Partners Life
Adviser-only, and the one New Zealand insurer writing life, trauma, income and private medical cover on a single plan. Owned by Dai-ichi Life.
Partners Life at a glance
| Fact | What the register holds |
|---|---|
| Licensed entity | Partners Life Limited |
| Owner | Dai-ichi Life Holdings (acquired 2022) |
| What they write | Life cover, Trauma cover, Income cover, TPD, Private medical |
| How you can buy | Through an adviser |
| Financial strength | A (Excellent) (A.M. Best) (source, read 14 Aug 2026) |
| Rating as at | 5 Feb 2026 |
| On the QuoteHub panel | Yes, we can place cover with them |
| Complaints | Financial Dispute Resolution Service, free for consumers |
Partners 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 | Partners Life |
|---|---|
| Founded | Began as a New Zealand start-up in 2011 (Who we are, read 18 Aug 2026) |
| Owner | Dai-ichi Life, the Tokyo-listed Japanese life insurance group, which acquired 100% of Partners Group Holdings Limited (Partners Life announcement, read 18 Aug 2026) |
| Licensed entity | Partners Life Limited, licensed 3 Sep 2013 (RBNZ register of licensed insurers, read 18 Aug 2026) |
| Financial strength | A (Excellent) with a Stable Outlook from A.M. Best, effective 5 February 2026. Partners Life solvency and financial strength, read 14 Aug 2026 |
| What they underwrite | Life, trauma, monthly disability, private medical, specific injury and TPD cover |
| How you can buy | Through a financial adviser only. There is no public online quote-and-buy tool (Who we are, read 18 Aug 2026) |
| Complaints scheme | The Insurance and Financial Services Ombudsman, named on Partners Life's complaints process page, read 8 Sep 2026 |
| Policy wordings | No public wordings library on the pages read (18 Aug 2026). Wordings come from your adviser. Product pages: Partners Life products |
Verdict (2026)
Partners Life is the strongest fit for a family that wants life, trauma, income and private medical cover from one underwriter, arranged by an adviser. Its rating carries an effective date, which most rivals do not publish, and its annual claims brochure breaks payments down by product, cause and age. It is the wrong fit if you want to buy online, because there is no direct route at all. Feature detail is not published either, so what you actually get depends on the wording your adviser puts in front of you.
Pros and cons
| Pros | Cons |
|---|---|
| A (Excellent) with a Stable Outlook from A.M. Best, effective 5 February 2026 | Not the highest grade on the RBNZ register, where AIA carries AA from Fitch |
| Life, trauma, monthly disability, private medical, specific injury and TPD from one underwriter | No online quote-and-buy route, so cover is adviser-only |
| Publishes a claims brochure with product, cause and age breakdowns (claims brochure) | The 95% figure counts assessed claims, not all claims lodged |
| Runs a Customer Outcomes Review Committee that reviews declined claims | Feature detail such as waiting periods and benefit maxima is not published |
| 98% of assessed private medical claims paid in 2024 to 2025 | Solvency figures are published as a graphic, so they are not quoted here |
| One company name since 2011, so old schedules match the current insurer | The completion date of the Dai-ichi purchase is not published |
Legal entity, ownership and brand history
The company that carries the risk is Partners Life Limited, licensed by the Reserve Bank with a licence effective date of 3 September 2013. Source: RBNZ register, read 18 August 2026. The company describes itself as a New Zealand operated business that began as a start-up in 2011 and has grown into one of the country's largest life and health insurers. Source: Who we are, read 18 August 2026.
Its owner is Dai-ichi Life, the Tokyo-listed Japanese life insurance group. Dai-ichi announced its acquisition of 100% of the shares in Partners Group Holdings Limited, the parent of Partners Life Limited, in a transaction valuing the business at circa NZ$1 billion. Source: Partners Life's own announcement, read 18 August 2026.
The agency's most recent rating action confirms the ownership is in place today, attributing rating enhancement to integration with and ownership by Dai-ichi. Source: A.M. Best rating action, 5 February 2026. The completion date of the Dai-ichi transaction is not stated on the pages we read, so this review does not state it.
Unlike AIA, formerly Sovereign, or Chubb Life, formerly Cigna, Partners Life has not traded under another name. Older policy schedules carry the same company name you see today.
Claims record: 95% of assessed claims, with its denominator
Partners Life's most recent published claims figures come from its own claims brochure. It paid 95% of all assessed claims and more than $325 million in claims between 1 April 2024 and 31 March 2025. That contributed to more than $1.6 billion paid since its 2011 launch, across a book of more than 340,000 clients. Source: Partners Life key claims statistics brochure, read 18 August 2026.
The brochure breaks the year down by product. All figures below cover 1 April 2024 to 31 March 2025.
| Product | Claims paid | Top published claim causes |
|---|---|---|
| Life Cover | $94.3 million | Cancer 49%, cardiovascular 17%, accident and injury 13% |
| Private Medical Cover | $83.4 million, with 98% of assessed medical claims paid | Genitourinary 17%, cancer 15%, digestive 11% |
| Trauma Cover | $78.8 million | Cancer 60%, heart 20%, accident and injury 9% |
| Income Cover | $60.7 million | Accident and injury 42%, cancer 15%, heart 11%, mental health 10% |
| Total and Permanent Disability Cover | $8.0 million | Endocrine 23%, cardiovascular 21%, accident and injury 17% |
By age, the largest shares went to clients aged 40 to 49 at $102.0 million and 50 to 59 at $92.7 million, with $68.0 million paid to clients aged 60 and over. Source: Partners Life claims brochure, read 18 August 2026. That is consistent with the peak earning and peak obligation years for most New Zealanders.
Two features of this record are worth noting. The high accident-and-injury share of Income Cover claims, at 42%, is a reminder that income cover responds to both accident and illness. Illness, which ACC does not cover, accounts for most of the remainder. Partners Life also operates a Customer Outcomes Review Committee, which reviews complaints and investigates claims declined because of incorrect or non-disclosed information.
Published claims percentages are not comparable between insurers, because each picks its own denominator and period:
- 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
- Fidelity Life: 93% of all new claims, July 2024 to June 2025
- AIA New Zealand: 92% of all claims received, calendar 2024
Making a claim with Partners Life
Claims do not have to go through an adviser, although your adviser can help. Private Medical claims can be submitted through Partners Life's online claim service. All other claim types are lodged by completing the relevant form and emailing it with supporting documents to [email protected]. The claims team is on 0800 145 433, weekdays 8.30am to 5pm. Source: Partners Life claims page, read 18 August 2026.
Partners Life products: what the range covers
Partners Life's current range covers personal life and health risk in one place. Source: Partners Life products, read 18 August 2026.
- Life Cover
- Trauma Cover
- Monthly Disability Cover, income-style monthly benefits, reported at claim time under Income Cover
- Private Medical Cover
- Specific Injury Cover
- Total and Permanent Disability Cover
The range is notable for including private medical insurance alongside the life products, which several life-focused competitors such as Asteron Life do not offer.
Feature detail is set by the policy wordings, and Partners Life does not publish a consolidated feature table publicly. Earlier versions of this review stated specific waiting periods and income-replacement percentages. We could not re-verify those, so this review does not state them. An adviser can confirm current features against the wording, and the wording governs.
How you can buy Partners Life
Partners Life is sold through financial advisers rather than direct. Its website's purchase path is "find an adviser", and there is no public online quote-and-buy tool on the pages we read. Source: Who we are, read 18 August 2026. The general enquiries and claims line is 0800 145 433.
The practical consequence is that a Partners Life policy comes with an adviser attached, who can compare it against the rest of the market at the same time. If you insist on buying online without advice, Partners Life is not the route.
How Partners 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 |
|---|---|---|---|---|
| Partners Life Limited | A (Excellent) (A.M. Best), disclosure | 5 Feb 2026 | Through an adviser | Yes |
| 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 |
| Fidelity Life Assurance Company Limited | A- (A.M. Best), disclosure | 5 Mar 2026 affirmation | Through an adviser | No |
| Momentum Life Limited | B (Fair) (A.M. Best), disclosure | 11 Feb 2026 | Direct only | No |
A.M. Best and Fitch 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 Partners Life page or document, with the date we read it. The policy wording governs any claim, not this page.
- There is no direct purchase route. Partners Life sells through advisers, and its website's path is "find an adviser". Source: Who we are, read 18 August 2026.
- The 95% figure counts assessed claims, over 1 April 2024 to 31 March 2025, not every claim lodged. Source: claims brochure, read 18 August 2026.
- Partners Life publishes why claims are declined. The brochure lists recovery within the waiting period, conditions that do not meet the policy definition, and non-disclosure. Source: claims brochure, read 18 August 2026.
- Only Private Medical claims can be lodged online. Every other claim type needs the relevant form emailed with supporting documents. Source: claims page, read 18 August 2026.
- Waiting periods, benefit maxima, entry and expiry ages, and agreed value versus indemnity options are not published. They sit in the policy wording. Source: Partners Life products, read 18 August 2026.
- Solvency figures are published as a graphic, not as text, so this review does not quote them. Source: solvency and financial strength page, read 14 August 2026.
- The completion date of the Dai-ichi purchase is not published, only the announcement. Source: Partners Life announcement, read 18 August 2026.
- A declined claim can be reconsidered. The Customer Outcomes Review Committee reviews complaints and investigates claims declined for incorrect or non-disclosed information. Source: claims brochure, read 18 August 2026.
Who Partners Life may suit
Families who want life, trauma, income and medical cover from one insurer. Keeping one underwriter, one relationship and one claims team across the whole protection package has practical value at claim time.
People who weight claims transparency. An annual brochure with product, cause and age breakdowns, plus a committee that reviews declined claims, is more disclosure than most New Zealand insurers provide.
Self-employed New Zealanders. Income-style cover matters most where there is no employer sick leave and ACC covers only accidents. Income protection for the self-employed is exactly where adviser-built structure earns its keep.
People who value adviser-led structure. Because the products are built with an adviser, cover levels, ownership structures and benefit selections are tailored rather than self-assessed.
When you need closer advice, or a different insurer
Anyone who wants to buy online without an adviser. Partners Life is adviser-distributed. Direct routes exist at other insurers, such as Chubb Life's online range or AIA's Starter Plans, with the trade-off that nobody checks the structure fits you.
Anyone selecting purely on the grade. A (Excellent) is strong, but AIA New Zealand carries AA from Fitch on the same register, read 18 August 2026. Grades from different agencies sit on different scales.
Anyone who wants a wellness or rewards programme. Partners Life does not run one. AIA's Vitality is the only programme of its kind among the major NZ life insurers.
Anyone weighing a New Zealand-owned insurer, or a health specialist. Fidelity Life is the largest NZ-owned life insurer and Asteron Life one of the longest established, while nib and Southern Cross are the health specialists.
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 Partners Life sits with QuoteHub
Partners Life is one of the insurers on QuoteHub's advice panel. It appears in the list of providers on our disclosure page alongside AIA, Fidelity 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 Partners Life cover. It does not change anything in this review, which is built from Partners Life's own documents, the agency's published rating action and the Reserve Bank's register.
Compare Partners Life before you commit
Adviser-only distribution means the comparison happens before you apply, not after. Put Partners Life beside the rest of the panel in our insurer comparison tool, and read how life insurance and health insurance work 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 completion date of the Dai-ichi acquisition, the solvency figures, which are published as a graphic rather than text, and feature-level product detail such as waiting periods, benefit maxima and entry ages. 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 Partners Life's own disclosure, and QuoteHub re-verifies published ratings quarterly.
References
- Partners Life, Solvency and financial strength, read 14 August 2026 (A (Excellent) rating effective 5 February 2026, Stable Outlook, solvency disclosure at 31 March 2026)
- Partners Life, Who we are, read 18 August 2026 (2011 start-up, New Zealand operated, adviser partnerships, no direct purchase route)
- Partners Life, This is Partners Life 2025 key claims statistics brochure, read 18 August 2026 (95% of assessed claims, $325m+ paid April 2024 to March 2025, $1.6b+ since 2011, product, cause and age breakdowns, the review committee, decline reasons)
- Partners Life, Claims, read 18 August 2026 (lodgement channels, [email protected], 0800 145 433)
- Partners Life, Products, read 18 August 2026 (current product list)
- Partners Life, Complaints process, read 8 September 2026 (external dispute resolution through the Insurance and Financial Services Ombudsman)
- Partners Life, Partners Life joins global life insurance giant, read 18 August 2026 (Dai-ichi acquisition of 100% of Partners Group Holdings, circa NZ$1b valuation)
- A.M. Best, AM Best affirms credit ratings of Partners Life Limited, 5 February 2026, read 18 August 2026 (FSR A (Excellent), Long-Term ICR "a", stable outlook, Dai-ichi rating enhancement)
- A.M. Best, Guide to Best's financial strength ratings, read 18 August 2026 (rating scale definitions)
- Reserve Bank of New Zealand, Register of licensed insurers, read 18 August 2026 (licence date and rating agency and grade for Partners Life, AIA, Asteron, Fidelity Life, Chubb Life)
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 Partners 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 cover | 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. |
| Private medical | Private treatment costs, up to the limits the plan publishes. |
What it costs
| Age | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|
| 25 | $28.97 | $44.18 | $71.34 |
| 30 | $25.99 | $39.00 | $62.23 |
| 35 | $24.93 | $37.17 | $59.01 |
| 40 | $29.49 | $45.08 | $72.93 |
| 45 | $41.54 | $66.00 | $109.70 |
| 50 | $66.58 | $109.51 | $186.15 |
| 55 | $114.41 | $192.58 | $332.16 |
| 60 | $209.18 | $357.17 | $621.44 |
| 65 | $415.37 | $715.30 | $1,250.88 |
| Age | $100,000 |
|---|---|
| 25 | $22.47 |
| 30 | $23.70 |
| 35 | $29.59 |
| 40 | $43.45 |
| 45 | $69.80 |
| 50 | $116.51 |
| 55 | $192.08 |
| 60 | $335.35 |
| 65 | $589.27 |
How Partners 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 Partners Life publishes
The wording is the contract. These are Partners Life's own documents, each with the date we read it.
| Document | Status |
|---|---|
| Life Cover overview, Partners Life Journey Plan | Effective PLJP_OVERVIEW_LIFE COVER_V03_1025 (read 2026-09-08) |
| Trauma Cover overview, Partners Life Journey Plan | Effective PLJP_OVERVIEW_TRAUMA_V02_1025 (read 2026-09-08) |
| Private Medical Cover overview, Partners Life Journey Plan | Effective PLJP_OVERVIEW_PRIVATE MEDICAL COVER_V01_1025 (read 2026-09-08) |
| This is Partners Life 2025, key claims stats | Effective 1 April 2024 – 31 March 2025 (read 2026-09-08) |
Partners Life plans
| Plan | What it is |
|---|---|
| Partners Life Journey Plan | The current product suite: life, trauma, income and private medical cover written on one plan. |
Questions about Partners Life
Who is Partners Life?
Adviser-only, and the one New Zealand insurer writing life, trauma, income and private medical cover on a single plan. Owned by Dai-ichi Life. The licensed entity behind the policies is Partners Life Limited.
Who owns Partners Life?
Dai-ichi Life Holdings (acquired 2022). Ownership matters because it decides who carries the risk behind a claim, not how a claim is assessed.
Is Partners Life financially strong?
Partners Life Limited holds a A (Excellent) 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 Partners Life cover without an adviser?
Both routes exist. You can go direct, or use a licensed adviser who can put Partners Life next to the other insurers on the same set of details.
What does Partners Life cover?
Life cover, Trauma cover, Income cover, TPD, Private medical. 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 Partners Life's policy wording?
We link 4 of Partners Life's own documents on this page, each with the date it was read. The wording is the contract; a brochure is not.
Is Partners 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 Partners 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 Partners Life?
Yes. Partners 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 Partners 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.
What plans does Partners Life offer?
Partners Life Journey Plan. Each has its own page here setting out what it pays and what it does not.
Does Partners 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 Partners 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 Partners 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 Partners 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 Partners 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 Partners 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 Partners 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 Partners 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 Partners 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
Partners Life on this site
- Partners Life Income Cover (Agreed Value)
- Partners Life Journey Plan
- Partners Life Mortgage Repayment Cover
Other life insurers
- AIA New Zealand
- Chubb Life NZ
- Fidelity Life
- 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, For Brokers.