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

How much does joint life insurance cost in New Zealand?

We found no published price for a first-death joint life policy from any New Zealand insurer, so we cannot give you one. What can be priced is two separate policies. For a couple aged 40, $500,000 each starts at an indicative combined monthly cost of $75 to $90, on rate cards as at 8 September 2026. A true joint policy pays once, on the first death, and leaves the survivor without that cover.

In short

This page deals with cost. It does not repeat the payout-structure and ownership discussion on the joint life insurance page. For single-person costs, see how much is life insurance in NZ.

What does it cost for two separate policies?

The table adds the low ends and the high ends of the single-person ranges, so it is a combined range, not a quote. Each figure is the monthly cost of $500,000 of life cover, non-smoker, stepped premiums, occupation class 1, standard rates, as a range across the insurers that priced the row, from insurers' published rate cards as at 8 September 2026 (see the Premium Index method; rate cards such as AIA and Fidelity Life). Your own premium depends on underwriting.

Age (both partners), monthly cost Man and woman Two women Two men
30 $50 to $70 $40 to $60 $60 to $80
40 $75 to $90 $70 to $80 $80 to $100
50 $170 to $220 $160 to $200 $180 to $240
60 $525 to $650 $450 to $550 $600 to $750

The single-person ranges behind these sums are: man $30 to $40, $40 to $50, $90 to $120 and $300 to $375, and woman $20 to $30, $35 to $40, $80 to $100 and $225 to $275 at ages 30, 40, 50 and 60. These ranges use a different basis from the "lowest-priced" figures on our joint versus single page, so the two pages' numbers will not match exactly.

What does a joint policy change?

A joint first-death policy covers two people on one contract and pays the sum insured once, on the first death. Then it ends. That has three consequences for cost and value.

  1. One payout for the price of two lives. If the policy is $500,000 on both lives, the household receives $500,000 once. Two separate policies mean $500,000 on each death, so a total of $1,000,000 across both deaths.
  2. The survivor has to buy cover again. Stepped premiums rise with age, and underwriting uses the health at the time. On the same rate cards, $500,000 for a man is in the $90 to $120 monthly band at 50 and the $300 to $375 band at 60, and a replacement is only offered if the insurer accepts the applicant.
  3. No published price to compare. We found no insurer that publishes a joint first-death price, so any "joint costs less" claim has no number behind it on this page. If you want one, ask an adviser to request a quote for that structure and compare it to the figures above.

What does Momentum Life's joint cover look like?

Momentum Life's Quick Life, its guaranteed acceptance life cover for ages 18 to 65, lets you apply alone or with a partner on the same policy. It is not first-death-only. When one person is paid, the other stays covered and Momentum sends an updated schedule. There is a $50-a-year discount when you add a partner, which works out to about $4 a month in total. The cover is $50,000 to $300,000 per life, and indexation raises it by 3% a year to age 75 or a cap of $500,000 per life.

In the first 2 years Quick Life excludes pre-existing conditions and suicide; if a death from a pre-existing condition happens in that window and no claim is payable, premiums are refunded. A healthy couple can usually get more cover for less with fully underwritten cover through an adviser, because Quick Life asks no health questions and so cannot reward good health. See Quick Life. Momentum Life's A.M. Best rating is B (Fair); see Momentum's financial strength page.

If your need is funeral costs only, Momentum Life's Funeral Insurance pays a fixed benefit of $3,000 to $30,000 towards costs, for ages 40 to 75. In the first 24 months it pays only for accidental death. Total premiums can end up larger than the benefit, and the benefit may not cover the whole funeral. See the funeral insurance hub.

What changes the price for a couple?

When might a joint policy suit you?

A first-death joint policy can suit narrow cases, such as a business or estate need where one lump sum is wanted on the first of two deaths. For household protection, the cost saving, if any, has to be weighed against the loss of the survivor's cover. If your goal is clearing a mortgage, read mortgage life insurance cost for the amounts involved.

Advice is provided by Craig Smith Business Services Limited, trading as Smiths Insurance & KiwiSaver, a licensed Financial Advice Provider (FSP712931). This is general information, not personal advice. 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. Compared: AIA, Asteron Life, Chubb Life, Fidelity Life and Partners Life for $500,000 life cover, on monthly cost, as at 8 September 2026, from published rate cards. Not every New Zealand insurer is included. This is one adviser's reading, not a score.

Frequently asked questions

Is joint life insurance cheaper than two single policies?

We cannot say. We found no published price for first-death joint cover. A joint policy pays once, so it gives less cover for the household.

How much is life insurance for a couple in their 40s?

On these rate cards, $500,000 each for a man and a woman aged 40 starts at an indicative combined monthly cost of $75 to $90, non-smoker, stepped.

Does a couple get a discount?

None of the insurer discounts we read is for being a couple. Quick Life has a $50-a-year partner discount.

What happens to the cost when one partner dies?

Under two single policies, the survivor's policy continues at its own price. Under a first-death joint policy, cover ends once it pays.

References

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