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

Life insurance for New Zealand permanent residents

A permanent resident visa holder is named in the eligibility wording of both Momentum products: Quick Life and Funeral Insurance accept "New Zealanders", which includes citizens of New Zealand or Australia and holders of a New Zealand permanent resident visa. Quick Life's wording says the premium is updated each policy anniversary for changes in age, gender and smoking status, and does not mention residency. The grey area is a resident visa that is not yet a permanent resident visa: the wording does not name it.

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Life cover: Conditions you already have aren't covered for the first 2 years (premiums refunded instead). Suicide isn't covered for the first 2 years, and a few conditions can be excluded permanently.

Funeral cover: Only accidental death is covered for the first 2 years. Total premiums can add up to more than the cover, and it may not meet the whole cost of a funeral.

Insurer: Momentum Life Limited. Financial strength rating B (Fair) from AM Best, affirmed 11 February 2026; B ratings sit in AM Best's 'vulnerable' range. The rating scale is available for inspection at every Momentum Life office in New Zealand. What this means

Already have cover? Keep it. New cover won't pay for a condition you already have in its first 2 years.

Opens Momentum Life's online application; its guidance only covers eligibility. QuoteHub is a Momentum Life partner. Smiths Insurance & KiwiSaver may receive a commission if you buy. General information, not advice.

In short

Momentum's Quick Life (ages 18 to 65) and Funeral Insurance (ages 40 to 75) both treat a permanent resident visa holder who lives in New Zealand as a New Zealander. Age limits and the early-window rules apply to everyone.
"Permanent resident visa" and "resident visa" are two different visas at Immigration New Zealand. Momentum's definition names the first. It does not name the second, so ask before you apply.
Other insurers publish their own residency rules. Fidelity Life and Chubb Life both describe tests based on citizenship or permanent residence, summarised below.
Moving away changes things: Quick Life asks to be told if you will be outside New Zealand for more than 6 months, or working overseas for any period.

The two visas people confuse

Immigration New Zealand (INZ) treats these as separate steps. A Permanent Resident Visa lets you stay in New Zealand indefinitely and travel in and out indefinitely, as long as the visa is in a valid passport. To apply for one, you must have held a resident visa continuously for at least 2 years, and meet other tests including showing commitment to New Zealand (Immigration New Zealand: Permanent Resident Visa).

So a person who has just been granted residence usually holds a resident visa first, and a permanent resident visa only later. The insurer's wording is what counts, not everyday usage of "PR". In everyday speech "permanent resident" is often used for a resident visa holder too. For insurance, check which of the two visas you actually hold.

What Momentum's wordings say

Quick Life defines a New Zealander as someone who permanently resides in New Zealand and holds a New Zealand or Australian citizenship, a New Zealand permanent resident visa, or a temporary work visa and has been in New Zealand for 6 months or more (Quick Life Policy Wording, November 2025). Funeral Insurance requires the person to be resident in New Zealand at application and an NZ or Australian citizen, or a permanent resident visa holder, or in New Zealand continuously for at least 12 months on a valid temporary work visa (Funeral Insurance Policy Wording, 17 August 2023).

Neither definition lists a resident visa, a student visa, a visitor visa or a working holiday visa by name. That does not mean a person is refused. It means the wording does not tell you, and you should ask Momentum and keep the answer in writing.

Eligibility grid

This grid shows what the wordings say, not what any insurer will decide on your application. Age limits still apply.

Your status	Quick Life (18 to 65)	Funeral Insurance (40 to 75)
NZ or Australian citizen living in NZ	Named in the definition	Named in the definition
Permanent resident visa holder living in NZ	Named in the definition	Named in the definition
Resident visa (not yet permanent)	Not named; ask Momentum	Not named; ask Momentum
Temporary work visa	Named if in NZ for 6 months or more	Named if in NZ continuously for at least 12 months
Student, visitor or working holiday visa	Not named; ask Momentum	Not named; ask Momentum

For temporary work visa holders, see life insurance for work visa holders and funeral insurance for visa holders. For people newly arrived, insurance for new migrants covers the wider set of cover types.

Do permanent residents pay more or get less?

Nothing in the Quick Life wording ties the premium to residency. The wording says Momentum updates the premium each policy anniversary for changes in the life insured's age, gender or smoking status, and for the 3% benefit increase if you keep it; it can also change premiums for everyone on the same offer after a change in tax law or claims experience, with at least 30 days' written notice. The early-window rules are the same for every policyholder.

Quick Life: for the first 2 years, pre-existing conditions and suicide are excluded. If death is from a pre-existing condition in the first 24 months and no claim is payable, premiums are refunded. Cover is $50,000 to $300,000 per person.
Funeral Insurance: for the first 24 months only accidental death (within 90 days of the accident) is paid; any other death pays nothing and all premiums for that person are refunded. After that, death from any cause is paid. Benefits run from $3,000 to $30,000, and total premiums can end up larger than the benefit.

A healthy permanent resident can usually get more cover for less through fully underwritten cover via an adviser than through guaranteed acceptance. Guaranteed acceptance mainly suits people who would otherwise be declined or heavily loaded, or who want cover in place with no health questions.

Other insurers' residency tests

These come from underwriting guides that are publicly hosted, so treat them as process descriptions rather than promises:

Fidelity Life applies a residency exclusion for lump sum cover to anyone who is not a permanent resident or citizen (Fidelity Life underwriting guide, October 2025).
Chubb Life generally needs citizenship or permanent residence; for work visa holders it describes a visa of at least 24 months with 6 months left, plus an "Expiry of Visa Exclusion" (Chubb Life Essential Underwriting Guide, May 2025).

Neither guide explains how it treats a resident visa that is not permanent. A licensed adviser can ask each insurer directly.

If you leave New Zealand

A permanent resident can live overseas for a time, but your insurance has its own rules.

Quick Life provides worldwide cover, but asks you to tell Momentum in advance if you plan to be outside New Zealand for more than 6 months, or will work overseas for any period. If you do not, Momentum can decline cover while you are away, or cancel the policy altogether without refund. It can also apply specific conditions during your time abroad.
Funeral Insurance covers the person anywhere in the world, provided they were a New Zealander when the cover was issued.
The Quick Life definition also says a person "permanently resides" in New Zealand. If you plan to move home for good, ask Momentum what happens to the policy.

What to have ready

We found no published list of residency documents for either Momentum product, so we cannot say which documents are asked for. Have your visa details to hand so that what you enter matches your status exactly. Do not guess on a form: if it asks for a visa status that does not match yours, ask Momentum or an adviser first.

About the insurer and how we are paid

Momentum Life Limited has an A.M. Best Financial Strength Rating of B (Fair), which Momentum's own table places in its "Vulnerable" range, and a solvency ratio of 107% at 30 June 2026 (Momentum: Financial strength). The buttons on this page lead to Momentum's online quote; Funeral Insurance is open to ages 40 to 75 and Quick Life to 18 to 65. Compare with the guaranteed acceptance hub, Quick Life, Momentum Funeral Cover and the funeral insurance hub.

QuoteHub is a Momentum Life partner. Smiths Insurance & KiwiSaver may receive a commission if you buy through our link; see how we are paid. 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 personal advice.

Frequently asked questions

Can a permanent resident get Quick Life?

The wording names a New Zealand permanent resident visa holder who permanently resides in New Zealand. The age limit of 18 to 65 applies, as do the exclusions in the first 2 years.

Is a resident visa the same as a permanent resident visa?

No. Immigration New Zealand lists them separately, and a Permanent Resident Visa needs at least 2 years on a resident visa first. Momentum's wording names the permanent resident visa.

Do I have to tell the insurer if my visa status changes?

Check your policy wording. Quick Life requires notice for time overseas. We did not find a clause on visa changes in the two Momentum wordings; ask Momentum.

References

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
Immigration New Zealand: Permanent Resident Visa, retrieved 20 October 2026
Fidelity Life: Underwriting guide (October 2025), retrieved 20 October 2026
Chubb Life: Essential Underwriting Guide (May 2025), retrieved 20 October 2026