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

Westpac life insurance: cover and policy provider

Westpac life insurance is arranged by Westpac New Zealand Limited and underwritten by Fidelity Life Assurance Company Limited. Fidelity's own Westpac page says "Westpac life insurance is powered by Fidelity Life", and that Westpac does not guarantee Fidelity's obligations or products. Claims are paid by Fidelity under the policy wording, not by the bank.

In short

Who actually underwrites Westpac life insurance?

An underwriter is the company that takes on the financial risk of the policy and pays the claim. For Westpac life insurance, that company is Fidelity Life Assurance Company Limited. Westpac New Zealand Limited arranges and sells the cover. It does not carry the insurance risk.

This was not always the case. Westpac owned its own life insurer, Westpac Life-NZ. According to Fidelity's page, the sale of that business to Fidelity was completed on 28 February 2022, and the company was renamed Fidelity Insurance Limited. In March 2023 the Reserve Bank of New Zealand approved a business transfer combining Fidelity Insurance with Fidelity Life, and from 30 June 2023 Westpac's life products became underwritten by Fidelity Life directly.

If you are holding an old policy that carries Westpac Life branding, it is almost certainly now a Fidelity Life policy. Our guide to who holds an old insurance policy maps the other legacy brands in the same way.

Fidelity Life's financial position

Fidelity publishes its own financial strength page. At 30 June 2026 it reported a solvency ratio of 113% (Fidelity Life: Financial strength), and it states an A- (Excellent) financial strength rating from A.M. Best, held since December 1996. A.M. Best describes a rating as an opinion of an insurer's ability to meet its policy obligations, not a recommendation to buy a policy (A.M. Best: Guide to Best's Financial Strength Ratings).

One development to know about: on 3 September 2026, Partners Group Holdings signed to buy 100% of Fidelity Life for NZ$630 million. Completion is scheduled for March to July 2027 and is subject to regulatory approval (Daiichi Life Group notice, 3 September 2026). Brand and product plans after completion have not been announced. Our Fidelity Life ownership page tracks the detail.

What do Westpac life policies cover?

The benefits below come from the LifeProtect Life Cover wording that Fidelity publishes, effective 22 September 2026. Its footer says the products are arranged by Westpac New Zealand Limited and underwritten by Fidelity Life, and that Westpac receives commission payments. Fidelity's Westpac page itself names no product. A policy you already hold is governed by its own schedule and wording, which may differ, so treat this as a guide to what to look for.

Benefit in the wording What it says
Death benefit Pays the sum insured if the insured person dies
Terminal illness benefit An advance of the sum insured if diagnosed with a terminal illness (likely to die within 12 months, certified by a specialist); cover ends once it is paid
Bereavement benefit An immediate advance of $25,000 (or the whole sum insured if it is $25,000 or less) on death, deducted from the sum insured
Child's funeral assistance Reimburses direct funeral costs for a child aged 2 to 20, up to $15,000 (ages 10 to 20) or $2,000 less any Life Insurance Act 1908 amount (under 10), with a three-month wait and a pre-existing condition test
Repatriation benefit The lesser of direct costs, 10% of the sum insured or $20,000
Financial planning and legal advice Up to $2,500 towards a financial plan or legal advice, claimed within 12 months
Grief counselling Up to $2,500
Special events increase Increase the sum insured without new health information before age 55, on listed life events

Exclusions. The Life Cover wording's own exclusion is short, and the separate LifeProtect Policy Terms and Conditions also apply. In the Life Cover wording: if the insured person dies by their own hand within 13 months of the start date, reinstatement or an increase, Fidelity cancels the cover and keeps the premiums. There is an exception where the cover replaced similar cover that had run for at least 13 months. Everything else turns on what you disclosed. Cover that is underwritten depends on the answers you gave, and an insurer can act if they were incomplete or wrong. See non-disclosure and what it can cost you.

What happened to existing policies when Fidelity took over?

Nothing changed in the contract. Fidelity states that "all policies continue under the same terms and conditions" and that the claims process is unchanged. If you took out Westpac Life cover years ago, the terms printed in your policy document still apply, including any loadings or exclusions in your schedule. What changed is the company name on the other side of the contract.

For new policies, the underwriting rules, eligibility and pricing are Fidelity's. That means a new applicant is assessed the way Fidelity assesses any application, including questions about health, occupation and lifestyle.

How do you claim, update or complain?

Fidelity's Westpac page lists 0800 738 641 and links to a "Start your claim" page. The page does not set out the claim steps, so read your policy wording for the notice and evidence requirements. The LifeProtect wording asks you to notify Fidelity "immediately or as soon as practically possible", complete its claim forms and supply the medical evidence it reasonably requires.

For a complaint, use Fidelity's complaints process first. If you are not satisfied, Fidelity can issue a letter of deadlock, and you may then be able to refer the matter to the Insurance & Financial Services Ombudsman Scheme (IFSO), which is free and independent (IFSO).

How does a bank-sold policy compare with other ways to buy?

There are three broad routes: buy through the bank, buy direct from an insurer, or use a licensed adviser who can compare several insurers. The Commerce Commission noted in its personal banking market study that "ANZ, BNZ, Westpac and Kiwibank have sold their insurance business over the past 5 years" (Commerce Commission, 20 August 2024), so bank-branded cover now sits with outside insurers. See how that plays out at ANZ and ASB, and in our comparison of bank life insurance versus a broker.

The practical differences are about choice and disclosure, not about the bank's name. Westpac's life products are underwritten by one insurer, Fidelity Life. An adviser can ask several. Advisers and comparison sites can also be paid commission, so ask how anyone helping you is paid (FMA: Insurance advice). QuoteHub is a Momentum Life partner, and Smiths Insurance & KiwiSaver may receive a commission if you buy through our link; see how we're paid.

Westpac or Momentum Life: how the facts differ

Westpac LifeProtect (Fidelity Life) Momentum Life Quick Life
Issuer and underwriter Fidelity Life Assurance Company Limited Momentum Life Limited
How you are accepted Underwritten: health and other questions Acceptance guaranteed: no health questions
Financial strength A.M. Best A- (Excellent) A.M. Best B (Fair); see Momentum's financial strength page
Terminal illness Advance of the sum insured Paid on terminal illness (expected death within 12 months)
Early restriction Suicide within 13 months First 2 years: pre-existing conditions and suicide are excluded
Entry ages Check Westpac and Fidelity for the product 18 to 65; Funeral Insurance is 40 to 75

These are facts, not a ranking. A healthy person can often get more cover for less with fully underwritten cover. Guaranteed acceptance suits people who would be declined or heavily loaded elsewhere, or who want cover started without health questions. Momentum's Quick Life offers $50,000 to $300,000 per person, with the first two years excluding pre-existing conditions (a premium refund applies if death from one occurs in the first 24 months and no claim is payable). Its Funeral Insurance, for ages 40 to 75, pays only for accidental death in the first 24 months and refunds all premiums for any other death in that window. Total funeral premiums can end up larger than the benefit, and the benefit may not cover the whole funeral. Over 75, neither Momentum product accepts new applicants. The buttons on this page lead to Momentum's own application if one of them fits.

Frequently asked questions

Is Westpac life insurance the same as Fidelity Life?

The policy is a Fidelity Life product sold through Westpac. Fidelity underwrites it and pays claims; Westpac arranges and distributes it and is paid commission.

Does Westpac still carry the insurance risk?

No. Fidelity's page says Westpac does not guarantee Fidelity Life's obligations or its products.

Who do I contact to claim on a Westpac life policy?

Fidelity's Westpac page lists 0800 738 641 and a claim start section. Check your policy wording for the evidence you will need.

Can I move an old Westpac Life policy to another insurer?

You can apply for new cover elsewhere, but the new insurer will assess your current health. The FMA says to keep your old policy running until the new one is in force, and to watch for new waiting periods and exclusions (FMA: Insurance).

References

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