Chubb Life funeral insurance: terms and alternatives

Written by Henry Smith · Reviewed by Smiths Insurance & KiwiSaver, licensed Financial Advice Provider (FSP712931) · Updated 2026-10-20 · Reviewed quarterly, when the underlying data is restated.

Financial advice is provided by Craig Smith Business Services Limited, trading as Smiths Insurance & KiwiSaver, a licensed Financial Advice Provider (FSP712931). QuoteHub is a trading name.

Chubb Life funeral insurance is Chubb Life Funeral Cover, issued by Chubb Life Insurance New Zealand Limited. It takes New Zealand residents aged 50 to 80 with no medical questions, for up to $30,000. Accidental death is covered from the start, death from any cause is covered after 24 months, and an illness death in the first 24 months returns the premiums instead of paying the benefit.

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Funeral cover: Only accidental death is covered for the first 2 years. Total premiums can add up to more than the cover, and it may not meet the whole cost of a funeral.

Life cover: Conditions you already have aren't covered for the first 2 years (premiums refunded instead). Suicide isn't covered for the first 2 years, and a few conditions can be excluded permanently.

Insurer: Momentum Life Limited. Financial strength rating B (Fair) from AM Best, affirmed 11 February 2026; B ratings sit in AM Best's 'vulnerable' range. The rating scale is available for inspection at every Momentum Life office in New Zealand. What this means

Already have cover? Keep it. New cover won't pay for a condition you already have in its first 2 years.

Opens Momentum Life's online application; its guidance only covers eligibility. QuoteHub is a Momentum Life partner. Smiths Insurance & KiwiSaver may receive a commission if you buy. General information, not advice.

Who issues Chubb funeral cover, and where Cigna went

Chubb Life Funeral Cover is underwritten by Chubb Life Insurance New Zealand Limited, which "will be responsible for all claims and administration" on the policy (Chubb Life: Funeral Cover Policy Document, CIG0421 V1). The company used to be Cigna Life Insurance New Zealand Limited. Chubb completed its purchase of Cigna's New Zealand life business on 1 July 2022 (Chubb: completion announcement), and Cigna formally changed its name to Chubb Life.

If you hold an older Cigna-branded funeral policy, Chubb's letter to policyholders says the change "will not impact the terms and conditions of your existing policy, coverage or premiums" (Chubb Life: Cigna NZ is now Chubb Life). The letter also says the email and website details changed (the phone number stayed the same), so do not rely on email or web addresses printed on old Cigna paperwork. We have not compared a Cigna-era funeral wording line by line with the current one, so your own policy document and schedule are what apply to you. Our Cigna funeral cover guide covers the rename in more detail.

What the current policy says

The table below is taken from Chubb's funeral cover page and its current policy document, read on 20 October 2026. Check both again before you apply.

Point	What Chubb publishes
Who can apply	New Zealand citizen, Australian citizen or New Zealand permanent resident visa holder, living in New Zealand at application
Entry ages	50 to 80, guaranteed acceptance with no medicals
Benefit	Up to $30,000 per person across all Chubb Life funeral policies; the minimum is not published on the page
Accidental death	Pays the sum insured, from the cover start date
Illness death in the first 24 months	No benefit; the premiums paid for that cover are refunded (the page says 100%)
Any cause after 24 months	Pays the sum insured
Premiums	Payable to the 90th birthday, or until a Long-Term Care Premium Waiver is accepted; fortnightly, monthly or annually
Premium changes	Not raised yearly for age, but Chubb may change the rates for the product on 30 days' written notice
Discount	20% when applying with a partner or family member
Free look	30 days, with a refund of premiums paid
Cash value	None

The wording we read pays the sum insured for an accidental death. It does not describe a double or triple payout, unlike Momentum's Funeral Insurance, and it does not set a 90-day limit between the accident and the death. It also defines an accident as an injury from "external, violent and visible means" that is not intentionally self-inflicted.

Three more details matter. First, the cover is headed "Capped Premium", but the premium section says rates can change on 30 days' notice and that "the total premiums you pay may exceed the benefit we pay". Treat the heading as a description of the rate, not a limit on what you pay in total. Second, the Long-Term Care Premium Waiver can only be applied for after the cover has been in force for more than five years, and not at all if the person went into, or was assessed as needing, long-term care within the first five years. Third, if you hold more than $30,000 across Chubb funeral policies, Chubb will cut the sum insured and refund the excess premiums.

What we could not find

Chubb's page does not state a minimum benefit, a price, or a terminal illness benefit, and the policy document describes no terminal illness payout. We have not guessed any of these. Chubb sends applicants to its own quote tool for a price, so a like-for-like comparison needs a quote from each insurer for the same age and amount.

Chubb Life and Momentum Life compared on the facts

	Chubb Life Funeral Cover	Momentum Life Funeral Insurance
Entry ages	50 to 80	40 to 75
Benefit	Up to $30,000	$3,000 to $30,000
Accidental death	Sum insured, from the cover start date	Triple the benefit at any time, if death is within 90 days of the accident
Other death in first 24 months	No benefit; premiums refunded	No benefit; all premiums for that person refunded
Premiums stop	90th birthday	89th birthday
Premium changes	Product-wide, 30 days' notice	Product-wide for tax or claims experience, 30 days' notice
Terminal illness benefit	None found	None
Published price	None	None
Rating	A.M. Best A (Excellent)	A.M. Best B (Fair)

Both letters are A.M. Best grades, so they share a scale, though A.M. Best describes a rating as an opinion of an insurer's financial strength and not a recommendation to buy. Chubb Life's rating is printed on its financial strength page. A.M. Best affirmed Momentum at B (Fair) on 11 February 2026, and Momentum's own table on its financial strength page groups B under "Vulnerable". Do not mix up Chubb Life with Chubb Insurance New Zealand Limited, a separate general insurer with a different rating.

One Momentum rule is worth stating in plain words: during its first 24 months only an accidental death pays, and any other death returns all premiums for that person. As with Chubb's cover, premiums paid over a long life can come to more than the benefit. The rest of Momentum's terms are on the Momentum Life Funeral Cover page.

How a claim works

Chubb's policy document says to contact it as soon as possible; you may need to complete a claim form, and Chubb will say if it needs supporting documents. It pays the nominated beneficiary for that person. You can name only one beneficiary for each life assured, and they must be 16 or over when nominated. With no beneficiary, Chubb pays the policy owner, or the estate if the life assured owned the policy. Chubb's page says claims are usually paid within 48 hours of approval, and the clock starts at approval, not at the death. Claims email: [email protected]. If you are unhappy with an outcome, the Insurance & Financial Services Ombudsman (IFSO) is free on 0800 888 202.

Cancelling or transferring a policy

You can cancel at any time. Within the first 30 days Chubb refunds the premiums you paid. After that, fortnightly or monthly payers get no refund, and annual payers may get back unused premiums. To change the policy owner, all current and new owners complete a Memorandum of Transfer form from Chubb's website.

Weighing it up

Every funeral policy has the same trade-off. Premiums paid over a long life can add up to more than the benefit, and the benefit may not cover a whole funeral. FDANZ's 2026 report gives an average of $11,700 for a full cremation funeral with 50 guests, and $14,300 for a burial (FDANZ, 2026 Industry Trends Report). Savings, a prepaid plan and the Work and Income Funeral Grant (maximum $2,697.43, income and asset tested) are other routes; see is funeral insurance worth it and how funeral insurance works.

If you are over 75

Momentum's Funeral Insurance does not accept new applicants over 75. Chubb's published limit is 80, so it is one of the few products that still takes a 76 to 80 year old. Our pages on funeral insurance over 75 and over 80 set out who accepts what, and a licensed adviser can compare the options on your own details.

Where to get advice

The buttons on this page open Momentum Life's online application, which is one option, not the only one. QuoteHub is a Momentum Life partner and Smiths Insurance & KiwiSaver may receive a commission if you buy a Momentum policy; see how we are paid. Advice is provided by Craig Smith Business Services Limited, trading as Smiths Insurance & KiwiSaver, a licensed Financial Advice Provider (FSP712931). Back to the funeral insurance hub, or see how the main options compare.