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

$300,000 life insurance cost in NZ and how Quick Life's cap works

QuoteHub has not priced $300,000 of life cover, so there is no dollar figure here. What can be said is what $300,000 means in the product most people searching for it end up looking at. It is the most Momentum's Quick Life will start at for a person aged 18 to 65, with no health questions. Cover then rises 3 percent a year until 75 or a $500,000 cap. Pre-existing conditions and suicide are excluded for the first 2 years.

In short

What $300,000 means under Quick Life

Quick Life is Momentum Life's guaranteed-acceptance life cover, issued by Momentum Life Limited. The wording sets the maximum it will pay for one person at $300,000 plus automatic increases, up to a total cap of $500,000. If a person holds more than one Momentum policy, the limit applies to their cover combined, and a claim over it is reduced.

That makes $300,000 the top of the range you can choose on day one. The lowest is $50,000. Neither end needs health questions or a medical exam, and acceptance is guaranteed because none are asked. The trade is the first 2 years: pre-existing conditions and suicide are excluded, and premiums are refunded if death is from a pre-existing condition in the first 24 months and no claim is payable. Pre-existing is defined broadly, including symptoms noticed but undiagnosed in the 2 years before the policy started, and it names a BMI over 40, cholesterol over 7.0, very high blood pressure and complications related to diabetes.

How the 3 percent increase works

The wording says the life benefit increases automatically by 3 percent each policy anniversary, up to $500,000 for each life insured, until the person turns 75. Momentum sends an updated schedule with the new benefit and premium before each anniversary. Skipping one year keeps you eligible for later increases. Automatic increases do not restart the 2-year exclusion, though a voluntary increase can restart it on the increased portion.

The wording gives no worked example. This is our arithmetic, assuming each increase is 3 percent of the current benefit, no skipped years and no change at renewal:

Age at start Increases up to 75 (about) What happens to the benefit
30 about 45 $500,000 cap reached at about age 48
45 about 30 $500,000 cap reached at about age 63
55 about 20 $500,000 cap reached at about age 73
65 about 10 about $390,000 to $405,000 at 75, short of the cap

Two points follow. First, someone who starts at $300,000 at 65 will not reach $500,000, because indexation stops at 75. Second, the premium is recalculated on the larger benefit, so the cost rises for two reasons at once: age and amount. Momentum's wording says premiums "generally increase each year as you get older" and increase slightly if you keep the 3 percent increase. At 75 the premium becomes fixed, and $20,000 of the benefit becomes free: the owner can elect a free $20,000 funeral benefit or continue Quick Life with the free component.

The nearest priced amounts

The Premium Index has no $300,000 rows. It has $250,000, which includes Quick Life, and $500,000, which does not, because Quick Life starts no higher than $300,000. The figures below are rounded monthly ranges for a non-smoker from the Index, as at 8 September 2026, stepped, occupation class 1, standard rates.

Age $250,000 man $500,000 man $250,000 woman $500,000 woman
35 $20 to $60 $30 to $40 $15 to $45 $25 to $35
45 $35 to $90 $50 to $70 $30 to $70 $50 to $60
55 $90 to $180 $170 to $200 $70 to $140 $130 to $160

For the same person with the same insurer, a $300,000 premium would normally be expected to sit between that insurer's $250,000 and $500,000 premiums, but we have not priced it. We do not turn that into a range, because Quick Life is not priced at $500,000 and the panels differ. The full tables are on the $250,000 cost page and the $500,000 cost page. For context see how much life insurance costs in NZ.

Underwritten or guaranteed acceptance at $300,000

Underwritten cover means the insurer assesses your health before it agrees terms. A healthy person can usually get more cover for less with fully underwritten cover through an adviser. Chubb Life's underwriting guide asks for only a personal statement up to $500,000 at every age band, and Fidelity Life's guide only an application form, though anything you disclose can lead to more questions or tests (Chubb; Fidelity). The price of underwriting is disclosure: IFSO case notes show insurers avoiding or reducing claims where material information was missed (IFSO).

Quick Life is not available to someone diagnosed with a terminal illness or in palliative or hospice care at application, per Momentum's own site. Guaranteed acceptance suits people who expect to be declined or heavily loaded elsewhere, or who want cover in place without answering questions. Read how guaranteed acceptance works and our guaranteed acceptance hub before choosing.

What Quick Life does not pay for

Apart from the first 2 years, some deaths are always excluded: from alcohol or drug effects (unless a registered NZ doctor prescribed the drug and it was taken as directed), war, terrorism, criminal activity, and dangerous jobs or pastimes listed in the wording, such as handling explosives or weapons, working 40 metres underwater, driving or riding faster than 130 km/h, professional sport and active armed-forces duty. Occupation and pastime are not asked at application, so these matter at claim time. Read the Quick Life plan page and the wording itself.

Momentum Life Limited has an A.M. Best financial strength rating of B (Fair), affirmed on 11 February 2026, a range A.M. Best calls vulnerable (Momentum: financial strength). A life policy can run for decades, so weigh the insurer's strength alongside price.

Is $300,000 enough?

Against the average new mortgage of $377,569 in June 2026, on Reserve Bank data reported by NZ Adviser, $300,000 covers about four-fifths of the loan, with nothing left for income or children. Where the need is larger than $300,000, Quick Life cannot meet it on its own at the start. Use the life insurance calculator to size the figure, or see the $200,000 cost page for a smaller amount.

Compared: Momentum's Quick Life wording and the six-insurer Premium Index, on starting limits, indexation and the nearest priced amounts, as at 8 September 2026 (prices) and 20 October 2026 (terms). Not every NZ insurer is included. This is one adviser team's reading, not a score.

Financial advice is provided by Craig Smith Business Services Limited, trading as Smiths Insurance & KiwiSaver, a licensed Financial Advice Provider (FSP712931). This page 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 our disclosure and how we are paid. The buttons on this page lead to Momentum's own application.

Frequently asked questions

Is $300,000 the maximum Quick Life cover?

It is the maximum starting cover per person. Automatic 3 percent increases can take it to a cap of $500,000 per life insured, and they stop when the person turns 75.

Can I choose not to take the yearly increase?

Yes. Tell Momentum and you skip that year's increase and remain eligible for later ones.

Does indexation restart the 2-year exclusion?

Automatic increases do not. Cancelling and rejoining, reinstating, or asking for a higher amount can.

References

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