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

Tower life insurance: tracing a legacy policy

Tower Insurance today sells general insurance such as house, car and contents cover, and its website mentions no life product. Foundation Life's history page records that Foundation Life (NZ) Holdings Limited bought Tower Life (N.Z.) Limited from Tower Insurance Limited in 2014. Foundation Life has since closed through a High Court-approved scheme, which gave policyholders a replacement Chubb Life policy or a cash payment.

In short

What Tower sells today

Tower's website describes cover for "houses, cars, contents, businesses and more" and calls Tower "New Zealand's only Kiwi owned and operated general insurer". It lists car, house, contents, boat, motorbike, motorhome, caravan, pet, travel, landlord and business insurance (Tower: About us). It does not mention life or funeral insurance.

Do not use Tower's general insurance claims or quote lines for a life policy. Its contact page (Tower: Contact us) directs claims queries to a claims manager found in My Tower, which is a general insurance service. If you still have a paper Tower life policy, follow the trail below.

The ownership trail

Step What the source says
Tower sells its life company Foundation Life (NZ) Holdings Limited "purchased Tower Life (N.Z.) Limited from Tower Insurance Limited in 2014" (Foundation Life: History)
Rename The history page records the company being renamed Foundation Life (NZ) Limited and rebranded Foundation Life on 29 January 2015
Closure Foundation Life's office has closed; a High Court-approved Scheme of Arrangement is complete (Foundation Life: Scheme)
Outcome for policyholders Some got a replacement life policy, by choice or by default; others were due cash payments. For replacement policies, "please contact Chubb Life directly"
Unclaimed money If requirements documentation was not received by 30 June 2026, the cash payment was transferred to Inland Revenue as unclaimed money

The scheme page does not say how replacements and cash payments were split, and it does not give amounts. If you or a relative held a Tower or Foundation Life policy, your letters from the scheme will show which route applied.

How to trace your policy

  1. Read the schedule. The company name and policy number are the starting point. Tower, Tower Life and Foundation Life are all part of the same trail.
  2. Look for scheme letters. The scheme page lists offer letters and an explanatory statement among its documents; keep any you received.
  3. Ask Chubb Life. The scheme page directs replacement-policy questions to Chubb Life. Chubb Life Insurance New Zealand Limited is the former Cigna Life, and Chubb completed its purchase of Cigna's New Zealand life business on 1 July 2022 (Chubb); see our Chubb Life page and the Cigna to Chubb explainer.
  4. Search unclaimed money. Inland Revenue's service is at ird.govt.nz/unclaimedmoney. Our guide to unclaimed life insurance explains what to do when someone has died.
  5. Check the other legacy brands. If the paperwork names a different old brand, such as AMP (now serviced by Resolution Life), use who holds my old insurance policy.

If you have lost the schedule entirely, an adviser who sold the policy may hold a record, and an executor can ask insurers with a death certificate. For the claim process on a policy that is found, see how to claim life insurance.

Keep an old policy or switch?

If a Tower-era or replacement policy is still in force, review it before giving it up: an insurer can add a stand-down period, charge more, or exclude a condition on new cover (Asteron). Never cancel until the replacement is in force. If you have no cover and a health condition, a licensed adviser can tell you what insurers will offer.

If you need new cover now

If the scheme left you with no cover and health questions are a barrier, guaranteed acceptance is one route. Under Momentum Life's Quick Life wording, ages 18 to 65 are accepted for $50,000 to $300,000 with no health questions, but pre-existing conditions and suicide are excluded for the first 2 years (premiums are refunded for a pre-existing-condition death in the first 24 months when no claim is payable). Its Funeral Insurance (ages 40 to 75, $3,000 to $30,000) pays only for accidental death in the first 24 months, and total premiums can exceed the benefit. Momentum Life Limited's A.M. Best rating is B (Fair) (Momentum: financial strength). See Quick Life, and for declines, life insurance after a decline. New cover does not replace a policy you hold.

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.

Frequently asked questions

Does Tower still sell life insurance?

Tower's website lists general insurance only. We found no life product on it.

Who took over Tower's life policies?

Foundation Life (NZ) Holdings Limited bought Tower Life (N.Z.) Limited in 2014, according to Foundation Life. Foundation has since closed through a scheme of arrangement.

Who handles a Tower life claim now?

If you hold a replacement policy from the scheme, Chubb Life. If your documents are unclear, start with the steps above.

What if I never received a payment?

Check Inland Revenue's unclaimed money service. The scheme page says payments without completed documentation by 30 June 2026 were moved there.

References

Read the full insurance guides

Compare your cover with a licensed NZ adviser · free, no obligation.

Start your free comparison

Compare panel options first. A licensed NZ adviser can then review existing cover or help with an application.

Free, no obligation. Licensed NZ advisers · Craig Smith Business Services Ltd, FAP FSP712931.

Explore related pages: Life Insurance, Income Protection, Health Insurance, Trauma Insurance, Calculators.