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

How much does $1 million life insurance cost in NZ?

Insurers' rate cards put $1 million of stepped life cover for a healthy non-smoker aged 40 at about $70 to $80 a month for a man and $50 to $70 for a woman, rising to $1,125 to $1,275 for a man at 65. These are ranges across five insurers as at 8 September 2026. Your own price depends on underwriting.

In short

What does $1 million of life cover cost per month?

Compared: AIA, Asteron Life, Chubb Life, Fidelity Life and Partners Life, on indicative monthly cost for $1,000,000 of life cover, as at 8 September 2026, from the insurers' published rate cards. Not every NZ insurer is included, and Momentum is not in this table because it priced life cover at $250,000 only. This is one adviser's reading, not a score. Each cell is one rounded range across the insurers that priced the row, rounded outward, and no cell names an insurer.

Age Man, non-smoker Woman, non-smoker Man, smoker Woman, smoker
30 $50 to $70 $35 to $45 $100 to $130 $60 to $80
40 $70 to $80 $50 to $70 $160 to $190 $110 to $140
50 $170 to $200 $140 to $170 $375 to $475 $275 to $350
60 $550 to $650 $400 to $475 $1,225 to $1,425 $800 to $925
65 $1,125 to $1,275 $725 to $850 $2,025 to $2,575 $1,175 to $1,525

Source: The QuoteHub Premium Index, September 2026, built from rate cards published by AIA, Asteron Life, Chubb Life, Fidelity Life and Partners Life. The method is on the methodology page. The figures are not a quote, and they are not a forecast: insurers can change their rates.

What drives a $1 million premium?

Age. A man's range at 40 is $70 to $80 and at 65 is $1,125 to $1,275. Stepped premiums re-price every year, so a $1 million policy held from 40 passes through the $170 to $200 range at 50 and the $550 to $650 range at 60, if rate cards stay as they are today.

Smoking. At 45 the Index shows a smoking man at $225 to $300 against $100 to $120 for a non-smoking man. Fidelity and Chubb both want no tobacco and no nicotine replacement for 12 months before you apply as a non-smoker, and Chubb says cannabis smoked more than once a week can add a loading. Momentum's rule is 24 consecutive months.

Sex. Women's ranges sit below men's at every age in the table.

Health and build. The Index prices standard rates only. Underwriters can add a loading, exclude a condition or postpone cover, and Asteron says it can do this by adding a stand-down period, raising the premium or excluding a condition for a set time (Asteron).

Occupation. Only class 1 is priced here. Chubb rates a person with two occupations on the more hazardous one.

Stepped or level premiums at $1 million

Every figure above is stepped. Fidelity describes its Yearly Renewable Term as rising each year with age, and its Level Term as starting "a bit higher" and staying the same for the term (Fidelity). The Index does not price level premiums, so this page gives no level comparison. The Financial Markets Authority warns that cover that is cheaper at first can cost more over time (FMA). IFSO published a case where a policy "level to age 80" converted to a rising rate at 80 and the monthly premium went from $49 to $190; the complaint was not upheld (IFSO). Read stepped versus level premiums before you choose a structure for a seven-figure sum.

What underwriting does a $1 million policy involve?

Both Chubb and Fidelity publish medical evidence grids. Both are guidelines, written for advisers, and both say individual consideration applies. The grid works on the total sum insured with that insurer, including cover you already hold.

Age Chubb Life: $750,001 to $1,000,000 Fidelity: $750,001 to $1,000,000 Chubb: $1,000,001 to $1,500,000 Fidelity: $1,000,001 to $1,500,000
Up to 45 Personal statement Application form Personal statement Application form
46 to 50 Personal statement Application form Personal statement Application form
51 to 60 Personal statement Application form Code A Code A
61 and over Code A Code A Code A Code A

Sources: Chubb Life Essential Underwriting Guide, May 2025 and Fidelity Life Quick reference underwriting guide, October 2025, both read 20 October 2026. Fidelity's guide is marked for adviser use but is publicly hosted, so treat it as a description of process, not a promise.

What the codes mean: Chubb's Code A is a GP medical or paramedical exam, or a personal medical attendant report, plus HbA1c, lipids and liver function tests. Fidelity's Code A is a GP medical or paramedical plus the same three blood tests. These are minimums. If you disclose a condition, the underwriter can ask for more. Build matters too: Chubb says a BMI of 37 or above needs a build exam plus HbA1c, lipids and liver tests, and Fidelity asks for a Code A at 37 or above.

Does a $1 million policy need proof of income?

It is easy to assume seven-figure cover always needs proof of income. The published guides are more specific. Chubb's guide says Life Cover up to $2.5 million has no financial requirements, with a financial questionnaire from above $2.5 million and up to $3.0 million, and further information above that. Fidelity says financial evidence (a statement of advice or a financial questionnaire) is required where lump sum cover passes $2.5 million, but it also publishes an indicative ceiling in multiples of income.

Age Fidelity life cover multiple of income Income at which $1,000,000 sits inside that multiple
Up to 35 30 times About $33,300
36 to 45 20 times $50,000
46 to 50 18 times About $55,600
51 to 55 15 times About $66,700
56 to 60 10 times $100,000
61 to 65 8 times $125,000

The right-hand column is our arithmetic ($1,000,000 divided by the multiple). Fidelity describes the multiples as an indication, says sums fall as the applicant ages and responsibilities fall, and asks for a statement of advice or supporting documents if the amount is above them. Over 65 it is individual consideration. Other insurers' multiples were not found.

Can you get $1 million without a medical?

Not as guaranteed acceptance. Quick Life covers $50,000 to $300,000 per person to start, indexed by 3% a year to age 75 or a $500,000 cap per life insured, and it excludes pre-existing conditions and suicide for the first 2 years. That is why this page has no Momentum price for $1 million. If you want a figure for the largest amount Quick Life covers, our $500,000 life insurance page shows the Index ranges at that amount.

Getting $1 million of cover with an adviser

  1. List what the sum is for: debts, years of income, children's costs. Our guide to a $1 million payout shows how a seven-figure sum is used.
  2. Have your health history and any existing cover ready. Read about medical exams and blood tests.
  3. Ask an adviser to quote the same amount, age and smoker status from several insurers, as explained in how to compare quotes.
  4. Answer every question completely. IFSO case notes show insurers avoiding or reducing claims for non-disclosure (IFSO). A new law, the Contracts of Insurance Act 2024, changes this from 15 November 2027 (not yet in force).
  5. Ask how the adviser is paid. The FMA says most insurance advisers receive commission from the insurer, built into the premium (FMA).

Who is behind this page

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 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. Momentum's Quick Life, issued by Momentum Life Limited, is for amounts up to $300,000 to start, and Momentum's A.M. Best rating is B (Fair), affirmed on 11 February 2026; see its financial strength page. For smaller amounts, the buttons on this page open Momentum's online application, and the Quick Life page has the rules.

Frequently asked questions

How much does $1 million of life insurance cost per month at 30?

In the September 2026 Index, a non-smoking man at 30 is in a $50 to $70 range and a non-smoking woman in a $35 to $45 range. A smoker is in a $100 to $130 range for a man and $60 to $80 for a woman.

Do I need a medical for $1 million of cover?

Chubb and Fidelity publish that up to age 60 a personal statement or application form is the minimum at $1 million, and from 61 a Code A medical. Declared conditions can trigger more.

Is $1 million of life cover enough?

It depends on debts, income and dependants. Our guide to a $1 million payout and how much cover you need work through it.

Are these prices what I would pay?

No. They are indicative ranges at standard rates. Your own premium depends on underwriting.

References

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