What is the maximum life insurance cover you can get in NZ?
New Zealand has no single legal cap on life cover. Fidelity Life and Chubb Life each publish "no maximum (subject to individual assessment)" for life cover, so the limit is set by underwriting, which tests the amount against your income, debts and age. Guaranteed-acceptance products have fixed limits. Momentum's Quick Life starts at up to $300,000 per person and a 3% yearly increase can lift that to a cap of $500,000 per person.
In short
- Underwritten limits depend on your finances. Fidelity's published guide gives an income multiple of 30 times for ages up to 35, falling to 8 times at 61 to 65.
- Financial evidence is asked for at higher sums: Fidelity above $2,500,000 and Chubb Life above $2,500,000.
- Quick Life's $300,000 is the starting maximum. The cap is $500,000 per life insured, reached only through indexation.
- At the other end, published starting amounts run from $10,000 for some products to $100,000 for others.
What sets the limit
On underwritten cover, the insurer asks whether the amount makes sense for your circumstances. That is called financial underwriting. Fidelity's guide describes its income table as "an indication of maximum levels of cover applicable to the applicant's income", and says applicable sums insured decrease as the applicant ages and their financial liabilities and responsibilities decrease (Fidelity Life: Underwriting guide, October 2025). The guide is written for advisers and is a guideline only: Fidelity reserves the right to ask for different information. Other insurers use their own rules and they change.
Multiples of income: one insurer's published table
Fidelity's guide gives these multiples of income for personal life cover. Treat them as one insurer's indication, not a rule across the market and not a promise of terms.
| Age | Life cover multiple of income |
|---|---|
| Up to 35 | 30 times |
| 36 to 45 | 20 times |
| 46 to 50 | 18 times |
| 51 to 55 | 15 times |
| 56 to 60 | 10 times |
| 61 to 65 | 8 times |
| Over 65 | Individual consideration |
Worked example, using only that table: a 40-year-old earning $100,000 sits in the 20 times band, an indication of up to $2,000,000. At 58 on the same income the band is 10 times, an indication of $1,000,000. Debts, dependants, assets and the purpose of the cover all change the real figure. A mortgage or business debt can justify more; existing savings can justify less.
We do not publish a market-wide multiples table, because we found no source for one. Check any multiple you see quoted elsewhere against the insurer's own document.
Published product limits
| Product | Published limit | Source note |
|---|---|---|
| Fidelity Life, life cover | No maximum (subject to individual assessment) | Fidelity guide, October 2025 |
| Chubb Life, Life Cover | No maximum (subject to individual assessment) | Chubb Life guide v8, May 2025 |
| AIA Living, Life Cover | Unlimited, per AIA's page | AIA |
| AIA Essentials (online) | $50,000 to $1,000,000 at ages 16 to 60; $50,000 to $500,000 at 61 to 70 | AIA |
| Golden Insurance | $10,000 to $250,000 depending on age and circumstances | Golden Insurance |
| Momentum Quick Life | $50,000 to $300,000 at start; 3% a year to a $500,000 cap per life insured | Quick Life wording |
When more evidence is asked for
Higher cover brings more paperwork before any health test.
- Fidelity Life requires a statement of advice or a financial questionnaire for life cover over $2,500,000, and full financials and a questionnaire over $5,000,000 for occupation class 1 (over $4,000,000 for classes 2 to 4).
- Chubb Life applies no financial requirements up to $2,500,000, a financial questionnaire (or an adviser's statement of advice) from above $2,500,000 to $3,000,000, and additional financial information above $3,000,000 (Chubb Life: Essential underwriting guide v8, May 2025).
- Medical evidence also rises with the amount. Both insurers need only an application form or personal statement up to $500,000. Above that, Chubb and Fidelity add a medical code from $500,001 at ages 61 and over, and from lower ages at higher sums. These are minimums, and a disclosed condition can trigger more.
Homemakers and non-earners
The value of unpaid work is hard to quantify, so both insurers cap it. Fidelity's maximum life cover for a homemaker is $2,000,000, with a financial questionnaire needed above $1,000,000. Chubb Life's is $1,500,000, and Chubb says higher levels may be available on a completed financial questionnaire covering dependants, the home mortgage and similar details. The same guides give maximum amounts for other benefits, such as $2,000,000 trauma and $5,000,000 for total and permanent disability at Fidelity, which it describes as industry-wide limits across all providers.
Quick Life: the $300,000 start and the $500,000 cap
Momentum's Quick Life accepts ages 18 to 65 and gives cover of $50,000 to $300,000 per life insured. The wording says "the maximum we'll pay for 1 person is $300,000 plus any automatic increases up to a total cap of $500,000" (Momentum Life: Quick Life wording, November 2025). The benefit rises 3% each policy anniversary until the person turns 75 or the cap is reached, whichever comes first, and the premium rises with it. You can opt out of an increase in any year and stay eligible for later ones. The limit applies across all of a person's Momentum policies.
Two cautions. First, $300,000 is the most you can buy at the start, not the most you can ever hold. Second, Momentum's own Quick Life page words the joint limit as "up to $500,000 total on a joint policy"; the wording sets the cap per life insured, so we follow the wording. Quick Life accepts without health questions, but in its first 2 years pre-existing conditions and suicide are excluded. A person with a large debt or family needs a higher figure will usually need underwritten cover through a licensed adviser; see life insurance cost at $300,000.
The lowest amount you can insure for
Starting amounts differ. Momentum's Quick Life starts at $50,000 and AIA Essentials at $50,000; Golden Insurance and NZ Seniors Life start at $10,000; OneChoice Life at $100,000; Booster's Super Simple Life Insurance, for Booster KiwiSaver members aged 18 to 50, at $20,000 (Booster). Funeral products start lower still: Momentum's Funeral Insurance (ages 40 to 75) pays a fixed benefit of $3,000 to $30,000, or three times that for an accidental death within 90 days of the accident. In its first 24 months it pays only for accidental death, and premiums are refunded for other deaths. A funeral benefit is not a life policy. For small-sum questions, see life insurance payout amounts.
Business cover and very large sums
Business owners can be covered for the value of the business or a key person. Fidelity's guide bases key person cover on gross profit and the share the person produces. See buy-sell agreement insurance. For $1,000,000 and above, see what $1 million of life insurance pays.
Where Momentum fits
Momentum Life Limited has an A.M. Best financial strength rating of B (Fair), in A.M. Best's "Vulnerable" range on Momentum's own scale; see its financial strength page. Quick Life suits people who want cover in place without health questions and whose needs fit within its limits. A healthy person can usually get more cover for less with fully underwritten cover through a licensed adviser. Read the Quick Life page and guaranteed acceptance. The buttons on this page open Momentum's own application.
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. Written by the QuoteHub Editorial Team from the sources below; last reviewed 20 October 2026.
Frequently asked questions
Is there a legal maximum for life insurance in NZ?
We found no statutory cap. Insurers set limits through underwriting, and Fidelity and Chubb Life publish no maximum for life cover.
Why would an insurer decline a very large amount?
Because the amount has to match a financial need. Insurers ask for income, debts and dependants, and for large sums they ask for financial evidence.
Can I hold more than $500,000 with Momentum?
Quick Life's cap is $500,000 per life insured, applied across your Momentum policies. For larger sums, ask a licensed adviser about underwritten cover.
References
- Fidelity Life: Underwriting guide (October 2025), retrieved 20 October 2026
- Chubb Life: Essential underwriting guide v8 (May 2025), retrieved 20 October 2026
- AIA New Zealand: Life insurance, retrieved 20 October 2026
- Golden Insurance: Life insurance, retrieved 20 October 2026
- Booster: Super Simple Life Insurance, retrieved 20 October 2026
- 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
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