Chubb Life and Living Cover NZ
Chubb Life & Living is Chubb's packaged retail life insurance policy in New Zealand, distinct from the adviser-built Assurance Extra master policy. It combines Life Cover, Critical Illness Cover and Expenses Cover in one wording, with Life Cover capped at $1.5 million and Expenses Cover paying for a maximum of two years, a cap that decides whether the product fits a buyer whose need is long-term income replacement.
Key facts
- Structure
- Packaged policy, defined covers under one consumer wording, sold direct and through partner channels (source, retrieved 8 September 2026)
- Life Cover maximum
- $1.5 million (source, retrieved 8 September 2026)
- Critical Illness Cover
- A lump sum on first diagnosis of a defined serious condition such as cancer, heart attack or stroke (source, retrieved 8 September 2026)
- Expenses Cover maximum period
- Up to two years, with the proportion paid depending on your work capacity (source, retrieved 8 September 2026)
- Policy Enhancement Benefit
- Chubb may pass on product improvements made after you take out the policy; worded as may, not will (source, retrieved 8 September 2026)
- Worldwide cover
- Valid wherever you are in the world (source, retrieved 8 September 2026)
- Cancellation window
- 30 days from the commencement date behaves like a cooling-off period; after 30 days, premiums already paid for cover provided are not refunded (source, retrieved 8 September 2026)
- Inflation adjustment
- Sums insured can be set to rise with inflation if selected, which raises the premium alongside the cover (source, retrieved 8 September 2026)
- Financial strength rating
- A (Excellent), AM Best, Long-Term Issuer Credit Rating a+ (Excellent), stable outlook (source, retrieved 8 September 2026)
What it costs
| Age | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|
| 25 | $29.09 | $45.01 | $75.81 |
| 30 | $25.47 | $38.84 | $64.70 |
| 35 | $24.79 | $37.68 | $62.62 |
| 40 | $29.51 | $45.72 | $77.10 |
| 45 | $42.16 | $67.28 | $115.90 |
| 50 | $68.10 | $111.50 | $195.49 |
| 55 | $113.02 | $188.06 | $333.31 |
| 60 | $209.91 | $353.23 | $630.61 |
| 65 | $416.90 | $706.05 | $1,265.69 |
Life & Living packages three covers, and Expenses Cover pays for a maximum of two years, the number that decides who the product suits, as the table below sets out (Chubb Life & Living policy document, retrieved 8 September 2026).
| Cover | What it pays | Limit |
|---|---|---|
| Life Cover | Lump sum on death or terminal illness (source, retrieved 8 September 2026) | $1.5 million maximum (source, retrieved 8 September 2026) |
| Critical Illness Cover | Lump sum on first diagnosis of a defined serious condition (source, retrieved 8 September 2026) | Not published as a separate maximum from Life Cover in the public summary (source, retrieved 8 September 2026) |
| Expenses Cover | Monthly benefit if illness or injury stops you working or caring for yourself (source, retrieved 8 September 2026) | Up to two years, proportion depends on work capacity (source, retrieved 8 September 2026) |
Assurance Extra and Life & Living are not tiers of one product, and the table below shows where they structurally diverge (QuoteHub comparison of the two Chubb suites, retrieved 8 September 2026).
| Assurance Extra | Life & Living | |
|---|---|---|
| Structure | Master policy, nine mix-and-match covers | Packaged policy, three defined covers |
| Life Cover maximum | No maximum from age 16 (source, retrieved 8 September 2026) | $1.5 million (source, retrieved 8 September 2026) |
| Income-replacement design | Can be built with longer-term disability cover (source, retrieved 8 September 2026) | Expenses Cover caps at two years, not to age 65 (source, retrieved 8 September 2026) |
| Distribution | Adviser channel only (source, retrieved 8 September 2026) | Direct and partner channels (source, retrieved 8 September 2026) |
Entry ages
| Cover | Entry ages |
|---|---|
| Life Cover, Critical Illness Cover, Expenses Cover | Entry ages sit in the schedule and definitions sections of the individual cover documents rather than the general terms; Chubb has not published one consolidated table. (source, retrieved 8 September 2026) |
Waiting periods
| Cover | Waiting period |
|---|---|
| Expenses Cover | Set on your policy schedule (source, retrieved 8 September 2026) |
Exclusions
- The full exclusion list for each cover sits in the individual cover documents, not the general terms; Chubb has not published one consolidated exclusion table for Life & Living. (source, retrieved 8 September 2026)
- The disclosure duty is ongoing: the wording requires true, correct and complete information at application and requires you to keep Chubb updated, and Chubb can take action on untrue, incorrect or incomplete information. (source, retrieved 8 September 2026)
Questions about Chubb Life & Living
What does Chubb Life and Living insurance cover?
Three covers in one packaged policy: Life Cover, a lump sum on death or terminal illness up to $1.5 million; Critical Illness Cover, a lump sum on first diagnosis of a serious condition; and Expenses Cover, a monthly benefit for up to two years if you cannot work (Chubb Life & Living, retrieved 8 September 2026).
What is the maximum Life Cover under Chubb Life & Living?
$1.5 million, which is lower than the no-maximum tier available on Chubb's adviser-built Assurance Extra product from age 16 (QuoteHub comparison, retrieved 8 September 2026).
How long does Chubb Expenses Cover pay for?
A maximum of two years. This is the single most important limit on the page: a two-year benefit covers a temporary absence from work, not the case where you never work again (Chubb Life & Living policy document, retrieved 8 September 2026).
Is Chubb Life and Living the same as Assurance Extra?
No. Life & Living is a fixed packaged policy sold direct and through partners; Assurance Extra is an adviser-built master policy with nine mix-and-match covers and no Life Cover maximum. They are different products, not different tiers of one (QuoteHub comparison, retrieved 8 September 2026).
How do I cancel Chubb Life and Living cover?
Cancelling within 30 days of the commencement date behaves like a cooling-off period. After 30 days, Chubb will not refund premiums already paid for cover it has provided (Chubb Life & Living policy document, retrieved 8 September 2026).
Does Chubb Life and Living cover you worldwide?
Yes, the policy is valid wherever you are in the world (Chubb Life & Living policy document, retrieved 8 September 2026).
What is the Policy Enhancement Benefit on Chubb Life and Living?
Chubb states that if it improves the product after you buy it, it may pass the enhancement on to you. It is worded as may, not will, so it is a possible benefit rather than a guaranteed one (Chubb Life & Living policy document, retrieved 8 September 2026).
Who should choose Chubb Life & Living over Assurance Extra?
Someone who wants life cover and a critical illness lump sum, is comfortable with a two-year cap on the income-replacement side, and values a simpler purchase over a fully configurable one (QuoteHub comparison, retrieved 8 September 2026).
What does Chubb life insurance not cover?
A full exclusion list for Life & Living is not published as one consolidated table; exclusions sit in the individual cover documents. The ongoing disclosure duty means undisclosed or incorrect information given at application or afterward can also affect a claim (Chubb Life & Living policy document, retrieved 8 September 2026).
What is Chubb's financial strength rating?
Chubb Life Insurance New Zealand Limited holds an A (Excellent) Financial Strength Rating from AM Best, with a stable outlook (AM Best, affirmed rating, retrieved 8 September 2026).
Adviser's view
QuoteHub's read is that the two-year cap on Expenses Cover is the fact that decides whether Life & Living fits you: it suits a short recovery or a bridge to other income support, not a buyer planning on long-term income replacement, who should compare it against Chubb's own uncapped Assurance Extra product instead.
Documents
- Chubb Life Insurance product page, retrieved 8 September 2026
- Chubb Life financial strength disclosure, retrieved 8 September 2026
- AM Best, Chubb Life Insurance New Zealand rating affirmation, retrieved 8 September 2026
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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.
Cite this page QuoteHub NZ (2026). Chubb Life and Living Cover NZ: Review 2026. www.quotehub.co.nz/life-insurance/chubb-life/life-and-living. Updated 2026-09-08.
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