OneChoice funeral insurance: cover 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.

OneChoice funeral insurance is guaranteed-acceptance cover for New Zealand residents aged 18 to 79, issued by Pinnacle Life Limited and sold by Greenstone Financial Services. You choose a benefit from $3,000 to $30,000. For the first 12 months only accidental death and accidental serious injury pay, and after the 30-day cooling-off period premiums are not refunded.

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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.

OneChoice funeral insurance is a lump-sum policy designed to help with funeral costs, with no medical tests. The policy document, issued 23 May 2021, says the funeral benefit is paid for death from any cause from 12 months after the acceptance date, and for accidental death at any time. Premiums are level and stop at the 85th birthday, when cover continues and 25% Bonus Cover is added. It is not a savings plan, the total premiums you pay can exceed the benefit, and the benefit may not cover the whole funeral. This page sets out the terms and limits and compares them with Momentum Life's Funeral Insurance.

The terms, clause by clause

All of this comes from OneChoice's policy document and product page, read on 20 October 2026. Check current terms before you apply.

Term	What it says
Who can apply	New Zealand residents aged 18 to 79 (the policy defines this to include citizens, permanent residents and temporary work visa holders in New Zealand continuously for six months or more), single or joint plan
Benefit	Your chosen amount, up to $30,000 across all OneChoice funeral policies on one life
Accidental death	The funeral benefit plus twice that amount again, so three times in total, up to $90,000
Accidental serious injury	Three times the benefit, up to $90,000, for specified injuries, covered until age 75 according to OneChoice
Terminal illness	The benefit is paid if the diagnosis (12 months or less to live) is first made at least 12 months after the acceptance date
At 85	Premiums stop; 25% Bonus Cover is added; an Early Cash Out Option pays 75% of the benefit in force before 85 and ends the cover
At 100	Cover ends and the benefit plus Bonus Cover is paid (125% of the pre-85 benefit)
Payment	Fortnightly, monthly or annually; up to five beneficiaries can be nominated
Claims	OneChoice says most claims are paid within 1 business day of receiving the paperwork

The first 12 months

Some summaries of this kind of policy mention a 24-month wait. At OneChoice it is 12 months. In that period the funeral benefit and the Accidental Death Benefit are paid only for accidental death, meaning death within 90 days of an accident. A death from illness in those months pays nothing, and a terminal illness first diagnosed in them is not paid. OneChoice's product page says plainly: "You can't get a refund on premiums after the cooling-off period."

That last point is the one to read twice. Momentum Life refunds all premiums for a person who dies of a non-accident cause in its first 24 months. OneChoice does not refund them in its first 12. The windows differ in length and in what happens to the money, so compare both.

How premiums work over time

OneChoice describes its premiums as level with no annual increase. The policy document says they are designed to stay consistent year on year, and are calculated from the age of the person at the start, the benefit amount and the plan. They can still change if you change your cover, or if Pinnacle changes the rates for all (or the same group of) OneChoice policyholders, with at least 90 days' written notice. So do not treat any figure you are quoted as fixed for life.

OneChoice publishes no price. It says funeral insurance "doesn't come with a set price tag" and you must get a personal quote, so this page gives none. What you can do is test a quote. Here is the arithmetic with round, labelled numbers. It is an illustration, not a OneChoice price: a policy costing $960 a year would total $14,400 over the 15 years from age 70 to 85, against a $10,000 benefit, or $12,500 if death comes after 85 with Bonus Cover. The same policy started at 79 would cost $5,760 over six years. Because the premium is set by your age when you start, compare the lifetime total and not only the monthly figure.

OneChoice's own page carries the warning: the total premiums over the life of the policy have the potential to exceed the cover amount. The funeral insurance break-even calculator lets you test your own quote, and how funeral insurance works explains the mechanics.

One policy, two names

OneChoice and NZ Seniors are two brands of the same insurer and distributor. Both policy documents carry the issue date 23 May 2021, and on the points we compared (ages, benefit cap, 12-month rule, level premiums, 85 and 100 provisions, cancellation) they read alike. The differences we found are the brand and the commission disclosed. Greenstone's disclosures say Pinnacle pays it up to 76.63% of each premium on OneChoice (prepared 3 June 2024) and up to 62% on NZ Seniors (prepared 25 March 2024), in each case on a level basis throughout the life of the policy.

That is not a statement that either costs more or is worse. It tells you the seller is paid from your premium, as most sellers are. For the evidence on value, see our NZ Seniors review. Pinnacle Life is rated B+ (Good) by A.M. Best, affirmed on 15 April 2026 (Pinnacle Life: financial strength). A rating is an opinion, not a recommendation.

OneChoice against Momentum Life

Compared: OneChoice funeral insurance and Momentum Life Funeral Insurance, on the criteria below, as at 20 October 2026, from each insurer's policy documents and rating pages. Not every New Zealand insurer is included, and this is a reading of documents, not a score.

	OneChoice	Momentum Life Funeral Insurance
Insurer	Pinnacle Life Limited	Momentum Life Limited
A.M. Best rating	B+ (Good)	B (Fair)
Entry ages	18 to 79	40 to 75
Benefit	$3,000 to $30,000	$3,000 to $30,000
Accidental death pays	Three times the benefit, up to $90,000	Three times the benefit, $9,000 to $90,000
Only an accident pays	First 12 months	First 24 months
Premiums refunded for another cause in that window	No	Yes, all for that person
Premiums stop	85th birthday	89th birthday
Terminal illness	Yes, after 12 months	None
Rate change notice	90 days	30 days
How you apply	By phone, per OneChoice	Online or by phone

Momentum Life Limited's financial strength rating is B (Fair) from A.M. Best, affirmed on 11 February 2026, and Momentum's own table places B in its "Vulnerable" range; see Momentum's financial strength page. Momentum's cover details are on its Funeral Cover page. Neither policy wins on every row. If you are 76 to 79, or under 40, Momentum's Funeral Insurance does not accept you as a new applicant and OneChoice is one of the products that does.

Funeral cover is not OneChoice life insurance

OneChoice also sells OneChoice Life, a separate policy issued by the same insurer. It is underwritten, not guaranteed acceptance, and its page shows ages 16 to 70, cover of $100,000 to $2 million and a $10,000 advance funeral or tangi payment (OneChoice: Life insurance, read 17 October 2026). The terms above apply to funeral insurance only. Our OneChoice life insurance review covers the other product, and the insurer's page is OneChoice.

When underwritten cover or an adviser makes more sense

Guaranteed acceptance is built for people who may be declined or loaded elsewhere. If you can answer health questions, an adviser can ask several insurers for terms, and fully underwritten life cover often gives more cover for the same money. Needs beyond a funeral, such as debts or a partner's income, are also beyond a $30,000 funeral benefit. Momentum Life's Quick Life takes ages 18 to 65 with no health questions, for $50,000 to $300,000, but pre-existing conditions and suicide are excluded for the first 2 years. If death comes from a pre-existing condition in the first 24 months with no claim payable, premiums are refunded.

Savings are a real option too. A prepaid plan, or the Work and Income Funeral Grant of up to $2,697.43 (tests apply, including an asset test, and prepaid funeral cover can affect it), can help with costs that FDANZ puts at an average of $11,700 for a cremation funeral and $14,300 for a burial (FDANZ). See funeral costs in New Zealand and whether funeral insurance is worth it.

Reviewing or cancelling a OneChoice policy

Inside 30 days. If you ask in writing within 30 days of the commencement date and have not claimed, premiums paid are refunded.
After 30 days. You can cancel at any time by written request (email [email protected] or post to Reply Paid DX Box EP71505, Penrose, Auckland). Nothing comes back, except a pro rata refund of an annual premium if you paid annually.
If payments stop. An unpaid premium for more than a month leads to cancellation. Reinstatement within six months is possible but not guaranteed.
Before you cancel. The policy document advises you to consider the risk of being uninsured and to check your new policy has been issued.
Complaints. Speak to OneChoice first, then its internal dispute resolution team, then the Insurance & Financial Services Ombudsman (0800 888 202, ifso.nz), which is free. Pinnacle Life is a member.

Where to get advice

The buttons on this page open Momentum Life's online application, one option among those compared above. General information, not advice. 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. A licensed adviser can compare OneChoice, Momentum and other options on your own details. 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 the wider comparison of funeral insurance providers.