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

Does life insurance expire in New Zealand?

It depends on the product. Many New Zealand life policies are written to carry on for life, with no expiry age, as long as premiums are paid. Others end at a set age, such as AIA's stand-alone accidental death cover at 65. What often changes earlier is the premium: a rate guarantee can run out, or stepped premiums can climb, long before any cover ends. Momentum's Quick Life says it "extends for life or when cancelled".

In short

Four ways cover ends

  1. A fixed end age. The policy is written to stop at a stated age.
  2. You cancel. Momentum's wordings let you cancel at any time on 30 days' notice, with no refund of premiums paid after the free-look period.
  3. Premiums are unpaid. Momentum can cancel if a premium is unpaid for more than one month. Reinstatement is by application and is not guaranteed.
  4. The last benefit is paid. A Momentum policy ends once the final benefit for the last life insured has been paid; Quick Life cover also ends once a terminal illness benefit is paid.

For a longer view of what you get back if you cancel, see surrender value.

What the insurers publish: life and accident cover

Entry ages and end ages as the insurers publish them, read on 20 October 2026. An entry age is a limit for applying; a stop age is when cover or premiums end.

Product Entry age Published end age or rule
Momentum Quick Life 18 to 65 Cover "extends for life or when cancelled"; premiums stepped to 75, then fixed for life
AIA Life Cover 10 to 70 No expiry
AIA Accidental Death 16 to 60 Expires at 65
Chubb Assurance Extra Life Cover 10 to 70 (55 for "level to 65", 60 for "level to 70") Never expires; premium review periods of 1, 5 or 10 years, or to age 65, 70, 80 or 100
Fidelity Life cover 16 to 75 "No expiry age"
NZ Seniors Life 45 to 79 Cover to 85
Greenwich QuickCover Life 21 to 60 Cover may run to 65

Sources: Momentum Quick Life wording, AIA, Chubb brochure, Fidelity Life, NZ Seniors and Greenwich Life. Insurers change these terms, so check the current wording.

What the insurers publish: funeral cover

Product Entry age Premiums stop
Momentum Funeral Insurance 40 to 75 89th birthday; cover continues for life
NZ Seniors and OneChoice funeral cover 18 to 79 After 85
AA Life Funeral Cover 50 to 79 Anniversary after the 90th birthday
Chubb Life Funeral Cover 50 to 80 At claim, at 90, or on entering long-term care
Greenwich Funeral Plan 30 to 70 When total premiums paid equal the benefit

Sources: the insurers' own pages, as set out in our funeral insurance age limits guide. Every funeral policy we read has an early window in which it pays only for accidents, so a funeral policy bought late in life may pay nothing for illness in its first one or two years.

What happens to Momentum Quick Life at 75

Quick Life is guaranteed acceptance life cover for New Zealanders aged 18 to 65. Its premiums are stepped, which means they are recalculated each policy anniversary for age, gender and smoking status and generally rise each year. Once you turn 75 they are fixed for the remaining life of the policy.

At 75 three other things happen:

The first 2 years of Quick Life exclude pre-existing conditions and suicide, and a Quick Life policy bought at 60 has long passed that window by 75. Over 75, Momentum accepts no new applicants for either plan; this page is about policies you already hold or are about to take out under 65 (Quick Life) or 75 (Funeral Insurance).

Why premiums matter more than the end age

A policy that never expires can still become unaffordable, and that is the usual way people lose cover. Stepped premiums rise every year with age. Level premiums are fixed for a period, then re-set. AIA's Living wording offers level premiums for 10 years, or to 65 or 80, after which the premium converts to Rate for Age (stepped). Chubb recalculates at the end of each premium review period on sum insured, age and changes to its rates or relevant laws.

The Insurance and Financial Services Ombudsman published a case in which a "level to age 80" policy converted to Rate for Age at 80 and the monthly premium went from $49 to $190. The complaint was not upheld (IFSO: Increasing premiums). The lesson is to find out, before buying, when each premium guarantee ends. See stepped versus level premiums and term to age 90.

If your cover is about to end

A healthy person can usually get more cover for less with fully underwritten cover through an adviser. Momentum Life Limited has an A.M. Best financial strength rating of B (Fair), affirmed on 11 February 2026, a range Momentum's own table labels "Vulnerable"; the rating is not a recommendation, and Momentum's financial strength page sets out its scale. Funeral Insurance is not a savings plan: total premiums could exceed the benefit, and in its first 24 months it pays only for accidental death. The buttons on this page open Momentum's online application; see the Quick Life plan page.

General information, not advice. 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. Last reviewed 20 October 2026 by the QuoteHub Adviser Team.

Frequently asked questions

At what age does life insurance stop in NZ?

There is no single age. Many life products have no expiry age, while accident-only and some limited products end at a stated age, such as AIA's stand-alone accidental death cover at 65.

Do Quick Life premiums stop at 75?

No. They stop stepping up and are fixed from 75 for the remaining life of the policy. Also at 75, $20,000 of the benefit becomes free.

Does Momentum Funeral Insurance expire?

Cover continues for life. Premiums are fixed each year until the 89th birthday and then stop.

References

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