Kiwibank life insurance: provider and policy checks
Kiwibank does not underwrite life insurance. Its Life and Living Insurance is issued and underwritten by nib nz limited, which Kiwibank says is "the only organisation responsible for claims". Kiwibank refers customers to nib and nib pays Kiwibank fees for those referrals. Whichever cover you choose, the policy includes a complimentary $15,000 funeral expenses payment on death or terminal illness. nib is rated A (Strong) by S&P Global.
In short
- Kiwibank is the referrer. nib nz limited is the insurer, is solely responsible for claims, and provides financial advice on its own behalf, not Kiwibank's (Kiwibank).
- The cover is not guaranteed acceptance. nib's wording says it relies on what you tell it, may add special terms to the schedule, and can cancel or avoid a policy for incorrect or incomplete information.
- The wording we read does not mention Kiwibank or a bank account, and it lists the ways cover ends. Closing a Kiwibank account is not one of them, but you still need to keep paying premiums.
- Older Kiwibank policies bought before 30 April 2022 follow an older policy document, so check which you hold.
Who underwrites Kiwibank life insurance?
Kiwibank's insurance page names nib: "nib nz limited is the only organisation responsible for claims under the cover", and "nib nz limited pays fees to Kiwibank Limited for Kiwibank's referral of customers to nib nz limited" (Kiwibank, retrieved 20 October 2026). nib says it has partnered with Kiwibank since 2022, and that "nib nz limited issues and underwrites Life & Living Insurance products" (nib, retrieved 20 October 2026).
The 2022 date matters. nib bought Kiwi Insurance Limited in 2022, which gave it a suite of life and living covers alongside its health insurance (nib: About us). The Commerce Commission noted in its personal banking market study that "ANZ, BNZ, Westpac and Kiwibank have sold their insurance business over the past 5 years" (Commerce Commission, 20 August 2024). Banks now arrange or refer third-party cover; see our comparison of bank and broker cover and the BNZ page.
nib nz limited holds an A (Strong) financial strength rating from S&P Global Ratings Australia, which nib publishes on its financial advice and strength page. S&P's scale reads AAA Extremely Strong, AA Very Strong, A Strong, BBB Good. Agencies use different scales, so a letter at one agency is not interchangeable with the same letter at another.
What cover does Kiwibank offer?
You choose life cover, or you choose any of the living covers, or combine them (Kiwibank):
| Cover | What it pays |
|---|---|
| Life cover | A lump sum on death, or if you are terminally ill and expected to die within 12 months |
| Serious Illness Trauma | A lump sum on diagnosis of a defined condition, such as severe cancer or a severe heart attack |
| Income Protection Illness | A monthly amount if you cannot work because of illness |
| Redundancy (with Income Protection) | A monthly amount for up to six months; the wording makes it available only with Income Protection Illness, and Kiwibank's page does not list it |
| Funeral Expenses | $15,000, complimentary with whichever cover you choose |
The sums above come from nib's Life & Living wording (nib wording, retrieved 20 October 2026). Details worth knowing:
- The funeral expenses payment is a single $15,000 and nib does not automatically increase it. It ends when a death or terminal illness claim or funeral expenses claim is paid, or when other cover ends. The wording says it is not payable for intentional self-harm within 13 months of the start. If a Life cover claim is later declined, or the policy avoided, you or the estate must repay it within 30 days of being asked. This is a payment towards costs, not a funeral insurance product.
- Premiums "usually increase each year" as the person insured ages, and nib can change premium rates on at least 60 days' notice.
- Cover increases automatically each year by between 1% and 7%, guided by the Consumer Price Index, with no health questions. For Life cover, that stops once the person insured reaches 65.
- Ages. Neither Kiwibank's page nor the wording gives a single entry age. The wording says to add or increase cover the person insured must be 18 to 70 for Life cover and 18 to 60 for the living covers. Life cover ends on the anniversary after the person insured turns 100.
How does underwriting work?
Kiwibank's page does not describe health questions. nib's wording shows an underwritten product: nib relies on what you tell it "when deciding whether we can provide or increase your cover, and the pricing and terms of your cover". It may add special terms to the schedule, and it can cancel or avoid a policy, or decline a claim, if you give incorrect or incomplete information or leave out information it would have considered. That is why accurate answers matter (our non-disclosure guide). A person with a serious health history may find it easier to start with a no-medical option, but those carry their own limits, covered below.
What happens if you switch banks?
This is the most common worry, and the answer needs care. The nib wording and pages we read do not make cover depend on holding a Kiwibank account, and the wording lists the ways cover ends: you or nib cancelling, a claim being paid, the age limits, and cancellation for unpaid premiums (nib can cancel if you are behind on two or more payment dates in a row). Kiwibank's name does not appear in the wording we read.
What can go wrong is practical. If premiums are paid by direct debit from an account you close, the next payments fail. Update the payment details with nib before you close anything, and confirm in writing. If you are unsure whether your own policy was sold on different terms, call nib. Cover sold before 30 April 2022 follows an older policy document, per Kiwibank's page.
Do not confuse this with bank loan insurance. Kiwibank says it no longer offers Home Loan Insurance and sends existing holders to nib for claims and changes (Kiwibank, retrieved 20 October 2026). Our home loan life insurance guide explains the difference.
How do you claim, and who do you complain to?
Phone nib on 0800 555 642 as soon as possible, and notify any claim within six months of when you became entitled to claim. nib may ask for medical information and says it will pay extra costs if it needs further medical evidence (nib wording). If a complaint is not resolved, the Insurance & Financial Services Ombudsman (IFSO) Scheme is free on 0800 888 202.
When to look at another option
nib says the products its own representatives can advise on may vary, and that you should consult an independent financial adviser if you need to compare nib with other insurers (nib: Financial advice). A licensed adviser can quote the same cover across insurers.
If you need cover with no health questions, Momentum Life's Quick Life, issued by Momentum Life Limited, accepts New Zealanders aged 18 to 65 for $50,000 to $300,000. For the first 2 years it excludes pre-existing conditions and suicide. Momentum Life holds a B (Fair) rating from A.M. Best, shown on its financial strength page; our Quick Life page has the plan facts.
If your goal is funeral money, Momentum's Funeral Insurance takes ages 40 to 75 with no health questions and pays a fixed $3,000 to $30,000 towards costs. It pays only for accidental death in the first 24 months, with premiums refunded for another cause, and total premiums can exceed the benefit. See the funeral insurance hub. The buttons on this page go to Momentum Life's own application.
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 on Momentum products; see how we are paid.
Frequently asked questions
Does Kiwibank underwrite its own life insurance?
No. nib nz limited issues and underwrites it, and Kiwibank receives referral fees from nib.
Does Kiwibank life insurance include funeral cover?
It includes a complimentary Funeral Expenses payment of $15,000, whichever cover you choose, as a payment on death or terminal illness. It is not a separate funeral insurance policy.
Can I keep the policy if I leave Kiwibank?
The wording we read does not tie cover to a Kiwibank account. Keep paying premiums, update your payment details, and confirm with nib.
Who do I contact to claim?
nib, on 0800 555 642, not Kiwibank.
References
- Kiwibank: Life and Living Insurance, retrieved 20 October 2026
- nib: Life and living insurance, retrieved 20 October 2026
- nib: Life & Living Insurance Cover wording (PDF), retrieved 20 October 2026
- nib: Financial advice and strength, retrieved 20 October 2026
- nib: About nib, retrieved 20 October 2026
- Kiwibank: Products no longer offered, retrieved 20 October 2026
- Commerce Commission: Personal banking services market study, retrieved 19 August 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
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Explore related pages: Life Insurance, Income Protection, Health Insurance, Trauma Insurance, How Were Paid.