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

Life insurance for high net worth individuals in NZ

High net worth life insurance is not a product class in New Zealand. It is simply large or complex life cover, used for debts, estate equalisation or business succession, and it is fully underwritten. Medical and financial evidence grows with the amount. Momentum's Quick Life, which asks no health questions, starts with a maximum of $300,000 and indexes to a cap of $500,000 per person, so it cannot carry a large estate need alone.

In short

Compared: Quick Life, Chubb Life's Assurance Extra and Fidelity Life, on maximum cover, entry age and evidence rules, as at 20 October 2026, from their published documents. Not every New Zealand insurer is included. This is one reading of public documents, not a score.

What counts as large cover, and what is it used for?

Large life cover is a sum insured big enough that the insurer asks for financial as well as medical evidence. Three uses come up most often.

Our page on estate planning and insurance covers the basics, and how much life insurance you need covers sizing.

Why guaranteed acceptance does not fit large needs

Quick Life's cover runs from $50,000 to $300,000 per life insured. Three percent a year is added until age 75 or a total cap of $500,000 per life insured, and the limit applies across all of a person's Momentum cover (Quick Life wording). It is open to ages 18 to 65, excludes pre-existing conditions and suicide for the first 2 years, and has permanent exclusions listed in the wording. It lets a family member own a policy only if they are a parent or sibling, with the life insured's consent, and does not list a trust as an owner. None of that stops it being a small layer of cover for some people, but it is not the tool for a multi-million-dollar need. Underwritten cover is.

Momentum Quick Life Chubb Life, Assurance Extra Fidelity Life
Maximum life cover $300,000, rising to $500,000 per person No maximum, subject to individual assessment Not stated on the pages we read
Entry age 18 to 65 10 to 70 16 to 75, no expiry age
Health evidence No health questions Rises with age and amount (below) Application form only up to $500,000 at every age band; a medical check from $500,001 at 61 and over

Sources: the Quick Life wording; the Chubb Life brochure and guide; Fidelity Life's life cover page and guide, all linked in the references.

How do insurers scale checks as the amount grows?

Chubb Life's guide is one published example. Requirements depend on the total sum insured with Chubb Life, including in-force and proposed cover.

Total life cover Aged 45 and under Aged 61 and over
Up to $500,000 Personal statement Personal statement
$500,001 to $2 million Personal statement Code A
$2,000,001 to $2.5 million Personal statement Code B
$2,500,001 to $3 million Code A Code B
$3,000,001 to $5 million Code B Code C
Over $5 million Code C Code C

Code A is a GP or paramedical exam (or the equivalent report) plus HbA1c, cholesterol and liver tests. Code B adds hepatitis B, a full blood count and kidney function. Code C adds hepatitis C and an exercise ECG or calcium score. The guide notes that disclosed conditions trigger more. On the financial side, Chubb Life states no financial requirements up to $2.5 million of life cover, a financial questionnaire above $2.5 million to $3.0 million (which an adviser's statement of advice can replace), and additional financial information above $3.0 million. Business cover can bring requests for a valuation, shareholder agreements, or reasons a person is key. The guide is written for advisers and is a guideline, not a promise.

Indicative monthly cost from insurers' published rate cards as at 8 September 2026, for $1,000,000 of life cover, non-smoker, occupation class 1, standard rates, stepped, as a range across the insurers that priced each row:

Age Man Woman
40 $70 to $80 $50 to $70
60 $550 to $650 $400 to $475
65 $1,125 to $1,275 $725 to $850

Your own premium depends on underwriting. See the Premium Index and methodology. Larger amounts are not priced there, so we do not extrapolate.

Ownership: personal, company or trust

Who owns the policy decides who controls it, who receives the money and how it is treated for tax and on death. The choices are personal ownership, ownership by a company, or ownership by a trust. We do not give the consequences, because we have no sourced position on tax or probate treatment of trust- or company-owned policies, and they differ by case. What we can say from sources is narrower:

Corporate policy ownership and any fringe benefit or income tax treatment need review by a qualified accountant.

An illustrative estate equalisation example

The numbers below are invented and round. They are not a recommendation or a typical case.

A farming couple own a farm worth $6 million and other assets worth $1 million. One adult child works the farm and will take it on. Two other adult children do not. The couple would like each of the two to receive $2 million, which is their choice, not a legal rule. That needs $4 million. The other assets provide $1 million. The gap is $3 million. One way families close such a gap is a life policy for $3 million whose proceeds go to the non-farming children, so the farm need not be sold. That is the whole idea.

What the example leaves out matters more. Who owns the policy and who is the beneficiary decide whether the proceeds sit in the estate. A will is still needed: without one, the intestacy rules in section 77 of the Administration Act 1969 set the shares, and with one, family members can still apply under the Family Protection Act 1955 if adequate provision for proper maintenance and support has not been made (Administration Act, Family Protection Act). Premiums for such a policy rise with age, as the table above shows, and the cover must remain in force until death. A lawyer should draft the will and any trust, and an accountant should review the tax. See making a will.

How to approach advice on a large policy

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 tax, legal or personal 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 Life Limited has an A.M. Best rating of B (Fair), in A.M. Best's "Vulnerable" range (Momentum's financial strength page). For Momentum's limits see the Quick Life page. Last reviewed 20 October 2026. Compare other ideas in $1 million life insurance payouts, whether life insurance is an asset or investment, and use the funeral cover amount calculator for the smaller funeral-sized need.

Frequently asked questions

Is there a maximum life insurance amount in NZ?

It depends on the insurer. Chubb Life states no maximum, subject to individual assessment. Quick Life's starting maximum is $300,000, and indexation lifts it to a cap of $500,000 per person.

Does large cover need a medical?

Usually more evidence is asked as the amount and age rise. Chubb Life's guide moves from a personal statement to exams and tests above set amounts.

Can a trust own my policy?

Often yes with underwritten cover, but the insurer must agree and the legal and tax effects need advice. Quick Life's wording does not list a trust as an owner.

References

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