How much does $150,000 life insurance cost in NZ?
No New Zealand insurer publishes a price list for $150,000 of life cover, and QuoteHub's Premium Index starts at $250,000. What moves the price is age, smoking and how cover is assessed. Momentum's Quick Life accepts $150,000 without health questions for ages 18 to 65, but excludes pre-existing conditions and suicide for the first 2 years.
In short
- Smoking and age move the price more than the amount does. At $250,000 a smoking man at 55 sits in a $225 to $350 monthly range against $90 to $180 for a non-smoker.
- A $150,000 sum is below the evidence thresholds that Chubb and Fidelity publish: an application form or personal statement is the minimum at every age, though a disclosed condition can trigger more.
- Quick Life's cover rises 3 percent each anniversary, so $150,000 taken out at 40 becomes about $422,000 by 75 if you accept every increase, and the premium rises with it.
- Nothing here is a quote. Your own price depends on underwriting.
What moves the price of $150,000 of life cover?
Four things, in this order: your age, whether you smoke, your health and the way the policy is built (stepped or level, indexed or not). The amount matters, but less than most people expect. In the Index, doubling the amount from $250,000 to $500,000 raised each insurer's price by between about 1.3 and 1.8 times, never double, from 173 matched comparisons (our analysis; the Index does not price below $250,000). The page on $100,000 cover explains the limits of that data and one insurer's published figure for a younger buyer.
Smoker and non-smoker reference ranges
Compared: AIA, Asteron Life, Chubb Life, Fidelity Life, Partners Life and Momentum Life (Quick Life), on indicative monthly cost for $250,000 of stepped life cover, as at 8 September 2026, from the insurers' published rate cards. These are $250,000 figures used as a reference for a smaller sum. Not every NZ insurer is included. This is one adviser's reading, not a score.
| Age | Man, non-smoker | Man, smoker | Woman, non-smoker | Woman, smoker |
|---|---|---|---|---|
| 35 | $20 to $60 | $40 to $90 | $15 to $45 | $25 to $60 |
| 45 | $35 to $90 | $80 to $150 | $30 to $70 | $50 to $110 |
| 55 | $90 to $180 | $225 to $350 | $70 to $140 | $150 to $250 |
| 65 | $350 to $550 | $600 to $1,050 | $225 to $400 | $350 to $725 |
Each cell is one rounded range across the insurers that priced the row, rounded outward (The QuoteHub Premium Index, September 2026; method on the methodology page). The ranges are wide because insurers price age differently and because the panel includes Momentum's guaranteed-acceptance Quick Life. A smaller sum than $250,000 would be expected to sit at or below the range, but the Index cannot say by how much.
Quitting smoking changes the price, but not at once. Fidelity and Chubb both want no tobacco and no nicotine replacement for 12 months before you apply as a non-smoker, and Momentum asks for 24 consecutive months. In the Index at $500,000, staying nicotine-free for 12 months before applying would cut the monthly cost by about 33 to 57 percent at most ages. Where you cannot say honestly that you have stopped, apply as a smoker: a wrong answer can cost you a claim.
How do underwritten policies compare with no-health-question cover at $150,000?
A fully underwritten policy asks about your health and may check records. Quick Life asks no health questions and restricts the first two years instead.
| Underwritten through an adviser | Momentum Quick Life | |
|---|---|---|
| Ages | Fidelity 16 to 75; Chubb 10 to 70 | 18 to 65 |
| Evidence at $150,000 | Application form (Fidelity) or personal statement (Chubb) is the published minimum at every age | No health questions or medical exam |
| Outcome | Standard, loaded, excluded, postponed or declined | Automatically accepted |
| First 2 years | Terms set by the insurer; suicide exclusion about 13 months at Fidelity and Chubb | Pre-existing conditions and suicide excluded |
| Premium shape | Stepped or level, depending on the insurer | Stepped to 75, then fixed |
Sources: Fidelity quick reference underwriting guide (October 2025), Chubb Life Essential Underwriting Guide (May 2025), Fidelity and Momentum's Quick Life wording. Both guides are for advisers and say they are guidelines. A healthy person can usually get more cover for less with fully underwritten cover through an adviser; a person who expects a decline or a heavy loading may find guaranteed acceptance the only route. Guaranteed acceptance is not the same as cover from day one.
Does Momentum Quick Life offer $150,000 without medical questions?
Yes. Quick Life covers $50,000 to $300,000 per person at the start, for ages 18 to 65, with no health questions or medical exam. Its limits:
- First 2 years. Death or terminal illness caused by a pre-existing condition is not paid, and nor is suicide or intentional self-harm; if a pre-existing condition causes a death in that time and no claim is payable, premiums are refunded. "Pre-existing" includes illness, symptoms or treatment in the 2 years before the start, symptoms even if undiagnosed, and named markers such as a BMI over 40, cholesterol over 7.0, very high blood pressure and complications of diabetes.
- After 2 years pre-existing conditions are covered except some specific conditions that can be permanently excluded in the policy schedule.
- Always excluded: alcohol or drug effects, war, terrorism, criminal activity, and dangerous jobs or pastimes listed in the wording, such as working 40 metres underwater or driving or riding faster than 130 km/h. These are not asked at application but matter at claim time.
- Terminal illness is covered where death is expected within 12 months.
- Residency: an NZ or Australian citizen, a permanent resident visa holder, or a work visa holder with 6 months or more in NZ.
What 3 percent indexation does to $150,000
Cover rises 3 percent each policy anniversary until 75 or a $500,000 cap per life insured, whichever comes first. You can opt out of any increase, and automatic increases do not restart the 2-year rule. The premium rises with the cover. This table is our arithmetic, assuming you accept every increase.
| Age at start | Anniversaries to 75 | Cover at 75, from $150,000 |
|---|---|---|
| 30 | 45 | $500,000 cap reached at about age 71 |
| 40 | 35 | About $422,000 |
| 50 | 25 | About $314,000 |
| 60 | 15 | About $234,000 |
At 75 indexation stops, premiums are fixed for life, and $20,000 of the benefit becomes free: you can elect a free $20,000 funeral benefit or continue Quick Life with the free component. Momentum publishes no Quick Life premium table, and we publish no Momentum premium. See the Quick Life page.
One policy each or one between two?
Quick Life can be applied for alone or jointly with a partner. Cover is per person: when one person is paid, the other stays covered, so it is not first-death-only. A $50 a year discount applies when a partner joins. Other insurers also cover each person as a separate life assured, often on one policy number. Two people each with $150,000 hold $300,000 of cover in total, and each decision about smoking, health and premiums is made separately. See joint life insurance.
Is $150,000 the right amount?
A quick worksheet, in order:
- Debts. Add what you owe that would not pass to someone else on your death. Debts in your name alone are paid from your estate; joint debts are different, so check with the lender.
- Funeral. FDANZ's 2026 report gives $11,700 for a full cremation funeral for 50 guests and $14,300 for a burial (FDANZ).
- Years of income for anyone who relies on you. Work and Income payments to a person who has died may continue for up to 28 days in some cases, then end (Work and Income).
- Take off savings and cover you already hold.
If the total is near $150,000, check the next amounts either side: $50,000, whether $100,000 is enough and $250,000. The how much cover you need guide goes further.
How to compare $150,000 quotes
Ask each insurer or adviser for the same amount, age, smoker status and structure. Ask for the price at 50 and 60 as well as today, since stepped premiums rise every year. Replacing cover is risky: the FMA says to keep the old policy running until the new one is in force and to watch for new qualifying periods and exclusions (FMA). Our guide to comparing quotes has a checklist.
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 a Momentum policy through our link; see how we are paid. Momentum Life Limited's A.M. Best financial strength rating is B (Fair), affirmed on 11 February 2026. Momentum's own table groups B in a "Vulnerable" range, and the rating is not a recommendation; see its financial strength page. The buttons on this page open Momentum's online application.
Frequently asked questions
How much is $150,000 of life insurance a month?
It depends on age, smoking and health. For reference, at $250,000 the Index shows a non-smoking man at 45 in a $35 to $90 range and a non-smoking woman in a $30 to $70 range. A smaller sum would be expected to sit at or below that.
Do I need a medical for $150,000?
Not as a published minimum at Chubb or Fidelity, which ask for a personal statement or application form at this size. A disclosed condition can lead to more.
Does stepped pricing make $150,000 expensive later?
Stepped premiums rise each year with age. The Index at $250,000 shows a non-smoking man's range moving from $35 to $90 at 45 to $350 to $550 at 65.
Can I skip Quick Life's 3 percent increase?
Yes. You can opt out in any year and stay eligible for later increases, and the premium rises with each increase you accept.
References
- QuoteHub Premium Index methodology is the source of the $250,000 reference ranges.
- Momentum Life: Quick Life Insurance Policy Wording (November 2025), retrieved 17 October 2026
- Momentum Life: Quick Life, retrieved 20 October 2026
- Momentum Life: Financial strength, retrieved 20 October 2026
- Fidelity Life: Quick reference underwriting guide (PDF, October 2025), retrieved 20 October 2026
- Fidelity Life: Life cover, retrieved 20 October 2026
- Chubb Life: Essential Underwriting Guide (PDF, May 2025), retrieved 20 October 2026
- FDANZ: 2026 New Zealand Funeral Industry Trends Report (PDF), retrieved 20 October 2026
- Work and Income: Payments when a client dies, retrieved 20 October 2026
- Financial Markets Authority: Insurance, retrieved 20 October 2026
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