How much does seniors life insurance cost?
Seniors life insurance costs more with every birthday, because age is the largest driver of price, ahead of gender, smoking status, cover amount and whether premiums are stepped or level. QuoteHub's September 2026 Premium Index shows how steep the climb is between 50 and 65, and it stops at 65.
In short
- Stepped premiums are recalculated each year for your age. Level premiums start higher and are held for a set period.
- At $500,000 a non-smoking 60-year-old man's monthly cost ranged from $300 to $375 and a 65-year-old's from $625 to $725 in QuoteHub's 8 September 2026 snapshot.
- QuoteHub's Index prices ages 25 to 65 only, so there is no range here for 66 and over. Momentum publishes no funeral insurance premium.
- Your own premium depends on underwriting, or, for guaranteed acceptance, on age, gender, smoking status and the amount.
The cost of seniors life insurance is the premium an insurer charges for a New Zealander in their 50s, 60s or 70s to hold life cover, and it is set mainly by the risk of a claim in the coming year. An insurer's published rate for a given age, gender, smoking status and amount is a starting point. Underwritten cover then adjusts it for the individual: loadings, exclusions or a postponement can follow from health history. Guaranteed-acceptance cover skips that step and prices from age, gender, smoking status and amount alone, and its first one to two years are restricted. This page shows what we can source: dated ranges for life cover to 65, the drivers beyond 65, and how the two Momentum products behave differently as you age. It gives no exact insurer premium and no prediction of yours.
What drives the price
- Age. The biggest driver. The Index range for a $500,000 non-smoking man grows from $90 to $120 a month at 50 to $625 to $725 at 65, as the table below shows.
- Gender. In the same snapshot a woman's range sits below a man's at each age shown.
- Smoking status. Fidelity Life and Chubb Life both require no tobacco and no nicotine for 12 months for non-smoker rates (Fidelity, Chubb); Momentum's Quick Life requires 24 consecutive months.
- Amount. A larger sum costs more in total, but in the Index the price per $100,000 falls as the sum rises; see life insurance cost by cover amount.
- Stepped or level. Stepped cover is cheaper at first and rises each year. Level cover starts higher.
- Health, for underwritten cover. Disclosed conditions can add a loading or an exclusion. No NZ insurer we read publishes a standard loading for most conditions, so none is quoted here.
- Extras and payment. Funeral Insurance card payments carry a processing fee, and the wording gives no percentage. Joint and partner discounts exist: Quick Life takes $50 a year off when a partner joins, and extra lives on Momentum's Funeral Insurance get $150 off a year.
What QuoteHub's Premium Index shows at 50, 60 and 65
Basis: indicative monthly cost from insurers' published rate cards as at 8 September 2026; stepped premiums; non-smoker unless stated; occupation class 1; standard rates, meaning no loadings or exclusions; one range across the insurers that priced the row, rounded outward. The panel was AIA, Asteron Life, Chubb Life, Fidelity Life, Momentum Life and Partners Life. Your own premium depends on underwriting. See the Premium Index and its method, and compare with an insurer's own calculator such as AIA's.
$500,000 of life cover, monthly range
| Age | Man, non-smoker | Woman, non-smoker | Man, smoker | Woman, smoker |
|---|---|---|---|---|
| 50 | $90 to $120 | $80 to $100 | $200 to $275 | $150 to $190 |
| 60 | $300 to $375 | $225 to $275 | $675 to $800 | $425 to $525 |
| 65 | $625 to $725 | $400 to $475 | $1,100 to $1,425 | $650 to $850 |
$250,000 of life cover, non-smoker, monthly range
| Age | Man | Woman |
|---|---|---|
| 60 | $170 to $325 | $130 to $250 |
| 65 | $350 to $550 | $225 to $400 |
The $250,000 ranges are wide because the panel at that amount mixes underwritten cover with a guaranteed-acceptance product, which prices from age, gender, smoking status and amount alone. Momentum priced only the $250,000 row; its Quick Life covers $50,000 to $300,000 per person at the start. We do not rank insurers on price, and a range is not an offer.
Beyond 65: what we can and cannot say
The Index stops at 65, so for 66 and over we publish no range. For funeral cover, AA Life prints one price on its page: from $14.28 a week for $10,000 for a 66-year-old female AA Member non-smoker (AA Life, read 20 October 2026). It is one profile and one insurer. Independent comparison sites show funeral insurance prices roughly doubling between 50 and 70 (Moneyhub). Momentum publishes no funeral premium, and no sourced figure stands in for one. To see your own price, use the buttons on this page for Momentum's online quote or ask a licensed adviser to price underwritten cover.
Stepped, level and fixed: how the two Momentum products differ
| Funeral Insurance (40 to 75) | Quick Life (18 to 65) | |
|---|---|---|
| Premium pattern | Fixed each year until the 89th birthday, then none | Recalculated each year for age, gender and smoking status until 75, then fixed |
| Cover while paying | Benefit stays as chosen ($3,000 to $30,000) | Benefit rises 3% a year until 75 or a $500,000 cap, with the premium; you can opt out of an increase |
| Can the rate change? | Yes, for everyone on the plan, for a change in law or claims experience, on 30 days' notice | Same, on 30 days' notice |
| What the early window means for the money | First 24 months: accidental death only; otherwise all premiums refunded | First 2 years: pre-existing conditions and suicide excluded; premiums refunded for a pre-existing-condition death in the first 24 months if no claim is payable |
Funeral Insurance holds its rate for each year until 89, while Quick Life rises with every anniversary until 75. Neither is a price promise, because Momentum can change either on 30 days' notice for a change in law or claims experience, and neither is a savings plan. For how long premiums run on other funeral products, read level premium cover for funeral costs.
Guaranteed acceptance and price
Guaranteed acceptance means no health questions, so Quick Life prices from age, gender, smoking status and the benefit amount (Quick Life wording). The trade is ease and acceptance for a restricted first two years and, often, a higher price per dollar of cover: a healthy person can usually get more cover for less with fully underwritten cover through an adviser. Level pricing can also end: the Insurance and Financial Services Ombudsman (IFSO) published a case where a policy sold as "level to age 80" converted to rate-for-age at 80 and the monthly premium went from $49 to $190 (IFSO), so ask when it ends. See also stepped versus level premiums.
When do total premiums pass the payout?
For funeral cover, this is the question that matters most. The wording of Momentum's Funeral Insurance says total premiums could exceed the benefit, and Quick Life's says they might be more than the benefit paid out. Because Momentum publishes no funeral premium, QuoteHub cannot give you a typical break-even age. Put a real quote into the funeral insurance break-even calculator, or see the round example figures in common mistakes with seniors life insurance.
Ways to keep the cost manageable
- Choose the amount for the job. A smaller funeral benefit costs less, and choosing a cover amount sets out how to size it against FDANZ's funeral-cost averages.
- Ask an adviser what underwritten cover would cost for your health, before you accept a guaranteed-acceptance price.
- If you smoke or use nicotine, ask when you could apply for non-smoker rates.
- Use partner or joint discounts where they exist, and check the processing fee for card payments.
Alternatives to a high-sum policy
If the goal is funeral costs, saving a fund is the other way to prepare; see funeral insurance versus saving. Work and Income's Funeral Grant is a tested, capped payment rather than a substitute for cover, and prepaid funeral cover can stop you getting it; the cover amounts page gives its current maximum. For the whole picture of options by age, see seniors life insurance options, and for term versus whole-of-life, term versus whole life for seniors.
Who we are
General information, not advice. 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; Smiths Insurance & KiwiSaver may receive a commission if you buy through our link. Read how we are paid and the disclosure. Momentum Life Limited's A.M. Best financial strength rating is B (Fair), affirmed 11 February 2026, in the range Momentum's own table calls "Vulnerable" (financial strength page); a rating is not a recommendation. Last updated 20 October 2026. Comparison scope: Premium Index panel as listed above, funeral products from the insurers' own pages; not every NZ insurer is included. Also see the Quick Life and Funeral Cover pages, and the guaranteed acceptance hub.
Frequently asked questions
Can I buy life insurance online as a senior in NZ?
Yes, in some cases. Momentum's online quote handles both its products, within their age limits (Funeral Insurance 40 to 75, Quick Life 18 to 65). AIA publishes an online product, AIA Essentials, for ages 16 to 70.
Does the price rise every year?
On stepped premiums, yes. Quick Life premiums rise each anniversary until 75 and are then fixed. Funeral Insurance premiums are set each year until the 89th birthday, then stop.
What does a smoker pay?
In the Index, a smoker's range is well above a non-smoker's at each age shown, for example $1,100 to $1,425 a month for a 65-year-old man at $500,000 against $625 to $725 for a non-smoker.
References
- Momentum Life: Funeral Insurance Policy Wording (17 August 2023), retrieved 17 October 2026
- Momentum Life: Quick Life Insurance Policy Wording (November 2025), retrieved 17 October 2026
- Momentum Life: Financial strength, retrieved 20 October 2026
- AA Life: Funeral cover, retrieved 20 October 2026
- AIA New Zealand: Life insurance, retrieved 20 October 2026
- Fidelity Life: Frequently asked questions, retrieved 20 October 2026
- Chubb Life: Essential underwriting guide (May 2025), retrieved 20 October 2026
- IFSO: Increasing premiums, retrieved 20 October 2026
- Moneyhub: Funeral insurance, retrieved 17 October 2026
- Work and Income: Funeral Grant, retrieved 20 October 2026
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