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

Joint and separate life cover for couples over 50

Couples over 50 in New Zealand can hold two separate policies, or two lives on one policy. A true joint first-death policy, which pays once and ends, is not what the NZ insurer wordings we read describe. Momentum Life does cover couples: Quick Life (ages 18 to 65) can be taken jointly, and Funeral Insurance (40 to 75) can cover up to four people. In both, each person is a separate life insured and is paid separately.

In short

Three structures are in play, and the headline question "joint or separate?" hides the real differences. This page compares how they pay out, how they survive a death or an illness and what changes if the relationship ends. It does not price joint cover, because QuoteHub's Premium Index does not price joint policies; for costs see joint life insurance cost, and for the general case see joint versus single life insurance. One correction to a common assumption: Momentum Life does offer cover for two people on one policy. What it does not offer is a single sum that ends when the first person dies.

Three structures compared

Joint first-death policy Two separate policies Momentum shared policy (Quick Life joint or Funeral family)
Who is insured Two lives, one sum insured Each partner, own contract Each person is a life insured on one policy
Payout event First death Each partner's own death Each person's own death
After the first death Policy pays once and ends; the survivor has no cover Survivor's policy continues Momentum issues an updated schedule for the remaining life
Underwriting One set of terms for the contract; check how the insurer assesses two lives Each partner assessed separately No health questions; early window applies to each person
Ownership Usually both Each owns their own Quick Life: may be jointly owned; the owner nominates beneficiaries
Cap Set by the insurer Each person's own sum Quick Life $500,000 per life insured; Funeral $30,000 per life insured

The first column is the textbook structure; we did not find a published NZ insurer wording for it, so check whether any insurer offers it before assuming one does.

What the wordings say about joint cover

Fidelity Life's wording pays "if the insured person dies", and Chubb Life's pays "if the life assured dies", each referring to one named person (Fidelity; Chubb). A couple can sit on one policy number at some insurers, but each partner is still a separate life assured.

Quick Life. Momentum's wording lists "who can apply" as "You, or you and your partner (joint cover)". A partner means a legal spouse, de facto partner or civil union partner listed in the schedule. When Momentum pays a benefit and someone else is still covered, it sends an updated policy schedule for the remaining cover. The sum is $50,000 to $300,000 per life insured, rising 3% each year to 75 or a cap of $500,000 per life insured. Momentum's own web page says "up to $500,000 total available on a joint policy", but the wording caps $500,000 per life insured; we follow the wording. If the policy owner dies, ownership passes to the surviving joint owner, then the beneficiary, then the estate. Both people must be 65 or under at the start: a true age over 65 voids the policy and refunds the premiums.

Funeral Insurance. A single policy covers you or a partner or relative; a family policy covers up to four lives insured, each a partner or relative. Additional lives get a $150 discount a year. Each life has its own $3,000 to $30,000 benefit (with a $30,000 cap per person across all Momentum funeral policies) and its own 24-month window: in the first 24 months it pays only for accidental death, and any other death refunds all premiums for that person. Cover for each life ends when that benefit is paid, and the policy continues for those who remain. Entry is 40 to 75 for each person.

Momentum Life's A.M. Best rating is B (Fair), in what Momentum's own table calls its "Vulnerable" range; see the financial strength page. Total premiums on either product can exceed the benefit.

What happens if one partner dies, or develops an illness

Event Joint first-death policy Two separate policies Quick Life joint
First partner dies Pays once, then ends First partner's policy pays; survivor's continues Pays for that person; updated schedule for the other
Survivor wants cover later Must apply again; the new insurer sees the full history Already in force Already in force
A partner is diagnosed with a long-term illness after the policy starts Check the wording for how the insurer treats a health change Check each wording; Fidelity describes stepped premiums as moving with age, gender, smoker status and amount The pre-existing exclusion applies only to conditions that existed before the start, and only for the first 2 years; a new condition is covered
Partner wants a different product Not possible inside one contract Each can pick their own Cancel and rejoin restarts the 2-year clock

A person who develops an illness after a policy has started is not the same as a person who applies with one. IFSO says a new insurer will see your full history (IFSO), and the FMA advises keeping an old policy running until a new one is in force and watching for new qualifying periods and exclusions (FMA). That is one reason to ask an adviser what would happen to each person's cover if the arrangement changed.

Cost differences

QuoteHub publishes no joint price, and insurers publish few. What the sources do show are discounts: Quick Life takes $50 a year off when a partner is added; Funeral Insurance gives $150 a year off for each extra life; AA Life and Chubb Life each advertise a 20% joint discount on their funeral cover. Discounts depend on the product, so compare the total premium for the same sum rather than the discount.

When separate policies give more flexibility

How a licensed adviser helps couples

A licensed adviser can compare underwritten and guaranteed-acceptance options for each partner and structure the ownership. 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 buttons on this page lead to Momentum's own application, where each person is a separate life insured. For the next step, see life insurance over 50, cover amounts for seniors, Quick Life and guaranteed acceptance. For funeral cover for two, see joint funeral insurance.

Frequently asked questions

Does Momentum Life offer joint life insurance?

Quick Life can be taken jointly, with each person a separate life insured. It is not a first-death-only policy. Funeral Insurance can cover up to four lives. Momentum does not offer one sum that ends at the first death.

Can both of us get Momentum cover if one of us is 70?

A 70-year-old is inside Funeral Insurance's entry ages (40 to 75) but outside Quick Life's (18 to 65). Entry age is a limit, not a promise that cover is issued.

Is a joint policy cheaper?

Not necessarily. We found no published joint price. Compare the total for the same sum insured on each structure.

References

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