Triple payout funeral insurance in NZ: how the 3x accident benefit works

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.

Triple payout funeral insurance pays three times the chosen benefit if the death is an accident. With Momentum Life's Funeral Insurance, a $10,000 benefit pays $30,000 in total for an accidental death, from the first day of cover, if the person dies within 90 days of the accident. A death from illness in the first 24 months pays no benefit; the premiums are 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.

The triple payout is the accidental death benefit built into Momentum Life's Funeral Insurance. Momentum's wording says that if a person dies as a direct result of an accident, and the death happens within 90 days of that accident, "the total amount paid is equivalent to 3 times the Funeral Insurance Benefit". The three times is the total, not an extra three on top of the base benefit. So a $30,000 benefit pays $90,000, and a $3,000 benefit pays $9,000. The accident cover applies from the day cover starts, and it does not stop after 24 months. What changes after 24 months is everything else: from then, a death from any cause pays the base benefit. Inside the first 24 months, a death from illness pays nothing as a benefit and all premiums for that person are refunded. Total premiums can still end up larger than the benefit, and the benefit may not cover the whole funeral.

What the 3x pays at each cover level

Momentum's wording gives the limits: a minimum benefit of $3,000 ($9,000 for an accident) and a maximum of $30,000 ($90,000 for an accident). The table shows the arithmetic at some round amounts. The wording does not list the steps in between, so check which amounts Momentum's online application offers.

Chosen benefit	Accidental death, any time	Death from illness, first 24 months	Death from any cause, after 24 months
$3,000	$9,000	No benefit; premiums refunded	$3,000
$5,000	$15,000	No benefit; premiums refunded	$5,000
$10,000	$30,000	No benefit; premiums refunded	$10,000
$15,000	$45,000	No benefit; premiums refunded	$15,000
$20,000	$60,000	No benefit; premiums refunded	$20,000
$25,000	$75,000	No benefit; premiums refunded	$25,000
$30,000	$90,000	No benefit; premiums refunded	$30,000

Read across any row and you can see the point of the product: the same premium buys a very different outcome depending on how and when death happens. The accident column is the most favourable outcome; the illness-in-the-first-24-months column is the one to read twice.

What counts as an accident

The wording defines an accident narrowly: an event causing bodily injury while the policy is in force, where the injury is "directly and solely caused by an unintentional accidental, violent, external and visible means without any other contributing causes", and is not self-inflicted. The death must follow within 90 days of the accident.

Three words matter. "Solely" and "without any other contributing causes" mean Momentum can look at whether something else played a part in the death. The wording gives no examples, and whether a particular death qualifies is decided on the claim, using the proof the claimant supplies, which can include a medical practitioner's form and a death certificate. "Within 90 days" means a person who is injured and dies months later of complications is outside the triple payout if the death falls beyond day 90. And "not self-inflicted" means intentional harm is not an accident under the policy.

Why it applies from day one

Momentum asks no health questions, and the wording restricts the first 24 months to accidental death. Momentum does not explain its reasons, but the effect is that the accident benefit is the one that is paid from the start. That is why the product features table in the wording shows accidental death "from day 1" and non-accidental death "after 24 months".

Limits that can reduce the payout

A $30,000 cap per person. The base benefit cannot exceed $30,000 across all Momentum Life funeral policies on the same life insured. If you hold more, the reduction comes off the policy started most recently and the excess premiums are refunded. Because the accident payment is three times the benefit, the most it can pay is $90,000.
The maximum can change. Momentum's wording says the maximum available may change from time to time and that it will not notify policyholders when it does.
An increase has its own 24 months. If you raise the benefit later, the increase is subject to the 24-month accident-only rule from its own start date.
Premiums must be up to date. Momentum does not pay a claim unless all premiums due have been paid and the policy has not been cancelled when the claim event occurs.
The beneficiary must be a person. Momentum can pay only a natural person, not a funeral director or a charity.

Does the triple payout cost more?

We found no separate charge or opt-in for it in the wording. It is listed as a feature of the policy, and Momentum publishes no premium breakdown, so we cannot say how much of a premium it accounts for. QuoteHub does not publish an exact premium for any insurer. Ask for a written figure for your age and amount.

How other products treat accidental death

Product	Accident-only window	Accidental death pays
Momentum Life Funeral Insurance	24 months	Three times the benefit
NZ Seniors and OneChoice (Pinnacle Life)	12 months	Three times the benefit; OneChoice says up to $90,000
AA Life Funeral Cover (Asteron Life)	24 months	Double
Chubb Life Funeral Cover	24 months	The sum insured

These are from each provider's own pages, retrieved 17 to 20 October 2026. Momentum's Quick Life, a separate guaranteed acceptance life product for ages 18 to 65, pays the cover amount on an accidental death in its first two years, and we found no tripling in its wording. Quick Life has its own 2-year exclusion for pre-existing conditions. See Momentum Life Quick Life for how it differs.

Accident deaths and other money

If a death follows an accident, other help may apply. ACC lists a funeral grant of up to $8,236.40 for funeral and memorial costs, but only for deaths from a covered injury, and the amount is set by the date of death (ACC: Financial support after a death). Work and Income does not pay its Funeral Grant if an ACC funeral grant is payable (Work and Income). Check both before relying on any one source. Our Funeral Grant guide sets out the Work and Income test.

Choosing between the accident benefit and broader cover

The triple payout does not turn funeral insurance into protection for a family's income or debts. The base benefit is $3,000 to $30,000. If the goal is a larger sum, Momentum's Quick Life offers $50,000 to $300,000 but only to ages 18 to 65, and fully underwritten life cover through a licensed adviser can offer more still, often for less if you are accepted on standard terms. For the narrow job of funding a funeral, work out how long you would pay and what you would pay in total against the benefit. See accidental death and funeral insurance and the refund in the first 24 months for the two sides of the early-death window.

Where to get advice

The buttons on this page open Momentum Life's online application, one option among several. 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. Momentum Life's A.M. Best rating is B (Fair), affirmed on 11 February 2026, which Momentum's own table places in its "Vulnerable" range (Momentum Life: Financial strength). Details on the product are on the Momentum Life Funeral Cover page. 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.