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

Life insurance options over 55

New Zealanders over 55 can still choose between fully underwritten life cover, assessed on your health, and guaranteed-acceptance cover with no health questions. Momentum Life's Quick Life takes ages 18 to 65 for $50,000 to $300,000, and its Funeral Insurance takes ages 40 to 75 for $3,000 to $30,000. A healthy person can usually get more cover for less with underwritten cover through an adviser; guaranteed acceptance suits people who would be declined or loaded elsewhere.

In short

What is open at 55

Product Published entry age How you are assessed
AIA Living, Life Cover 10 to 70 Full underwriting
Chubb, Assurance Extra Life Cover 10 to 70 (55 for "level to 65", 60 for "level to 70") Full underwriting
Fidelity Life, life cover 16 to 75, no expiry age Full underwriting
NZ Seniors Life 45 to 79 Eight health questions by phone
Golden Insurance 40 to 80 Health and lifestyle questions
Momentum Life, Quick Life 18 to 65 No health questions
Momentum Life, Funeral Insurance 40 to 75 No health questions

Read from the insurers' own pages between 17 and 20 October 2026; references are listed below. An entry age is a limit, not an offer. Chubb's "level to 65" option has a maximum entry age of 55, so 55 is the last year you can start that structure with Chubb (Chubb brochure).

Underwritten, Quick Life and Funeral Insurance side by side

Underwritten term cover (via an adviser) Quick Life Funeral Insurance
Entry age AIA, Chubb to 70; Fidelity to 75 18 to 65 40 to 75
Health questions Yes; records and tests are possible None None
Cover amount AIA and Chubb publish no maximum sum for life cover $50,000 to $300,000, rising 3% a year to 75 or $500,000 $3,000 to $30,000 (accident pays triple)
Early-death rule Disclosed conditions can be excluded, loaded or postponed; Fidelity and Chubb exclude suicide for 13 months First 2 years: pre-existing conditions and suicide excluded First 24 months: accidental death only; premiums refunded for any other death
Premium shape Stepped or level options Stepped to 75, then fixed Level to the 89th birthday, then none
Terminal illness Check the wording Yes, expected to lead to death within 12 months No
Cover expires AIA, Chubb: no expiry; Fidelity: no expiry age When benefit is paid; cover continues for life after 75 Cover continues for life

Sources: Momentum Quick Life wording, Momentum Funeral Insurance wording, Fidelity, the Chubb brochure above, AIA. Suicide-exclusion periods for AIA, Asteron and Partners Life were not confirmed.

Underwritten cover after 55

Underwritten cover means the insurer asks about your health, history and lifestyle and sets terms for you. Asteron says it can often still offer cover with an existing condition by adding a stand-down, raising the premium, or excluding the condition permanently or for a set time (Asteron). Chubb publishes that for cover up to $500,000 it needs only a personal statement at every age band, and that from $500,001 at 61 and over it adds a GP medical or paramedical and blood tests (Chubb underwriting guide). Those are minimums: if you disclose a condition, expect more questions.

Nobody can promise the result of an application in advance, and an adviser cannot make an insurer accept you. What an adviser can do is ask several insurers, explain the health questions and compare the terms offered. Answer every question completely. IFSO case notes show insurers avoiding or reducing claims for non-disclosure (IFSO).

Quick Life over 55: what you get and what you wait for

Quick Life is Momentum's guaranteed-acceptance life cover. There are no health questions or medical, and the cover runs from $50,000 to $300,000, with a 3% indexation each anniversary until 75 or a $500,000 cap per person. It pays on accidental death, death from any cause after the first 2 years, and terminal illness. Momentum's own site says it is not available to applicants diagnosed with a terminal illness or in palliative or hospice care.

The catch is the first two years. Pre-existing conditions and suicide are excluded for 2 years, and the wording counts as pre-existing any illness, condition or symptoms in the 2 years before the start, including treatment or advice, even if undiagnosed. It names very high blood pressure, cholesterol over 7.0, a BMI over 40 and complications related to diabetes. If a person dies of a pre-existing condition in the first 24 months and no claim is payable, premiums are refunded. Deaths from alcohol or drugs, war, terrorism, criminal activity and listed dangerous jobs or pastimes are always excluded. Over 55 many people have something that counts, so read our guide to the two-year exclusion before applying. See Quick Life.

Funeral Insurance over 55

Momentum Funeral Insurance pays a benefit of $3,000 to $30,000 towards costs, with no health questions. Premiums are level and fixed each year until the 89th birthday, then end, with cover continuing for life. They can change for everyone on the same offer on 30 days' notice, for a change in tax or other law or claims experience. In the first 24 months a benefit is paid only for accidental death, within 90 days of the accident. For any other death in that window, no benefit is paid and all premiums for that person are refunded.

Total premiums can end up larger than the benefit, and the benefit may not cover the whole funeral. Weigh the benefit against what a funeral costs in your area; our funeral cost guide gives sourced figures. See Funeral Insurance and how funeral cover works.

How cost behaves from 50 to 65

QuoteHub's Premium Index shows indicative monthly cost from insurers' published rate cards as at 8 September 2026, for stepped cover, class 1 occupation, standard rates, non-smoker; your own premium depends on underwriting. It prices in five-year steps, so 50 and 60 bracket 55.

Cover and age Man Woman
$500,000 at 50 $90 to $120 $80 to $100
$500,000 at 60 $300 to $375 $225 to $275
$250,000 at 60 (includes Momentum Quick Life) $170 to $325 $130 to $250

Each range is across the insurers that priced it, rounded outward. Momentum is in the $250,000 panel only, so the $500,000 rows do not include it. The point of the table is the slope: the $500,000 cost more than doubles between 50 and 60. See the Premium Index and its method. For how to cut cost, read cheapest life insurance for seniors.

Stepped or level, at 55

Stepped premiums start lower and rise each year with age; level premiums start higher and stay fixed for a period. Fidelity's Yearly Renewable Term rises each year, while its Level Term starts "a bit higher" and stays the same for the term (Fidelity). AIA offers Rate for Age or Level for 10 years, to 65 or to 80, after which the premium converts to Rate for Age (AIA umbrella wording). A conversion can bite: in one IFSO case a policy "level to age 80" converted at 80 and the premium went from $49 to $190 a month; the complaint was not upheld (IFSO).

Quick Life is stepped to 75 and fixed from then. Funeral Insurance is level to 89. The FMA warns that cover which is cheaper at first can cost more over time (FMA). If you replace a policy, keep the old one running until the new one is in force and watch for new waiting periods and exclusions.

A short checklist

  1. List who relies on your income and any debt in your name.
  2. Decide what you want cover to do: replace income, clear a mortgage, or contribute to a funeral.
  3. If you are healthy, ask an adviser to price underwritten cover first.
  4. If you may be declined or loaded, compare the guaranteed-acceptance options and their early-death windows.
  5. Read the exclusions, not just the benefit.

Momentum Life, the rating and how we are paid

Momentum Life's A.M. Best financial strength rating is B (Fair), in Momentum's own "Vulnerable" range, and its solvency ratio was 107% at 30 June 2026 (Momentum Life: Financial strength). Advice is provided by Craig Smith Business Services Limited, trading as Smiths Insurance & KiwiSaver, a licensed Financial Advice Provider (FSP712931). QuoteHub is a Momentum Life partner, and Smiths Insurance & KiwiSaver may receive a commission on Momentum products; see how we are paid. The buttons on this page lead to Momentum's own application. Compare the age bands on either side of this one: life insurance over 60 and life insurance over 75. For the no-health-question options generally, see the guaranteed acceptance guide.

Frequently asked questions

Can I get life insurance at 55 without a medical?

Yes. Quick Life and Funeral Insurance ask no health questions and need no medical. Underwritten cover up to $500,000 can also need only a personal statement at some insurers, but disclosed conditions can lead to more.

Is life insurance worth it at 55?

It depends on who relies on you and what you owe. If no one does and you can pay for a funeral from savings, cover may be optional.

What happens at 65 and 75 with Momentum?

Quick Life takes no new applicants over 65, and premiums become fixed at 75, when $20,000 of the benefit becomes free. Funeral Insurance takes no new applicants over 75.

References

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