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

BNZ life insurance: who provides the cover

Bank of New Zealand is not the insurer. BNZ's website says "We no longer provide life insurance" and that Partners Life "provides and underwrites certain life insurance policies" for customers BNZ refers. BNZ also says it does not underwrite the policies, is not Partners Life's agent and does not guarantee Partners Life's obligations. For questions about an existing policy, including claims, BNZ points you to Partners Life on 0800 145 433.

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Life cover: Conditions you already have aren't covered for the first 2 years (premiums refunded instead). Suicide isn't covered for the first 2 years, and a few conditions can be excluded permanently.

Funeral cover: Only accidental death is covered for the first 2 years. Total premiums can add up to more than the cover, and it may not meet the whole cost of a funeral.

Insurer: Momentum Life Limited. Financial strength rating B (Fair) from AM Best, affirmed 11 February 2026; B ratings sit in AM Best's 'vulnerable' range. The rating scale is available for inspection at every Momentum Life office in New Zealand. What this means

Already have cover? Keep it. New cover won't pay for a condition you already have in its first 2 years.

Opens Momentum Life's online application; its guidance only covers eligibility. QuoteHub is a Momentum Life partner. Smiths Insurance & KiwiSaver may receive a commission if you buy. General information, not advice.

In short

Two BNZ pages, read on 20 October 2026, name Partners Life as the insurer behind BNZ-referred cover. Neither names a product, an entry age or a price.
BNZ says its staff are not personally paid a commission or incentivised for referring customers to Partners Life. That is a statement about people, not about the bank.
Whether your policy still carries a "BNZ Life" name or is already a Partners Life policy is something your schedule shows. This page does not guess.
Partners Life stopped selling its own funeral cover on 15 June 2020, so BNZ is not a source of standalone funeral insurance.
If you need cover with no health questions, Momentum Life's Quick Life and Funeral Insurance are the options on this site; both restrict the first two years. See the last section.

What BNZ says, page by page

BNZ's two insurance pages do different jobs, and it helps to read them together.

BNZ page	What it says
Life insurance	"We no longer provide life insurance." Partners Life is listed among BNZ's insurance partners, who are "responsible for managing your policies, handling claims, and offering support". "If you had a policy with us, you'll need to contact Partners Life for all queries including claims." Partners Life: 0800 145 433.
Life and funeral	Partners Life "provides and underwrites certain life insurance policies" for customers referred by BNZ. BNZ "does not underwrite these insurance policies", "is not an agent of Partners Life" and "does not guarantee the obligations of Partners Life". BNZ personnel "are not personally paid a commission or incentivised" for referring customers. Claims and existing policies: 0800 145 433 or +64 9 951 5020.

BNZ page

What it says

Life insurance

"We no longer provide life insurance." Partners Life is listed among BNZ's insurance partners, who are "responsible for managing your policies, handling claims, and offering support". "If you had a policy with us, you'll need to contact Partners Life for all queries including claims." Partners Life: 0800 145 433.

Life and funeral

Partners Life "provides and underwrites certain life insurance policies" for customers referred by BNZ. BNZ "does not underwrite these insurance policies", "is not an agent of Partners Life" and "does not guarantee the obligations of Partners Life". BNZ personnel "are not personally paid a commission or incentivised" for referring customers. Claims and existing policies: 0800 145 433 or +64 9 951 5020.

Neither page describes a funeral insurance product. The "life and funeral" page says only that a life cover lump sum can be used to cover funeral expenses.

Where Partners Life fits

Partners Life Limited is a licensed life insurer that sells through advisers. Its A.M. Best rating is A (Excellent), effective 5 February 2026 according to the register QuoteHub maintains; Partners' own rating page did not load when we checked on 20 October 2026, so confirm the current grade on Partners Life's financial strength page. It is owned through Partners Group Holdings Limited by Dai-ichi Life Group, which bought it in November 2022 (Dai-ichi Life Group notice, 3 September 2026). The full picture is in our Partners Life review.

How BNZ came to refer to Partners Life

We could not find a primary source for when BNZ's own life insurance business passed to Partners Life, and BNZ's pages do not mention a sale, so this page gives no sale year, price or completion date. If you want the history of a particular older policy, the schedule and Partners Life are the sources to ask.

What is sourced is the present arrangement above. If you hold an older policy, QuoteHub's guide to who holds an old insurance policy explains how to trace the company behind a retired brand.

Which situation are you in?

You hold a policy and want to claim, change or ask a question. Call Partners Life on 0800 145 433, as BNZ directs. Have the policy number from your schedule ready.
You hold an older policy that carries a BNZ name. Find the schedule and read the insurer's name on it. BNZ says to contact Partners Life for all queries. Ask Partners Life directly whether your wording or premium basis has changed; we have no source that says either way, and we will not tell you it is unchanged.
You are shopping for new cover and BNZ is one option. BNZ's pages do not say which policy types the referral covers or whether they ask health questions, so ask before you apply. An adviser who can put several insurers side by side is a natural way to compare it. You can compare it with other insurers' ratings and claims figures and the ASB and AIA arrangement.
You were declined, or you want no health questions. See below.

Bank-referred cover versus an independent adviser

A bank referral usually gives you one insurer; an independent licensed adviser can compare several. Whoever you talk to, ask how they are paid and which insurers they can quote. The Financial Markets Authority explains commission and what advisers must disclose on its insurance advice page, retrieved 20 October 2026. BNZ's statement that its staff are not personally paid is the answer for BNZ staff; it does not say what BNZ or Partners Life pay each other, and we found no source for that.

Funeral cover through BNZ

Partners Life withdrew its funeral cover on 15 June 2020, citing "a very low level of demand" and regulators' concerns about guaranteed-acceptance products (Good Returns, 15 June 2020). If you want a funeral benefit, compare the funeral products that are on sale in our funeral insurance hub or the funeral cover calculator. A life policy can also include an early funeral payment; check the wording.

If you were declined or want no health questions

Guaranteed acceptance means no health questions, and it comes with trade-offs. For a healthy person, fully underwritten cover through an adviser can usually buy more cover for less. If you have been declined, read life insurance after a decline.

Momentum Life Limited (FSP472286) issues two products with no health questions, and each restricts the early years:

Quick Life (ages 18 to 65, $50,000 to $300,000): pre-existing conditions and suicide are excluded for the first 2 years, and a pre-existing-condition death in that time with no claim payable refunds premiums.
Funeral Insurance (ages 40 to 75, $3,000 to $30,000): in the first 24 months it pays only for accidental death, and any other death then refunds all premiums.

Total premiums can end up larger than the benefit, and the benefit may not cover the whole funeral. Neither product accepts new applicants over 75; see life insurance over 75. Momentum's A.M. Best rating is B (Fair), in what Momentum's own table calls the "Vulnerable" range (Momentum: Financial strength).

Details: Quick Life, Funeral Insurance and guaranteed acceptance. The buttons on this page lead to Momentum's own application. QuoteHub is a Momentum Life partner, and Smiths Insurance & KiwiSaver may receive a commission on Momentum products; see how we are paid.

Frequently asked questions

Does BNZ underwrite life insurance?

No. BNZ says it does not underwrite the policies and that Partners Life provides and underwrites them.

Who do I call about a BNZ life insurance claim?

BNZ directs customers to Partners Life on 0800 145 433 or +64 9 951 5020.

Is BNZ responsible if Partners Life cannot pay?

BNZ says it "does not guarantee the obligations of Partners Life". The rating that matters is Partners Life's own.

Does BNZ sell funeral insurance?

Neither BNZ page describes a funeral insurance product. Partners Life stopped selling funeral cover in June 2020.

References

BNZ: Life insurance, retrieved 20 October 2026
BNZ: Life and funeral, retrieved 20 October 2026
Partners Life: Solvency and financial strength, retrieved 15 August 2026
Dai-ichi Life Group: Notice, 3 September 2026, retrieved 20 October 2026
Good Returns: Funeral cover dead and buried (15 June 2020), retrieved 20 October 2026
Financial Markets Authority: Insurance advice, retrieved 20 October 2026
Momentum Life: Quick Life Insurance Policy Wording (November 2025), retrieved 17 October 2026
Momentum Life: Funeral Insurance Policy Wording (17 August 2023), retrieved 17 October 2026
Momentum Life: Financial strength, retrieved 20 October 2026