Fidelity Life
The largest New Zealand owned and operated life insurer. Adviser-distributed, with a Westpac bank channel alongside it.
Fidelity Life at a glance
| Fact | What the register holds |
|---|---|
| Licensed entity | Fidelity Life Assurance Company Limited |
| Owner | NZ-owned; major shareholders reported as NZ Super Fund and Ngai Tahu Holdings |
| What they write | Life cover, Trauma cover, Income protection, TPD |
| How you can buy | Through an adviser |
| Formerly | absorbed Westpac Life-NZ- Ltd book |
| Financial strength | A- (A.M. Best) (source, read 14 Aug 2026) |
| Rating as at | Date not published |
| On the QuoteHub panel | Yes, we can place cover with them |
| Complaints | Financial Dispute Resolution Service, free for consumers |
Fidelity Life reviewed
Reviewed and updated 2026-09-08 by the QuoteHub adviser team. The tables above are register records; this section is our read of them.
| Key fact | Fidelity Life |
|---|---|
| Founded | 1973, by Gordon and Shirley Watson (Our story, read 15 Aug 2026) |
| Owner | New Zealand owned. Fidelity Life names the NZ Super Fund and Ngāi Tahu Holdings as its shareholders (Our story, read 15 Aug 2026). Shareholding percentages are not published |
| Licensed entity | Fidelity Life Assurance Company Limited (RBNZ register of licensed insurers, read 18 Aug 2026) |
| Financial strength | A- (Excellent) from A.M. Best, held since December 1996 and affirmed 5 March 2026. Fidelity Life financial strength disclosure, read 14 Aug 2026 |
| What they underwrite | Life, trauma, TPD, income protection and business risk. No private medical cover |
| How you can buy | Through an adviser, plus the Westpac bank channel (Westpac transition page, read 15 Aug 2026) |
| Complaints scheme | Not named on the Fidelity Life pages read for this review (8 Sep 2026). Confirm on the IFSO Scheme participant search |
| Policy wordings | No public wordings library on the pages read (15 Aug 2026). Wordings come with the policy or from your adviser. Company site: fidelitylife.co.nz |
Verdict (2026)
Fidelity Life is the choice for people who want the largest New Zealand-owned life insurer and a long, unbroken rating history. It has held the same A.M. Best grade since 1996, publishes a detailed annual claims summary, and covers life, trauma, disability and income risk plus business cover. It does not write private medical insurance, runs no wellness programme, and its grade is not the highest on the register. Anyone holding an old Westpac Life policy is already a Fidelity Life customer and should review that cover.
Pros and cons
| Pros | Cons |
|---|---|
| The largest New Zealand-owned life insurer, with the NZ Super Fund and Ngāi Tahu Holdings named as shareholders (Our story) | Exact shareholding percentages are not published |
| A- from A.M. Best held continuously since December 1996 and affirmed 5 March 2026 | That grade sits below AIA, Asteron and Partners Life on the RBNZ register |
| Publishes a claims summary with a cause breakdown: 93% of new claims accepted in FY25 | Product feature menus such as waiting periods are not published publicly |
| Business cover included: key person, shareholder protection and business debt | No private medical or health insurance in the range |
| Solvency published alongside the rating (disclosure) | No wellness or rewards programme attached to cover |
| Runs the ex-Westpac Life book, with a dated transition record | Adviser-arranged only, apart from the Westpac bank channel |
Legal entity, ownership and history
The company that carries the risk is Fidelity Life Assurance Company Limited. It was founded in 1973 by Gordon and Shirley Watson and now employs a team of more than 400. Fidelity Life states that it paid out over $1.8 billion in claims across its first 50 years. Source: Fidelity Life, Our story, read 15 August 2026.
Its shareholders are local. Fidelity Life describes itself as backed by the NZ Super Fund, New Zealand's sovereign wealth fund, and Ngāi Tahu Holdings. It frames their long investment horizons as the reason decisions "will continue to be made for New Zealanders, by New Zealanders". The exact shareholding percentages are not published on the pages we read, so this review does not state them.
The Westpac Life story
Fidelity Life is also the insurer behind Westpac-branded life insurance, through a dated sequence worth knowing if you hold an ex-Westpac policy. Source: fidelitylife.co.nz/westpac, read 15 August 2026.
- 28 February 2022. Westpac Group completed the sale of its New Zealand life insurance business, Westpac Life-NZ- Limited, to Fidelity Life. It was renamed Fidelity Insurance Limited.
- March 2023. The Reserve Bank approved a business transfer combining Fidelity Insurance with Fidelity Life.
- From 30 June 2023. Westpac life insurance products are underwritten by Fidelity Life.
If your policy schedule says Westpac Life or Fidelity Insurance, the company behind it today is Fidelity Life Assurance Company Limited.
Claims record: FY25, with its denominator
Fidelity Life publishes an annual claims summary. For its financial year 1 July 2024 to 30 June 2025 it accepted 93% of all new claims, which was 2,279 new customer claims accepted, and paid out $247.7 million across all claims, with over 300,000 New Zealanders insured. Source: Fidelity Life, Claims we've paid, read 15 August 2026.
The published breakdown of new claims accepted, by cause, comes from the same page: cancer 33%, most commonly breast, prostate and lung; injury to bones, muscles, limbs and joints 15%; cardiovascular conditions 14%; neurological conditions 10%; respiratory conditions 7%; and other organ disorders 3%. Percentages are rounded.
Published claims percentages are not comparable between insurers, because each picks its own denominator and period:
- Fidelity Life: 93% of all new claims, July 2024 to June 2025
- Partners Life: 95% of all assessed claims, April 2024 to March 2025
- Asteron Life: 97% of trauma, life and income protection claims received, July 2023 to June 2024
- AIA New Zealand: 92% of all claims received, calendar 2024
"New claims" and "assessed claims" and "claims received" are different measures, across different products and different windows. Treat single-figure league tables with caution.
Making a claim with Fidelity Life
Fidelity Life runs a published claims guide and a stated claims promise. You can start a claim directly or through your adviser. The claims and general line is 0800 88 22 88, and the head office is Fidelity Life House, Level 4, 136 Fanshawe Street, Auckland. Source: Fidelity Life claims section, read 15 August 2026.
Fidelity Life products: what the range covers
Fidelity Life covers the core personal risk categories, sold predominantly through advisers, with Westpac's bank channel distributing Fidelity-underwritten life products since the 2022 purchase. Source: fidelitylife.co.nz/westpac, read 15 August 2026.
- Life cover, a lump sum on death or terminal illness
- Trauma cover, a lump sum on diagnosis of a specified serious condition. See our trauma insurance guide for how these work
- Total and permanent disability cover
- Income protection and mortgage repayment cover, paying monthly benefits if illness or injury stops you working
- Business insurance, including key person, shareholder protection and business debt cover (business protection overview)
Feature detail is set by the policy wordings and product brochures, which change over time. This review does not restate feature tables, such as specific waiting-period menus, that we could not re-verify on Fidelity's current public pages. Cover can generally be written on a stepped or level premium basis, a structural choice that matters more over decades than most feature differences.
A note on pricing
Earlier versions of this review repeated a widely circulated claim that Fidelity Life's reduced adviser commissions make its premiums 10 to 20% cheaper than competitors. We could not verify either the commission structure or a systematic price advantage from published sources, so this review states neither. Premium competitiveness is real but profile-specific. The only reliable test is to have an adviser quote the same cover across several insurers at once.
How Fidelity Life compares
Every rating below is the insurer's own published disclosure for the named licensed entity, linked and dated. Price is not compared here, because a premium only means something once your age, health and occupation are known.
| Licensed insurer | Financial strength | Rating as at | How you can buy | Private medical cover |
|---|---|---|---|---|
| Fidelity Life Assurance Company Limited | A- (A.M. Best), disclosure | 5 Mar 2026 affirmation | Through an adviser | No |
| AIA New Zealand Limited | AA (Fitch), disclosure | Date not published | Adviser or direct | Yes |
| Asteron Life Limited | A+ (Fitch), disclosure | Date not published, on Rating Watch Positive from 5 Aug 2026 | Through an adviser | No |
| Chubb Life Insurance New Zealand Limited | A (Excellent) (A.M. Best), disclosure | Date not published | Adviser or direct | No |
| Partners Life Limited | A (Excellent) (A.M. Best), disclosure | 5 Feb 2026 | Through an adviser | Yes |
| Momentum Life Limited | B (Fair) (A.M. Best), disclosure | 11 Feb 2026 | Direct only | No |
The agencies use different scales, so the letters are not interchangeable between rows. Every grade above is also recorded against its licensed entity on the RBNZ register of licensed insurers, read 18 August 2026. Check every licensed NZ life and health insurer in our financial strength explorer.
Exclusions and things to note
Every point below comes from a named Fidelity Life page or document, with the date we read it. The policy wording governs any claim, not this page.
- There is no private medical or health insurance in the range. A protection plan that includes health cover needs a second insurer. Source: Fidelity Life, Our story, read 15 August 2026.
- Cover is adviser-arranged. The exception is the Westpac bank channel, which distributes Fidelity-underwritten life products. Source: Westpac transition page, read 15 August 2026.
- An ex-Westpac Life policy is a Fidelity Life policy. The business transferred on 28 February 2022 and Westpac products have been underwritten by Fidelity Life since 30 June 2023. Source: Westpac transition page, read 15 August 2026.
- Waiting periods, benefit periods, entry ages and built-in benefits are not published publicly. They sit in the policy wording and change over time. Source: Fidelity Life claims section, read 15 August 2026.
- The 93% figure counts new claims accepted in one financial year, 1 July 2024 to 30 June 2025, not all claims of every kind. Source: Claims we've paid, read 15 August 2026.
- Cancer drove a third of accepted new claims in FY25, so how a policy defines cancer matters more than most feature comparisons. Source: Claims we've paid, read 15 August 2026.
- Shareholding percentages are not published, only the names of the shareholders. Source: Our story, read 15 August 2026.
- The commonly repeated "Fidelity is cheaper" claim is unverified. No published source we could find supports a systematic price advantage, so this review does not state one. Source: Our story, read 15 August 2026.
Who Fidelity Life may suit
People who value New Zealand ownership. Fidelity Life is the largest locally owned life insurer, and it names the NZ Super Fund and Ngāi Tahu Holdings as shareholders. Among the major specialist life insurers, that is a genuine point of difference.
People who weight rating stability. An A- grade held continuously since December 1996 is a three-decade record through several economic cycles.
Former Westpac Life policyholders. Fidelity Life is your insurer now. Reviewing that cover with an adviser, rather than assuming it still fits, is worthwhile.
Small business owners. The range includes key person, shareholder protection and business debt cover alongside personal risk products.
When you need closer advice, or a different insurer
Anyone who needs comprehensive private medical insurance. Fidelity Life's range is life and disability focused. nib and Southern Cross are the health specialists, and Partners Life and AIA sell medical cover alongside life products.
Anyone selecting purely on the grade. A- is solid, but AIA New Zealand carries AA from Fitch and Asteron Life carries A+ on the same register, read 18 August 2026. The agencies' scales differ.
Anyone who wants a wellness or rewards programme. Fidelity Life does not run one. AIA's Vitality is the only programme of its kind among the major NZ life insurers.
Anyone with a complex health history, hazardous occupation or prior claims. How an insurer underwrites your profile matters more than any brand comparison, and that is a conversation for a licensed adviser.
Where Fidelity Life sits with QuoteHub
Fidelity Life is one of the insurers on QuoteHub's advice panel. It appears in the list of providers on our disclosure page alongside AIA, Partners Life, Chubb Life, Asteron Life, Momentum Life, nib and Southern Cross. 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. Henry Smith is a Financial Adviser (FSP1010699). Details of how our advisers are paid are on the disclosure page.
That relationship means QuoteHub advisers can arrange Fidelity Life cover. It does not change anything in this review, which is built from Fidelity Life's own documents, the agency's published rating action and the Reserve Bank's register.
Compare Fidelity Life before you commit
Local ownership is a real differentiator, but it is not the only thing that decides your outcome. Put Fidelity Life beside the rest of the panel in our insurer comparison tool, and read how life insurance works here before you decide. If you would rather have it done for you, start your free comparison.
Limitations of this review
This review is built only from public documents. It states no premium figures, because pricing depends on your age, health, occupation, smoking status and cover structure. Three gaps are recorded rather than guessed: the commission-structure and price-advantage claims that circulate about Fidelity Life, the exact shareholding percentages, and product feature menus we could not re-verify. Details were current at the dates shown and change without notice. The policy wording, not this page, governs any claim. Ratings were last re-verified against the RBNZ register and Fidelity Life's own disclosure, and QuoteHub re-verifies published ratings quarterly.
References
- Fidelity Life, Our financial strength, read 14 August 2026 (A- rating held since December 1996, the agency scale, solvency at 31 March 2026)
- Fidelity Life, Claims we've paid, read 15 August 2026 (93% of new claims accepted in FY25, 2,279 claims, $247.7m paid, cause breakdown)
- Fidelity Life, Claims, read 15 August 2026 (claims guide, claims promise, 0800 88 22 88, head office address)
- Fidelity Life, Our story, read 15 August 2026 (founded 1973, 400+ team, over $1.8b claims paid in the first 50 years, NZ Super Fund and Ngāi Tahu Holdings shareholders)
- Fidelity Life, Westpac life insurance transition, read 15 August 2026 (28 February 2022 completion, Fidelity Insurance rename, March 2023 approval, 30 June 2023 underwriting transfer)
- Fidelity Life, Rating reaffirmed for a 30th year, 23 March 2026, read 15 August 2026
- A.M. Best, AM Best affirms credit ratings of Fidelity Life Assurance Company Limited, 5 March 2026, read 15 August 2026
- Reserve Bank of New Zealand, Register of licensed insurers, read 18 August 2026 (rating agency and grade for Fidelity Life, AIA, Asteron, Partners Life, Chubb Life)
- Insurance and Financial Services Ombudsman Scheme, participant search, read 8 September 2026
Disclaimer: This article is general information only and does not constitute personalised financial advice. 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. Insurance products are subject to underwriting, and terms, conditions, exclusions and stand-down periods apply. Features and figures were current at the dates above and are subject to change, so always check the current policy wording. For advice tailored to your circumstances, talk to a licensed financial adviser.
Further reading
- Financial Markets Authority, consumer guidance
- Sorted.org.nz, protecting your wealth
- Insurance and Financial Services Ombudsman
- Insurance Council of New Zealand
What Fidelity Life writes
| Cover | What it pays |
|---|---|
| Life cover | A lump sum to the people you name, paid on death or a terminal diagnosis. |
| Trauma cover | A lump sum on the diagnosis of a listed condition, paid whether or not you stop work. |
| Income protection | A monthly benefit while illness or injury stops you earning, after a waiting period. |
| TPD | A lump sum if you are unlikely ever to work again, on a definition set by the wording. |
What it costs
| Age | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|
| 25 | $25.56 | $40.82 | $69.41 |
| 30 | $22.06 | $34.51 | $57.84 |
| 35 | $21.67 | $33.81 | $56.57 |
| 40 | $25.95 | $41.50 | $70.67 |
| 45 | $36.23 | $60.02 | $104.62 |
| 50 | $57.34 | $98.02 | $174.28 |
| 55 | $97.58 | $170.44 | $307.06 |
| 60 | $179.51 | $317.91 | $577.42 |
| 65 | $354.97 | $633.75 | $1,156.47 |
| Age | $100,000 |
|---|---|
| 25 | $19.83 |
| 30 | $21.75 |
| 35 | $28.23 |
| 40 | $41.81 |
| 45 | $67.93 |
| 50 | $112.01 |
| 55 | $192.17 |
| 60 | $305.40 |
1 age had no priced insurer this snapshot and is not shown.
| Age | $250,000 |
|---|---|
| 40 | $23.77 |
| 45 | $38.38 |
| 50 | $71.16 |
| 55 | $153.52 |
| 60 | $302.76 |
3 ages had no priced insurer this snapshot and are not shown.
How Fidelity Life compares on financial strength
Financial strength is the one comparable published fact about an insurer. Every grade below is the insurer's own disclosure for the named licensed entity, linked and dated. A rating belongs to that entity, not to a brand or a product name.
| Insurer | Licensed entity | Financial strength | Rating as at |
|---|---|---|---|
| AIA New Zealand | AIA New Zealand Limited | AA (Fitch, source, read 14 Aug 2026) | Date not published |
| Asteron Life | Asteron Life Limited | A+ (Fitch, source, read 14 Aug 2026) | Date not published |
| Chubb Life NZ | Chubb Life Insurance New Zealand Limited | A (Excellent) (A.M. Best, source, read 14 Aug 2026) | Date not published |
| Fidelity Life | Fidelity Life Assurance Company Limited | A- (A.M. Best, source, read 14 Aug 2026) | Date not published |
| Momentum Life | Momentum Life Limited (FSP472286) | B (Fair) (A.M. Best, source, read 14 Aug 2026) | 11 Feb 2026 |
| Partners Life | Partners Life Limited | A (Excellent) (A.M. Best, source, read 14 Aug 2026) | 5 Feb 2026 |
What Fidelity Life publishes
The wording is the contract. These are Fidelity Life's own documents, each with the date we read it.
| Document | Status |
|---|---|
| Life cover | The insurer's own page (read 2026-09-08) |
| Income protection cover | The insurer's own page (read 2026-09-08) |
| Trauma cover | The insurer's own page (read 2026-09-08) |
| Total and permanent disability cover | The insurer's own page (read 2026-09-08) |
| Claims we've paid | Effective 1 July 2024 – 30 June 2025 (read 2026-09-08) |
| Group insurance for employees | The insurer's own page (read 2026-09-08) |
Questions about Fidelity Life
Who is Fidelity Life?
The largest New Zealand owned and operated life insurer. Adviser-distributed, with a Westpac bank channel alongside it. The licensed entity behind the policies is Fidelity Life Assurance Company Limited.
Who owns Fidelity Life?
NZ-owned; major shareholders reported as NZ Super Fund and Ngai Tahu Holdings. Ownership matters because it decides who carries the risk behind a claim, not how a claim is assessed.
Is Fidelity Life financially strong?
Fidelity Life Assurance Company Limited holds a A- rating from A.M. Best, read from the insurer's own disclosure on 14 Aug 2026. A rating is an independent view of the ability to pay claims. It says nothing about what a policy covers or what it costs.
Can I buy Fidelity Life cover without an adviser?
Both routes exist. You can go direct, or use a licensed adviser who can put Fidelity Life next to the other insurers on the same set of details.
What does Fidelity Life cover?
Life cover, Trauma cover, Income protection, TPD. What each of those pays, and what it excludes, is set by the policy wording rather than by the marketing page, which is why the documents are listed on this page with the date we read them.
Where can I read Fidelity Life's policy wording?
We link 6 of Fidelity Life's own documents on this page, each with the date it was read. The wording is the contract; a brochure is not.
Is Fidelity Life the cheapest?
No insurer is cheapest for everyone. Price depends on your age, your health and an underwriting decision that has not happened yet, so a comparison that leads with price compares the wrong thing. The published limits and definitions are what can be compared, and they are on this page.
How does Fidelity Life compare with the other insurers?
The financial strength table on this page puts every insurer we compare side by side, with the agency, the grade and the date. The benefit limits sit on the comparison page, and a licensed adviser can run your own details across the panel.
Does QuoteHub work with Fidelity Life?
Yes. Fidelity Life is on the QuoteHub panel, so a licensed adviser can quote them, compare them against the rest of the panel and arrange the cover. The full panel is published on the disclosure page rather than implied.
What should I check before applying to Fidelity Life?
The stand-down period, the exclusions that apply to your own history, whether the premium is stepped or level, and what happens at renewal. All four are in the wording and none of them is in a price.
Does Fidelity Life cover pre-existing conditions?
Not automatically. An existing condition is either excluded, loaded or accepted on its own terms, and that decision is made at underwriting on your own history. What matters is what you disclose, because non-disclosure is the most common reason a claim is declined.
Are Fidelity Life premiums stepped or level?
Both structures exist in the New Zealand market. Stepped rises with your age each year and costs less at the start; level holds a rate to a chosen age and costs more early and less later. Which is cheaper over the life of the policy depends on how long you keep it, not on the insurer.
Can I move to Fidelity Life from another insurer?
Yes, but moving means new underwriting, so anything that has happened to your health since you took the old policy is assessed again. Never cancel the old cover until the new policy is issued and you have read what it excludes.
Does Fidelity Life pay claims quickly?
Claims-paid percentages and payment times are published by some New Zealand insurers and not by others, on different bases, which is why we publish the figure only where the insurer publishes it with a period. Where we hold one it appears on the review page for that insurer.
Is Fidelity Life regulated in New Zealand?
Yes. A licensed insurer is regulated by the Reserve Bank of New Zealand, and the advice about a policy is regulated separately by the Financial Markets Authority. Those are two different licences and both matter.
What happens to my Fidelity Life policy if the company is sold?
A policy is a contract with the licensed entity, so it continues on its terms if ownership changes. New Zealand has seen several life books change hands, and the practical effect for existing policyholders is usually the servicing brand rather than the cover.
How much does Fidelity Life cover cost?
We do not publish a price for an insurer on this page. A premium depends on age, health, smoking status, occupation, the cover amount and an underwriting decision, so a single figure would be wrong for almost everyone reading it.
Where can I get advice about Fidelity Life?
A licensed financial adviser can compare it against the rest of the panel on your own details and tell you where it suits you and where it does not. QuoteHub is a trading name of a licensed Financial Advice Provider and the review is free.
How do I make a complaint about Fidelity Life?
Raise it with the insurer first. If it is not resolved you can take it to the insurer's dispute resolution scheme at no cost. QuoteHub's own scheme is the Financial Dispute Resolution Service.
Where to go next
Fidelity Life on this site
Other life insurers
- Partners Life
- AIA New Zealand
- Chubb Life NZ
- Asteron Life
- Momentum Life
- Southern Cross Life
- Pinnacle Life
- OneChoice
- AA Life
- Resolution Life NZ
- NZ Seniors
Health insurers
Compare and calculate
- Compare NZ insurers side by side
- Life insurance calculator
- Every insurer financial strength rating
- All calculators
Cover explained
- Life insurance in New Zealand
- Trauma cover in New Zealand
- Income protection in New Zealand
- Mortgage protection in New Zealand
What cover costs
- What life insurance costs in NZ
- Stepped versus level premiums
- The insurers ranked on what they publish
- Every published insurance number, with its source
Explore related pages: Life Insurance, Income Protection, Health Insurance, Trauma Insurance, Referral.