Insurance Over 70 NZ: What Cover Is Available | QuoteHub
By QuoteHub Editorial Team · Updated 2026-01-16
Insurance Over 70 in NZ: What Cover Is Still Available
If you are over 70 and looking for insurance in New Zealand, the honest answer is that your options are limited. Most mainstream life insurance providers set their maximum entry ages between 60 and 65, and even those that accept older applicants tend to cap new applications well before 80. But "limited" does not mean "none." There are still products available, strategies worth considering, and situations where holding or obtaining cover makes genuine sense.
This guide covers what insurance is still accessible after 70, what it realistically costs, which providers still accept applications, and when alternatives to insurance may serve you better.
The Reality: What Changes After 70
The insurance landscape shifts significantly once you pass 70. Understanding why helps you make better decisions about where to direct your money.
What typically happens at this stage:
- Most standard term life insurance products are no longer available for new applicants
- Existing policies can usually continue (provided you keep paying premiums), but stepped premiums will have risen substantially
- Health insurance premiums become extremely expensive, though existing policies can generally renew
- Funeral cover and guaranteed acceptance products become the primary options for new cover
- Income protection and trauma cover are almost entirely unavailable for new applicants
The core issue is straightforward: insurers price products based on risk, and the probability of a claim rises steeply with age. After 70, the cost of providing cover often approaches or exceeds the benefit amount over a relatively short period, which makes traditional products uneconomical for both the insurer and the policyholder.
Provider Age Limits: Who Still Accepts Applications
The table below summarises the key age limits across major New Zealand insurance providers for new applications. If you already hold a policy, your renewal rights are governed by your existing policy terms.
| Provider | Product Type | Maximum Entry Age | Cover Continues Until | Maximum Cover |
|---|---|---|---|---|
| New Zealand Seniors | Life/Funeral Cover | 79 | Age 85 | $200,000 |
| Resolution Life | Seniors products | 75 (varies by product) | Varies | Varies |
| Fidelity Life | Standard life | 65 | Age 100 | $5,000,000 |
| Partners Life | Standard life | 65 | Varies | Varies |
| AIA NZ | Standard life | 65 | Varies | $5,000,000 |
| Southern Cross Life | Standard life | Mid-60s (varies) | Varies | $1,500,000 |
| nib NZ | Health insurance | No hard cap for renewals | Lifetime (existing members) | Varies by plan |
| Southern Cross Health | Health insurance | 65 for new members | Lifetime (existing members) | Varies by plan |
Key takeaway: For new cover after 70, New Zealand Seniors is the most accessible option, accepting applications up to age 79. If you already hold policies with other providers, your existing cover can generally continue well beyond their entry-age limits.
Age limits and product availability are subject to change. Always confirm current terms with the provider or an authorised financial adviser.
Funeral Insurance: The Main Option for New Cover
For most people over 70 seeking new insurance, funeral cover is the realistic starting point. These products are specifically designed for older New Zealanders and offer a simplified path to obtaining cover.
How Funeral Cover Works
Funeral cover pays a lump sum on death, typically ranging from $10,000 to $200,000. The money can be used for anything, but most people take it out to ensure their family is not left covering funeral costs, outstanding bills, or other immediate expenses.
Typical features of funeral cover for over-70s:
| Feature | Details |
|---|---|
| Entry age range | 45 to 79 |
| Cover amounts | $10,000 to $200,000 |
| Underwriting | Simplified (phone-based health questions, no medical exam) |
| Advance payout | Some providers pay 20% immediately to cover urgent funeral costs |
| Premium structure | Fixed rate not linked to age increases (with some providers) |
| Exclusions | Suicide typically excluded for the first 13 months |
What Funerals Cost in New Zealand
Understanding actual funeral costs helps you decide how much cover is appropriate.
| Type | Estimated Cost (2025/2026) |
|---|---|
| Cremation (basic) | $5,000 to $8,000 |
| Cremation (full service) | $8,000 to $12,000 |
| Burial (standard) | $9,000 to $14,000 |
| Full service burial (Auckland) | $12,000 to $18,000 |
| National average (all types) | Approximately $10,000 |
The WINZ Funeral Grant of $2,616 is available for eligible families, but it covers only a fraction of total costs. Many people over 70 find that $20,000 to $30,000 of funeral cover provides adequate protection for their family without excessive premium costs.
Guaranteed Acceptance Products
Some products marketed to seniors offer guaranteed acceptance, meaning you cannot be declined regardless of your health history. This sounds appealing, but it is important to understand the trade-offs.
What guaranteed acceptance typically involves:
- No medical examination
- A limited set of health questions answered by phone
- Immediate cover for accidental death
- A stand-down period for natural death (often 12 to 24 months, during which only premiums paid are refunded if you die from natural causes)
- Lower maximum cover amounts
- Higher premiums per dollar of cover compared to fully underwritten products
When guaranteed acceptance makes sense:
- You have pre-existing health conditions that would result in a decline or heavy loading under standard underwriting
- You want certainty that cover will be in place
- You are comfortable with the stand-down period and cost trade-offs
When it may not make sense:
- You are in reasonable health and could qualify for a standard seniors product with better terms
- The premiums over your expected coverage period would exceed the benefit amount
Before choosing a guaranteed acceptance product, it is worth applying for a standard seniors product first. If you are accepted, you will typically get better value.
Health Insurance After 70
Health insurance is a different story from life insurance. While new applications are difficult after 65 to 70, existing health insurance policies can generally be renewed for life.
If You Already Have Health Insurance
Your existing policy is valuable. Key points to be aware of:
- Renewal rights are protected. Your insurer cannot cancel your policy because of your age or claims history, as long as you continue paying premiums.
- Premiums will be high. Health insurance premiums for over-70s commonly run $4,000 to $8,000 or more per year, depending on your plan level and excess.
- Review your plan level. Consider whether you need comprehensive cover or whether a surgical-only or specialist-only plan at a lower premium would be sufficient.
- Increase your excess. Raising your excess from $250 to $1,000 or $2,000 can significantly reduce premiums while still protecting you from the large costs of surgery or specialist treatment.
If You Do Not Have Health Insurance
Options for new health insurance after 70 are very limited. Most providers set entry-age limits at 65 to 70. If you are uninsured, you will be relying on the public health system, ACC (for injuries), and your own savings for any private treatment.
This is one of the strongest arguments for maintaining health insurance through your 60s, even if premiums feel high, because once you let it lapse, getting new cover becomes extremely difficult.
Existing Life Insurance: Keep It or Let It Go
If you hold life insurance that you took out years ago, the decision about whether to keep it running is one of the most important financial choices you will make after 70.
When to Keep Your Policy
- You still have a mortgage or significant debt. If your partner would struggle to service a mortgage on NZ Super alone, keeping cover in place makes sense.
- Your partner depends on your income. If you are still working or your partner relies on your combined NZ Super for living costs, a life insurance payout bridges a significant gap.
- Estate planning purposes. Life insurance proceeds are paid directly to beneficiaries and are not held up by estate administration processes.
- The premiums are still manageable relative to the benefit. If you are paying $3,000 per year for $200,000 of cover, the maths may still work in your favour.
When to Consider Letting a Policy Lapse
- Premiums have become unsustainable. Stepped premiums that started at a few hundred dollars per year may now be several thousand. At some point, the cumulative cost exceeds the likely benefit.
- Your financial obligations have cleared. No mortgage, no debt, financially independent partner, and adequate savings.
- You are paying more in premiums than the cover is worth. If you are 75 and paying $8,000 per year for $100,000 of cover, you would effectively "break even" after 12 to 13 years of premiums. Consider whether those funds could be better deployed elsewhere.
The Break-Even Calculation
A simple way to evaluate whether keeping a policy makes sense is to divide your sum insured by your annual premium. This gives you the number of years of premiums before you have paid more than the benefit amount.
| Sum Insured | Annual Premium | Break-Even Point |
|---|---|---|
| $200,000 | $4,000 | 50 years |
| $200,000 | $8,000 | 25 years |
| $100,000 | $5,000 | 20 years |
| $50,000 | $3,000 | 17 years |
| $30,000 | $2,500 | 12 years |
If the break-even point is well beyond your life expectancy, the policy may still represent good value. If it is only a few years away, the economics become questionable.
Alternatives to Insurance After 70
Insurance is not the only way to protect your family from financial strain. For many over-70s, a combination of alternatives may be more effective than paying high premiums.
Dedicated Savings
Setting aside a specific sum for funeral costs and immediate expenses is the simplest alternative. A dedicated savings account or term deposit of $15,000 to $25,000 earmarked for funeral costs provides the same practical outcome as funeral cover, without ongoing premium payments.
Advantages: No premiums, no exclusions, no stand-down periods, and the money is available for any purpose if your circumstances change.
Disadvantage: You need the lump sum available now, and the money is tied up.
Prepaid Funerals
Several New Zealand funeral homes offer prepaid funeral plans, allowing you to lock in today's prices and specify your preferences. The Funeral Directors Association of New Zealand (FDANZ) can provide a list of providers offering prepaid options.
Key considerations:
- Funds are held in trust and protected if the funeral home closes
- You lock in current prices, avoiding future cost increases
- Plans can usually be transferred if you move to a different area
- Check whether the plan covers all costs or only the funeral home's charges (council fees, flowers, and catering may be additional)
KiwiSaver and Retirement Savings
If you have a KiwiSaver balance or other retirement savings, these can serve the same protective function as insurance. The key question is whether your savings are sufficient to cover both your living costs and any lump-sum needs your family would have after your death.
For couples, ensuring both partners have access to shared savings and understand how assets are structured is critical. A conversation with your bank or a financial adviser about joint accounts, nominated beneficiaries, and estate planning can prevent complications.
Family Arrangements
Open conversations with your family about funeral preferences and financial arrangements can be just as valuable as an insurance policy. Many families are willing and able to share funeral costs, particularly when they understand your wishes and have had time to plan.
While these conversations can feel uncomfortable, they often provide more certainty than an insurance policy with complex terms and conditions.
A Practical Checklist for Over-70s
Use this checklist to assess where you stand and what action, if any, is needed.
- Review any existing life insurance policies: what is the sum insured, the annual premium, and the break-even point?
- Check your health insurance: are you still covered, and is the premium level sustainable?
- Calculate your total debts, including any remaining mortgage
- Assess whether your partner would be financially secure without your income or NZ Super
- Consider whether funeral costs are covered by savings, a prepaid plan, or insurance
- Review your KiwiSaver balance and other savings
- Ensure your will is up to date and reflects your current wishes
- Discuss your preferences and financial situation with your family
- Consider speaking with an authorised financial adviser for a full review
Get a Free Insurance Review
If you are over 70 and unsure whether your current insurance arrangements still make sense, or if you are looking at new cover options, QuoteHub can connect you with an authorised adviser who specialises in cover for older New Zealanders. There is no cost and no obligation.
Request a free insurance review
Frequently Asked Questions
Can I get life insurance at 70 in New Zealand?
Yes, but options are limited to specialist products. New Zealand Seniors accepts new applications up to age 79, with cover continuing to age 85 and a maximum sum insured of $200,000. Most mainstream providers have maximum entry ages of 65, so standard term life products are generally not available for new applicants at 70.
How much does life insurance cost at 70?
Costs vary significantly depending on the provider, your health status, and the amount of cover. For funeral cover of $30,000 to $50,000 through a seniors-specific provider, expect to pay roughly $40 to $80 per fortnight. For higher sums insured or existing stepped-premium policies, annual costs can run into several thousand dollars.
Is life insurance worth it after 70?
It depends entirely on your financial situation. If you have a mortgage, a financially dependent partner, or specific estate planning goals, insurance can still provide genuine value. If your debts are cleared, your partner is financially independent, and you have savings to cover funeral costs, the high cost of premiums may not be justified. The break-even calculation above can help you assess this.
What happens to my life insurance if I stop paying premiums?
Your policy will lapse, meaning you will no longer have cover. There is no refund of premiums already paid. Some policies have a grace period (typically 30 days) during which you can reinstate cover by paying the overdue premium. After the grace period, you would need to apply for a new policy and go through underwriting again, which may not be possible at your age.
Can I reduce my existing life insurance instead of cancelling it?
Yes. Most providers allow you to reduce your sum insured at any time, which lowers your premiums while maintaining some level of cover. This is often a better approach than cancelling entirely. Speak with your insurer or your financial adviser about adjusting your cover to match your current needs.
Is funeral insurance the same as life insurance?
Funeral insurance is a type of life insurance, but with lower cover amounts (typically $10,000 to $200,000) and simplified underwriting. It is designed primarily to cover funeral costs and immediate expenses rather than providing broad financial protection. The key practical difference for over-70s is that funeral cover products are still available for new applications, whereas standard life insurance products generally are not.
Should I cancel my health insurance after 70?
Think carefully before cancelling. Health insurance becomes increasingly difficult to obtain as you age, and once you cancel, you are unlikely to be able to get new cover. If premiums are straining your budget, consider reducing your plan level or increasing your excess rather than cancelling outright. The public health system and ACC provide a baseline of cover, but wait times for elective procedures can be long.
References
New Zealand Seniors Life Insurance product information, 2025/2026
Resolution Life product terms and age limits, 2025/2026
Fidelity Life, Partners Life, AIA NZ, and Southern Cross product disclosure statements, 2025/2026
Funeral Directors Association of New Zealand (FDANZ) cost data, 2025/2026
WINZ Funeral Grant eligibility and rates, 2025/2026
nib NZ and Southern Cross Health Society membership terms, 2025/2026
Disclaimer: This article is for informational purposes only and does not constitute personalised financial advice. Insurance needs vary based on individual circumstances. We recommend consulting an authorised financial adviser before making any insurance decisions. QuoteHub is operated by QuoteHub Ltd, an authorised financial advice provider (FSP 712931).
Explore related pages: Life Insurance, Income Protection, Health Insurance, Trauma Insurance.