefer to talk to someone directly, contacting LifeDirect and talking to one of their insurance advisers is a sensible step.

Our Quotes
  • We obtained quotes from eight insurers for two household types: a young family at 30 and an established family at 45.
  • Every quote is for $500,000 of cover on stepped premiums, for a standard occupation with no health issues, and all quotes were obtained on the same day so the prices are directly comparable.
  • Quotes for AIA, Asteron, Chubb Life, Fidelity and Partners Life were supplied by LifeDirect; Pinnacle Life, AA Life and Southern Cross were quoted directly.
  • Treat the prices as a guide to the range between insurers rather than the price you'll pay - your age, health, occupation and smoking status all change the number. The fastest way to see your own price is to compare quotes side by side. The two tables below show what we found.

Young Families - Life Insurance Costs at Age 30

  • The table below shows stepped annual costs for a couple aged 30 - a male non-smoker, a female non-smoker, and a joint policy covering both. This is the stage when most New Zealanders first buy life insurance: a new mortgage, children young or on the way, and a household that would struggle on one income.
  • It's also the cheapest time to start. Premiums are low at 30, and a policy taken out while you're healthy keeps covering you if your health later changes - it's new cover that becomes expensive or excluded after a diagnosis, not cover you already hold.
  • If you're weighing the joint option, read the note below the table before choosing on price alone.
Life Insurer & Quote Source
Male, 30
Non Smoker
Total Annual Cost
Female, 30
Non Smoker
Total Annual Cost
Joint Policy - Male & Female
Both 30
Non Smoker
Total Annual Cost
Chubb
$388.42
$270.33
$584.45
AIA
$360.83
$262.54
$528.20
Southern Cross
$434.54
$299.14​
Contact Southern Cross
AA Life
$405.00
$290.04
Contact AA Life
Asteron Life
$445.00
$300.00
$745.00
​Pinnacle Life
$371.04
$259.56
$553.80
Fidelity Life
$414.08
$279.62
$654.70
Partners Life
$431.23
$302.52
$633.75
  • ​Quotes obtained September 2026
  • About the joint column: Where the joint column shows "Contact (insurer)", that insurer doesn't offer a joint policy - the route with them is two single policies.
  • Know this before choosing on price: A joint policy usually pays out once, on the first death, and then ends - the surviving partner is left to buy new cover at their age and health at that time. Two single policies cost more, but each life stays covered.

Established Families - Life Insurance Costs at Age 45

  • The table below shows stepped annual costs at 45 - male, female and joint. For many families this is peak exposure: the mortgage is at its largest, children are in school, and the years of depending on your income still stretch ahead, so the cover amount matters more than at any other stage.
  • Prices are noticeably higher than at 30, which makes comparing worth more in dollar terms - the same percentage gap between the cheapest and most expensive insurer is now a much bigger annual sum.
  • If you already hold a policy from years ago, compare before you renew, and remember the switching rule at the top of this guide: put the new cover in force before cancelling the old, and check your exclusions carry across.
Life Insurer & Quote Source
Male, 45
Non Smoker
Total Annual Cost
Female, 45​
Non Smoker
Total Annual Cost
Joint Policy - Male & Female
Both 45​
Non Smoker
Total Annual Cost
Chubb
$664.69
$566.47
$1,156.88
AIA
$587.92
$498.00
$990.76
Southern Cross
$751.44​
$638.79​
Contact Southern Cross
AA Life
$765.00
$609.96
Contact AA Life
Asteron Life
$755.00
$635.00
$1,390.00
​Pinnacle Life
$635.52
$503.64
$1,062.36
Fidelity Life
$720.23
$615.62
$1,296.85
Partners Life
$722.88
$618.22
$1,241.10
  • ​Quotes obtained September 2026
  • About the joint column: Prices shown are true joint quotes covering both partners under one policy. Where the joint column shows "Contact (insurer)", that insurer doesn't offer a joint policy - the route with them is two single policies.
  • Know this before choosing on price: A joint policy usually pays out once, on the first death, and then ends - the surviving partner is left to buy new cover at their age and health at that time. Two single policies cost more, but each life stays covered.

Know This: Two of the eight brands are underwritten by others in our tables
  • AA Life policies are underwritten by Asteron Life, and Southern Cross Life & Living Insurance is underwritten by Chubb Life.
  • The policies differ in wording and benefits, so it isn't a pure like-for-like, but the underwriter's name alone doesn't set the price - the brand you buy through does too.
Important: Financial strength
  • Every insurer we compare holds a published financial strength rating; most (but not all) sit in the A range across the agencies - our guide to financial strength ratings explains what the grades mean and how to check them.
Our quote data:
Wondering what life insurance actually costs for someone your age?
Most New Zealanders assume life insurance is expensive without ever checking, or pay too much by not comparing. In the next 30 seconds, you can see real quotes from
AIA, Asteron Life, Chubb Life, Fidelity Life and Partners Life - all side by side.

Know This: Get 20% of your first year's premiums back in cash with LifeDirect
  • Take out your life insurance through LifeDirect, and they'll pay you a one-off lump sum worth 20% of everything you pay in year one.
  • Your policy and premiums stay exactly the same - the cashback is paid on top, straight to your bank account.
  • As an example, a $400/year policy gives you $80 back in cash, while a $1,500/year policy returns $300.
  • ​You register through your MyLifeDirect login, and it's paid once your policy has been in force for 13 months. LifeDirect's cashback terms and conditions apply - you can find them on their website's homepage. 

Top Tip - Getting quotes will likely save you thousands over your lifetime

  • Buying life insurance is not as transparent as it should be. Despite the number of providers in the market, there is an enormous range in cover.
  • We found that specialist life insurers could offer better value than their competition, and that price comparison websites such as LifeDirect offered quotes from well-known brands which were, on occasions, cheaper than going directly to the insurer. 
  • The market has consolidated in recent years - Sovereign became AIA, Cigna became Chubb Life, Partners Life is owned by Japan's Dai-ichi Life, and Asteron Life is now owned by Japan's Nippon Life and will become Acenda Life from 2027 (targeted for 1 February, subject to regulator approval). Specialist life insurers now write the bulk of new cover. 

Unsure what to do next? Watch our Life Insurance Video Series - 11 minutes to understand everything you need to know

Life Insurance - Frequently Asked Questions

Our list of common queries helps you understand what's important. If you have pre-existing health conditions, our guide to life insurance cover with pre-existing conditions explains what you need to know.

How much Life Insurance do I need?

​Determining the right cover amount is crucial to protect your family without overpaying. A common guideline is to insure for 10X your annual pre-tax income; e.g., if you earn $80,000, aim for $800,000 in cover. However, this varies based on your mortgage size, other debts, dependants and goals.

The best approach is to add up your mortgage, loans, and living expenses for 5-10 years, plus $10,000 for funeral costs. You may want to use a Life Insurance Calculator to get a personalised estimate in minutes, ensuring your family’s financial security if the worst happens.

Video Explainer: Our comparison partner LifeDirect walks through a practical framework any New Zealand family can use to work out the right cover amount. Your cover should change as your life does. LifeDirect's Steven explains in the video below:
  • Why your life insurance can decrease as your mortgage shrinks
  • When to review (hint: it's not annually)
  • How life events trigger coverage adjustments

Why do you suggest insuring for “10 times the salary of the highest earner”?

When a parent dies, there needs to be enough money to cover a mortgage and ongoing expenses. Insuring for 10 times the salary of the highest earner allows an excellent cushion to keep the family in good financial health even if the surviving parent stays at home to look after the children. Just insuring to pay a mortgage doesn’t help with any other family expenses, causing great stress in the long term.

Can I get affordable Life Insurance if I’m over 50?

​Yes, but premiums rise with age due to higher risk. A 55-year-old male non-smoker can expect to pay $1,999-$2,500 annually for $500,000 cover, compared to around $450-$550 for a 35-year-old. Smokers and vapers pay a lot more. To save, compare quotes from insurers like AIA, Chubb Life, and Fidelity using tools like LifeDirect and disclose health conditions upfront to avoid claim denials.

Will Pre-Existing Conditions stop me from getting Life Insurance cover?

​Not necessarily, but they can increase premiums or lead to exclusions. Conditions like diabetes or heart disease may raise costs by 10-30%, depending on severity. Insurers often offer tailored policies, but full disclosure is critical - non-disclosure can void claims. The best starting point is to get quotes; LifeDirect compares quotes from five insurers who accommodate pre-existing conditions, and check our Life Insurance with Pre-Existing Conditions guide for detailed advice.

I’ve heard about “Family Protection Insurance” - what is the difference between that and life insurance, and which is better?

  • Family Protection Insurance is a specialist insurance policy that provides a monthly payment to your family for a fixed number of years after you die. You pick the amount, and following death or diagnosis of terminal illness, your family gets the amount tax-free every month.
  • Family Protection Insurance suits young families who will need money as the children grow up, receiving a monthly payment rather than a once-only lump sum.
  • Family Protection Insurance can work out cheaper than life insurance, but it depends on how much you insure for and your age.
  • Insurers may suggest that Family Protection Insurance “complements” life insurance, providing regular income while life insurance is used to clear debts. We disagree - one or the other will most often be sufficient for looking after your family in the long term if you insure for the right amount. ​
  • Before making any decision, make sure you compare costs and payouts in detail. 

When should I get a life insurance policy?

Usually the most popular time is as soon as someone relies on your income, such as a partner and/or child. It's not a comfortable feeling to insure your life, but the benefits are tremendous to your family should the unthinkable happen. If you are young, life insurance will cost less as younger people are (on the whole) healthier than older people, who pay substantially more as the risk they will die is higher. The list below illustrates this point.


Annual cost of $500,000 of stepped cover for a male non-smoker, across the eight insurers we quoted in September 2026:
  • 30 years old: $361 to $445
  • 45 years old: $588 to $765
  • 55 years old: around $2,000

What's the main difference between Stepped and Level Life Insurance premiums?

Stepped premiums start lower but rise every year (typically 2%-15%) as you age - our quotes show a 30-year-old man paying $361 to $445 a year for $500,000 cover and a 45-year-old $588 to $765, and premiums keep climbing steeply through your 50s and 60s. Level premiums stay fixed for a set term (for example, until age 65) and cost more at the start, but can work out cheaper in total if you keep the policy for the long haul.

Stepped policies arguably suit short-term needs like a 10-year mortgage, while level is better for long-term budgeting. Our guide to stepped vs level life insurance explains more, and we suggest using a tool like LifeDirect's comparison tool to see the difference in policy prices for both stepped and level options.

​How can I save on Life Insurance costs without sacrificing coverage?

  1. ​We suggest the first step is to compare quotes. LifeDirect shows quotes upfront and is transparent about the ongoing costs as well as cashback discounts.
  2. Next, you can consider adjusting your cover to match your needs; don't over-insure and commit to a high cover you can't afford.
  3. Also, maintain a healthy lifestyle - non-smokers and non-vapers pay much less than smokers.
  4. Pay annually instead of monthly to avoid extra fees.
  5. Review your policy when your life changes - a new mortgage, a new child, or a mortgage that's mostly paid off - and compare prices when you do.

I've been offered “critical illness cover” with my life insurance policy. Should I get this?

Critical illness (also called trauma) cover is a different product solving a different problem - it pays a lump sum if you're diagnosed with a listed condition and survive, whereas life insurance pays on death or terminal illness. It only covers the specific conditions listed in the policy, and the definitions matter enormously: major cancers are covered, but early-stage cancers - some melanomas, early prostate cancer and most minor skin cancers - are commonly excluded or paid at a reduced rate. "Strokes" carry their own severity definitions too, so a diagnosis alone doesn't guarantee a full payout.

It also costs considerably more per dollar of cover than life insurance, because you're far more likely to survive a serious illness than to die during the policy term. Before adding it, read the condition definitions carefully, get quotes with and without the cover so you can see the real cost, and make sure the combined premium is one you'll keep paying - a lapsed policy protects nobody. Our view: it can be worthwhile for people without sick leave buffers or savings to cover a long recovery, but it should never be an automatic add-on.

Why are some insurers excluded from your comparisons?

Our tables cover eight brands. LifeDirect's live tool quotes five of them: AIA, Asteron Life, Chubb Life, Fidelity Life and Partners Life. We quoted the other three (Pinnacle Life, AA Life and Southern Cross) ourselves, because they sell direct rather than through advisers. LifeDirect maintains strict standards for the insurers it works with.

Here's why certain companies aren't included:

Life & Income Protection
  • Bank-branded policies - You won't find bank-branded policies in our tables or in LifeDirect's tool. No major bank underwrites its own life cover any more and bank-branded policies are only sold through the bank, so there's no independent way to compare their pricing. 
  • Resolution Life (legacy policies) - Resolution Life's own book of older policies is closed to new customers. Resolution Life also owns Asteron Life, which remains open to new cover and is included in our comparison; the two are due to come together under the Acenda Life brand during 2027.
  • Smaller/niche insurers - Funeral insurers and specialty providers are too small to be suitable for the wider New Zealand market.
​
Why This Matters:
  • LifeDirect only works with insurers that sell through independent advisers, meet financial strength requirements, offer transparent underwriting and provide reliable claims service.
  • That's why their panel is five insurers rather than eight. Where an insurer outside that panel is cheaper for your profile, our tables show it. 
​
Our View: Every insurer in our tables, on LifeDirect's panel or not, holds a published financial strength rating, and the list above sets out exactly who's missing and why, so you can weigh that for yourself.

​What doesn't life insurance cover?

The main limits to know include:
  • Non-disclosure of health history can void a claim entirely (a recurring point in this guide)
  • Policies include a stand-down for death by suicide during the first 13 months of cover, which is standard across New Zealand insurers; and
  • Some policies exclude deaths arising from specified high-risk activities or criminal acts.

Important: Always read the policy wording - the exclusions section is short and worth your time.

Can I get life insurance through my bank?

Yes, but it's worth knowing what you're actually buying: no major New Zealand bank underwrites its own life insurance anymore. The Commerce Commission's banking market study noted that ANZ, BNZ, Westpac and Kiwibank have all sold their insurance businesses over the past five years. What each offers now:
Important: We don't compare bank-branded policies because they're only sold through the bank itself - there's no broker channel and no way to independently compare pricing. If your bank offers you cover, the useful question is always the same: who underwrites this, and what would the same insurer's cover cost through a comparison?

Concluding Comments: Buying a Life Insurance Policy - Balancing Price and Coverage

Our Findings - September 2026

Running identical $500,000 stepped quotes across eight insurers and two life stages, six things stood out:
  • The dearest insurer charged 17% to 41% more than the cheapest for the same cover: For a 30-year-old man the range was $360.83 to $445.00 (23% apart); at 45 it was $587.92 to $765.00 (30%). Joint cover had the widest gaps of all: 41% at 30 ($528.20 to $745.00) and 40% at 45 ($990.76 to $1,390.00).
  • One insurer was cheapest in five of six columns: AIA led every profile except the 30-year-old woman, where Pinnacle Life edged it by $3. The margins at the cheap end were small enough that any discount or loading reorders them, which is why your own quotes beat our tables.
  • Women pay 15% to 33% less than men for identical cover: around 30% less at 30, narrowing to 15% to 21% at 45.
  • Waiting from 30 to 45 adds 63% to 89% to a man's premium, 87% to 98% to a joint premium, and 90% to 120% to a woman's (roughly doubling it), at every insurer we quoted. The jump is biggest for women in percentage terms because their premiums start so much lower.
  • Joint policies saved up to 15% at 30 and under 10% at 45, and nothing at Asteron Life. The dollar saving is the same at both ages with every insurer that offers joint cover (about $95 at AIA, $100 at Partners Life, $39 at Fidelity Life), which points to it being one policy fee saved rather than a discount on the cover itself - and explains why the saving shrinks in percentage terms as premiums rise. Cheaper, but remember: most joint policies pay once and end, leaving the survivor to buy cover again.
  • Price and financial strength don't track: AIA, cheapest in five columns, carries an A-range rating; so does Asteron Life, dearest in three columns (four counting AA Life, which it underwrites). Pinnacle Life, the only insurer below the A range (B+, Good), was cheapest once and second-cheapest in the other five columns. Paying more buys no extra security, and paying less doesn't always mean a lower rating.

Life Insurance in a Nutshell - Our View:​
  • ​There is a lot of money to be made from selling life insurance, and for this reason banks and other companies offer it as an add-on service. When it comes to getting the best insurance, it's a balance of price and coverage.
  • Don't be tempted by a cheap policy with a lot of exclusions - life is unpredictable and you want a policy that is clear. If in doubt about anything, talk to an insurance broker - they work with you to find the best policy to suit your situation. ​

​Compare policy costs across multiple insurers: To find the best life insurance deal, compare quotes from multiple providers. Don't settle for the first offer without exploring other options.
  • Tailor your coverage based on individual needs: Our sample quotes showcase various insurers and prices, but remember that each person or couple has unique requirements and expectations. Thoroughly research and compare the market to find the best fit for you.
  • Use a comparison tool for convenience: We like comparison tools like LifeDirect, which quotes five leading life insurers side by side (AIA, Asteron Life, Chubb Life, Fidelity Life and Partners Life) and lets you buy online. Each carries a published financial strength rating, which measures an insurer's ability to pay claims - our guide to financial strength ratings explains what the grades mean.
  • Claims support is part of the service: Besides quotes and applications, LifeDirect also assists with claims by liaising with insurers on your behalf - useful at the hardest possible time.
Life insurers we compared:
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