Written by · Reviewed by Smiths Insurance & KiwiSaver — licensed Financial Advice Provider (FSP712931) · Last updated 2026-10-20

Which life insurance fits seniors best?

There is no single best seniors life insurance in New Zealand. Here is how the options differ on entry age, health questions, early-claim windows, premium shape and the insurer's published rating, as at 20 October 2026. Which one fits depends on your age, your health, what you want the money to do and what you can keep paying.

In short

"Seniors life insurance" is not one product. It is a label for cover bought in later life, usually after 50, and it covers three different things: life cover with a large sum insured (often $100,000 or more) that helps a partner or pays debts; small-sum funeral cover of $3,000 to $30,000 that is meant to put a modest amount towards the cost of a funeral; and guaranteed-acceptance life cover that sits in between. Each has its own entry-age limit, its own way of treating your health and its own way of charging you as you age. Comparing a $200,000 underwritten policy with a $10,000 funeral policy on price alone tells you very little, so this page compares them on the criteria that decide whether a policy works for a given person, and leaves the choice to you and, if you want one, a licensed adviser.

The criteria that matter

Criterion Why it matters Where to check
Entry age A hard limit. Over it, the product is closed to new applicants The insurer's product page or policy wording
How you are assessed Full underwriting can price your health in or decline you; guaranteed acceptance asks no health questions Product page, application
Early-claim window Many guaranteed-acceptance policies pay only for accidents in the first 12 to 24 months, or exclude pre-existing conditions for two years Policy wording, "when will we pay"
Premium shape Stepped premiums rise each year with age; level premiums stay fixed unless the insurer changes rates for everyone Policy wording, premium section
When premiums stop Some stop at 85, 89 or 90; some run for life Policy wording
Sum insured A $10,000 funeral benefit and a $200,000 life benefit do different jobs Product page
Insurer financial strength The rating says how the agency sees the insurer's ability to meet its obligations Insurer's financial strength page
Exclusions Dangerous jobs, pastimes and some causes of death can be excluded Policy wording

How the main products differ

These are the entry ages and terms the insurers publish, read between 17 and 20 October 2026. An entry age is a limit, not an offer: the insurer decides who it accepts.

Product Entry ages Health questions Early-claim window Premiums
Momentum Life, Funeral Insurance 40 to 75 None 24 months: accidental death only; any other death refunds all premiums Level to the 89th birthday, then none
Momentum Life, Quick Life 18 to 65 None 2 years: pre-existing conditions and suicide excluded Stepped to 75, then fixed
NZ Seniors and OneChoice, funeral cover 18 to 79 None 12 months: accidental death and accidental serious injury only Stop after 85
AA Life, Funeral Cover 50 to 79 None 24 months: accident only; natural-cause death refunds premiums Stop at the anniversary after the 90th birthday
Chubb Life, Funeral Cover 50 to 80 None 24 months: accident only; 100% of premiums refunded Stop at claim, at 90, or on entering long-term care
NZ Seniors Life 45 to 79 Eight, by phone Not stated on the page Stepped
Golden Insurance 40 to 80 Health and lifestyle questions A waiting period may apply Reviewed yearly, "generally increase"
Fidelity Life, life cover 16 to 75, no expiry age Full application Not covered on the page read Stepped or level options
Greenwich Life, QuickCover Life 21 to 60 (cover may run to 65) None 2 years: existing conditions not covered Rise with age

Sources are in the references. Two points stand out. Guaranteed acceptance is not the same as full cover from day one, because the early window decides what is paid. And "no health questions" does not mean no conditions: Quick Life's wording excludes pre-existing conditions for two years even though it asks nothing at application.

Underwritten, health questions or guaranteed acceptance

Fully underwritten cover is assessed by the insurer, usually through an adviser. Asteron says it can offer cover to people with an existing condition by adding a stand-down period, raising the premium, or excluding the condition permanently or for a set time (Asteron). That can be better value for a healthy applicant, and it can come with a loading or an exclusion for someone who is not. Whatever you are asked, answer completely. IFSO case notes show insurers avoiding or reducing claims for non-disclosure (IFSO).

Cover with a few health questions, such as NZ Seniors Life or Golden Insurance, is quicker, but the insurer still assesses your answers before it decides.

Guaranteed acceptance asks no health questions at all. The price of that is paid in two ways: a restricted early period, and, for the same sum insured, premiums that are usually higher than for a healthy person on underwritten terms. For the details of the early windows, see guaranteed acceptance explained.

Momentum Life's products: facts and limits

Momentum Life Limited issues two products relevant to seniors. Funeral Insurance pays a fixed benefit of $3,000 to $30,000 towards costs. Accidental death pays three times the benefit. In the first 24 months it pays only for accidental death (death within 90 days of the accident); any other death in that period pays no benefit and all premiums are refunded. After 24 months it pays for death from any cause. There is no terminal illness benefit. Quick Life pays $50,000 to $300,000, with 3% yearly increases to age 75 or a $500,000 per-person cap. In the first 2 years it excludes pre-existing conditions and suicide. Total premiums on either product can end up larger than the benefit, and the benefit may not cover the whole cost of a funeral.

On financial strength, A.M. Best rates Momentum Life B (Fair), which Momentum's own table groups in its "Vulnerable" range. Its solvency ratio was 107% at 30 June 2026, down from 117% a year earlier. Read the insurer's financial strength page before deciding. Over 75, neither product takes new applicants; see life insurance over 75.

Reading an insurer's rating

A.M. Best calls a Financial Strength Rating "an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations", and says it is not a recommendation to purchase, hold or terminate any policy (A.M. Best). Its scale runs A++ and A+ Superior, A and A- Excellent, B++ and B+ Good, B and B- Fair, then Marginal, Weak and Poor. Fair means "a fair ability to meet their ongoing insurance obligations" with financial strength "vulnerable to adverse changes in underwriting and economic conditions".

Insurer Rating as the insurer publishes it
Momentum Life A.M. Best B (Fair)
Pinnacle Life (issues NZ Seniors and OneChoice) A.M. Best B+ (Good), affirmed 15 April 2026
Fidelity Life A.M. Best A- (Excellent)
Chubb Life New Zealand A.M. Best A (Excellent)
Asteron Life (underwrites AA Life) Fitch A+ (Strong), a different agency

The same letter means different things at different agencies: B is "Fair" at A.M. Best but "Weak" at S&P and Fitch. Do not compare an A.M. Best grade with a Fitch grade. Insurer sizes also differ widely, so a rating is one input, not a ranking.

Will total premiums exceed the benefit?

For a small funeral-style benefit this is the question that matters. Divide the benefit by the number of years you will keep paying. The result is the yearly cost at which you would pay in exactly the benefit. For a $10,000 benefit on a policy that runs to the 89th birthday, an applicant starting at 60 pays for about 29 years, so the break-even is about $345 a year; starting at 70 it is about 19 years, or about $526 a year. These are made-up arithmetic examples, not any insurer's price. Above the break-even figure, a person who lives to the end of the premium period pays in more than the benefit. That can still make sense if the aim is to have a fixed amount arranged, but it should be a choice made with the numbers in front of you. The same check on a stepped policy needs the full schedule of future premiums, which the insurer can provide.

Score it yourself

Fill this in for each option you are considering. It does not rank insurers; it shows whether an option meets your own tests.

Question Yes / No
Is my age inside the entry range with room to spare?
Do I know exactly what is paid in the first 12 to 24 months?
Do I know whether the premium rises each year, and by how much over ten years?
Can I afford the premium on my income at 85 as well as today?
Have I read the insurer's rating and its agency?
Is the sum insured the right size for the job (funeral, debts, a partner)?
Have I compared at least one underwritten quote if I am in good health?
Do I understand the exclusions?

How a licensed adviser helps

A licensed adviser can ask insurers on your behalf, explain the health questions and compare terms. They cannot make an insurer accept you. Advice is provided by Craig Smith Business Services Limited, trading as Smiths Insurance & KiwiSaver, a licensed Financial Advice Provider (FSP712931). QuoteHub is a Momentum Life partner, and Smiths Insurance & KiwiSaver may receive a commission if you buy through our link; see how we are paid. The FMA says most insurance advisers receive commission from the insurer, built into the premium (FMA). Ask any adviser how they are paid. The buttons on this page go to Momentum's own application; they are not a comparison of every insurer. For the funeral-cover side of the comparison, see the funeral insurance comparison and the list of seniors mistakes to avoid.

Frequently asked questions

Which insurer is the best for seniors?

No source supports naming one. The right choice depends on your age, health, the sum you want and the premium you can keep paying. Use the criteria table above and the ratings, and compare more than one option.

Can I get life insurance at 70?

Yes, from some insurers. Fidelity Life publishes entry ages of 16 to 75, NZ Seniors Life 45 to 79 and Golden Insurance 40 to 80, with health assessment. Guaranteed acceptance funeral cover is open to 70 at Momentum (40 to 75), NZ Seniors and OneChoice (to 79), AA Life (to 79) and Chubb Life (to 80).

Is guaranteed acceptance life insurance worth it?

That depends on your health and what you want the money to do. It can suit someone who would be declined or loaded elsewhere. The trade-offs are the early-claim window and a usually higher premium for the same amount. See the seniors life insurance guide.

References

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