Partners Life Review NZ: Life, Health & Income Protection Compared
By QuoteHub Editorial Team · Updated 2026-02-25
Partners Life Review NZ: Life, Health & [Income Protection](/income-protection) Compared
Partners Life has emerged as one of the most respected names in New Zealand life insurance since its founding in 2011. In a market dominated by global subsidiaries with decades of local history, Partners Life built its reputation rapidly - through competitive products, transparent claims reporting, and a consistent focus on the adviser-client relationship.
Backed by Dai-ichi Life, one of the world's largest life insurance groups, Partners Life combines the financial strength of a global parent with the agility and market focus of a New Zealand-specialist operation. The company's A.M. Best rating of A (Excellent) reflects this combination of scale and operational quality.
But reputation alone does not determine whether an insurer is right for your situation. This review examines Partners Life's product range across life, health, and income protection, analyses their claims performance, compares their offering to key competitors, and identifies who Partners Life is best suited for - and who may be better served elsewhere.
Financial Strength and Claims Performance
Partners Life's financial position is anchored by its A (Excellent) rating from A.M. Best, one of the world's leading insurance rating agencies. This rating reflects the agency's assessment that Partners Life has excellent ability to meet its ongoing insurance obligations.
The company's claims record for the period April 2024 to March 2025 provides granular insight into performance:
Total claims paid: Over $325 million Claims acceptance rate: 95% of all assessed claims Cumulative claims since launch (2011): Over $1.6 billion
The claims breakdown by product type reveals the breadth of the company's exposure:
| Product | Claims Paid | Notable Statistics |
|---|---|---|
| Life cover | $94.3 million | 64% male, 36% female claimants |
| Private medical cover | $84.3 million | 43% male, 57% female claimants |
| Trauma cover | $78.8 million | 51% male, 49% female claimants |
| Income protection | $60.7 million | 77% male, 23% female claimants |
| Total permanent disability | $8.0 million | 79% male, 21% female claimants |
The leading causes of claims across product types provide important context. For life insurance claims, cancer accounted for 49% and cardiovascular conditions for 17%. For trauma claims, cancer dominated at 60% followed by heart conditions at 20%. For income protection, accident and injury led at 42%, followed by cancer at 15% and heart conditions at 11%.
The majority of claims by dollar value were paid to people aged 40-49 ($102.0 million) and 50-59 ($92.7 million), which is consistent with actuarial expectations - these are the peak earning and peak financial obligation years for most New Zealanders.
Partners Life also operates a Customer Outcomes Review Committee (CORC), which reviews customer complaints and investigates claims that have been denied due to incorrect or non-disclosed information. This governance mechanism provides an additional layer of accountability beyond the standard claims process.
Life Insurance Products
Partners Life offers life insurance that provides either a lump sum or monthly payments if you pass away or are diagnosed with a terminal illness (defined as a life expectancy of 12 months or less) or suffer a non-survivable accident (life expectancy of three months or less).
Key features include:
Partial early payout for specific late-stage cancers and other defined terminal conditions, providing financial support before the standard terminal illness definition is triggered. This is a genuinely valuable feature that recognises the financial pressure families face during advanced illness.
Option to convert part of life cover to accelerated severe trauma cover, providing flexibility to rebalance the protection portfolio as needs change without full re-underwriting.
Both stepped and level premium structures are available, giving policyholders the choice between lower initial premiums (stepped) and lower long-term total cost (level).
Special events increases allow cover to be increased at qualifying life events (marriage, birth of a child, home purchase) without additional medical underwriting - a practical benefit for growing families.
Medical Insurance (Private Health Cover)
Partners Life's private medical cover is a significant part of their product suite, with $84.3 million in claims paid during the 2024-25 period. The medical insurance product provides cover for surgical and non-surgical hospital treatment, specialist consultations, diagnostic tests, and related medical expenses.
Private medical insurance is increasingly relevant in New Zealand given the pressures on the public health system. According to data from Te Whatu Ora (Health NZ), waiting times for elective surgery in the public system can extend to months or longer depending on the procedure and region. Private medical insurance provides access to private facilities with shorter wait times, greater choice of specialist, and timing certainty.
Partners Life's medical product is distributed through advisers, who can tailor the cover level, excess, and optional modules to match the client's needs and budget. This contrasts with direct-purchase health insurers where the customer must self-assess their needs.
The 57% female share of medical insurance claims is notable and reflects well-documented health utilisation patterns - women tend to access healthcare services more frequently across several categories, particularly reproductive health, cancer screening follow-up, and surgical interventions.
Income Protection
Partners Life's income protection product replaces up to 75% of pre-disability income if the policyholder cannot work due to illness or injury. With $60.7 million paid in income protection claims during 2024-25, this is a well-exercised product line.
The claim cause breakdown is instructive: accident and injury (42%), cancer (15%), and heart conditions (11%). The high proportion of accident-related income protection claims (42%) is somewhat unusual compared to the commonly cited industry figure of 20% accident / 80% illness. This may reflect Partners Life's specific book composition or the period of measurement. Regardless, the data confirms that both accident and illness are genuine threats to earning capacity.
Income protection from Partners Life offers several configuration options:
Waiting periods from 4 weeks to 13 weeks, allowing policyholders to balance premium cost against the length of self-funded gap.
Benefit periods from 2 years to age 65/70, ranging from short-term bridge cover to comprehensive long-term protection.
Agreed value and indemnity options, with agreed value locking in the insured amount at application time and indemnity basing the payout on actual income at claim time.
For the self-employed, Partners Life's income protection is particularly relevant. With no employer-provided sick leave and ACC covering only accidents, self-employed Kiwis face full income exposure to illness. Partners Life's income protection directly addresses this gap.
How Partners Life Compares
| Feature | Partners Life | AIA NZ | Fidelity Life | Asteron Life |
|---|---|---|---|---|
| Financial rating | A (A.M. Best) | AA (Fitch) | A (Fitch) | A+ (Fitch) |
| Claims acceptance | 95% | 92% | 93% | 97% |
| Total claims (annual) | $325M+ | $829.6M | $247.7M | $112M |
| Level premiums | Yes | Yes | Yes | Yes |
| Income protection | Yes | Yes | Yes | Yes |
| Medical insurance | Yes | Yes (via AIA Health) | Limited | No |
| Wellness programme | No | AIA Vitality | No | No |
| NZ-owned | No (Dai-ichi Life) | No (AIA Group) | Yes | No (Nippon Life) |
| Multi-policy discount | Check with adviser | Up to 15% | Available | Check with adviser |
Against AIA: AIA has a larger market share and total claims volume, a higher financial strength rating (AA vs A), and the AIA Vitality wellness programme as a differentiator. Partners Life counters with a higher claims acceptance rate (95% vs 92%), strong medical insurance, and competitive built-in policy benefits.
Against Fidelity Life: Fidelity Life offers NZ ownership (backed by NZ Super Fund and Ngāi Tahu Holdings), which resonates with Kiwis who prefer local businesses. Partners Life offers a higher claims acceptance rate and larger total claims volume, suggesting greater scale.
Against Asteron Life: Asteron has the highest published claims acceptance rate in the market at 97% and a higher financial strength rating (A+). Partners Life offers broader product range including medical insurance that Asteron does not provide.
Who Partners Life Is Best Suited For
Families seeking comprehensive multi-product cover. Partners Life's ability to cover life, income protection, trauma, TPD, and medical insurance within a single insurer relationship provides administrative simplicity and potentially integrated policy features.
Kiwis who prioritise claims transparency. The detailed annual claims reporting, combined with the CORC review mechanism, provides a level of accountability that supports consumer confidence.
Self-employed individuals. The income protection product addresses the critical illness-related income gap that ACC does not cover, and the medical insurance provides access to private healthcare without public system waiting times.
Those with evolving needs. The special events increase provision, convertibility between cover types, and adviser-led distribution model support ongoing policy management as life circumstances change.
Who Should Consider Alternatives
Budget-first buyers seeking direct purchase. Partners Life is adviser-distributed only. If you prefer to research and purchase independently without an adviser, Southern Cross Life Insurance may suit better - though with trade-offs in product breadth and personalised guidance.
Wellness-motivated consumers. If the AIA Vitality programme's premium discounts and lifestyle rewards are important to you, AIA's ecosystem provides something Partners Life does not currently match.
Those prioritising NZ ownership. If supporting a locally owned business is a priority, Fidelity Life (backed by NZ Super Fund and Ngāi Tahu) is the clear choice in the specialist insurer category.
Realistic Scenarios
Scenario 1: Sophie, 38, Wellington - Dual Income, Two Children
Sophie and her partner have a combined income of $175,000, a $550,000 mortgage, and two children under 10. Sophie needs life cover ($1.2 million), income protection (75% of her $95,000 salary, 5-year benefit), and is considering medical insurance given increasing public hospital wait times.
Partners Life can cover all three needs within a single insurer relationship. The adviser can structure stepped premiums on the income protection (to keep costs manageable now) and level premiums on the life cover (to lock in the long-term cost). Medical insurance provides access to private specialists if needed. Indicative combined annual premium: $3,500 to $5,000.
Scenario 2: Tama, 45, Tauranga - Self-Employed Electrician
Tama earns $120,000 net through his business, has a $400,000 mortgage, and is the sole income earner for his family of five. His top priority is income protection - without it, a cancer diagnosis would leave his family with no income and ACC would pay nothing.
Partners Life's income protection with a 4-week waiting period and benefit to age 65 provides comprehensive cover. Combined with $1.5 million life cover and trauma insurance, the total package ensures Tama's family is protected against both temporary incapacity and permanent loss. The self-employed tax deductibility of income protection premiums may apply - Tama should confirm with his accountant.
Frequently Asked Questions
Is Partners Life a good insurer in New Zealand?
Partners Life is one of the strongest life insurers in the NZ market, with a 95% claims acceptance rate across over $325 million in annual claims. Backed by Dai-ichi Life (one of the world's largest life insurance groups) and holding an A (Excellent) rating from A.M. Best, Partners Life offers robust financial strength and a comprehensive product suite covering life, income protection, trauma, TPD, and medical insurance.
Does Partners Life offer health insurance?
Yes. Partners Life offers private medical insurance, which paid $84.3 million in claims during the 2024-25 period. The medical cover provides access to private hospital treatment, specialist consultations, and diagnostic tests, helping policyholders avoid public health system waiting times. The product is available through financial advisers who can tailor the cover level and excess to your needs.
How does Partners Life compare to AIA NZ?
AIA has a higher financial strength rating (AA vs A), larger total claims volume ($829.6 million vs $325 million), and the AIA Vitality wellness programme. Partners Life counters with a higher claims acceptance rate (95% vs 92%), strong medical insurance, and the Customer Outcomes Review Committee for disputed claims. The best choice depends on whether you prioritise claims certainty, wellness rewards, or bundling discounts.
Can I buy Partners Life insurance directly without an adviser?
No. Partners Life is distributed exclusively through authorised financial advisers. This means you cannot purchase directly online or over the phone. While this adds a step to the process, adviser-led distribution ensures your cover is tailored to your specific needs and that you receive professional guidance on policy structure, benefit definitions, and claim support.
What does the Partners Life Customer Outcomes Review Committee (CORC) do?
The CORC is an independent governance body that reviews customer complaints and investigates claims that have been denied due to incorrect or non-disclosed information. It provides an additional layer of accountability beyond the standard claims process, giving policyholders a formal mechanism to have denied claims reconsidered. This feature distinguishes Partners Life from most competitors in the NZ market.
References & Data Sources
- Partners Life - Key Claims Statistics Brochure (April 2024 – March 2025)
- Partners Life - Product Disclosure Statements
- A.M. Best - Financial Strength Rating (Partners Life)
- Chatswood Consulting - Partners Life Claims Analysis (December 2025)
- Te Whatu Ora / Health NZ - Elective Surgery Waiting Time Data
- Financial Services Council NZ - Industry Claims and Market Data
- MoneyHub NZ - Life and Income Protection Insurance Comparison
- Dai-ichi Life Holdings - Annual Report (Global Financial Data)
Disclaimer: This article is general information only and does not constitute personalised financial advice. Insurance products are subject to underwriting, and terms, conditions, exclusions, and stand-down periods apply. Always consult an authorised Financial Advice Provider (FAP) for advice tailored to your circumstances.
References
- Financial Markets Authority (FMA) , Insurance guidance
- Sorted.org.nz , Insurance guides
- Insurance & Financial Services Ombudsman (IFSO)
- Insurance Council of New Zealand (ICNZ)
- MoneyHub NZ , Insurance resources
Explore related pages: Life Insurance, Income Protection, Health Insurance, Trauma Insurance.