How much does life insurance cost in New Zealand? The QuoteHub Premium Index, September 2026
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.
For $500,000 of stepped, non-smoker life cover in New Zealand, indicative monthly cost in The QuoteHub Premium Index, September 2026 runs from about $20 to $25 a month at age 30 to about $625 to $650 a month at age 65, and every one of the six insurers in the panel prices differently for the same profile (indicative monthly cost from insurers' published rate cards as at 8 September 2026; see the methodology for how the panel is built, and Fidelity Life: Life cover for one insurer's own published rates). Age is the single biggest driver of cost, followed by cover amount, smoking status and gender.
This page prices $250,000, $500,000 and $1,000,000 of life cover, the three amounts most commonly quoted in New Zealand, across AIA New Zealand, Asteron Life, Chubb Life, Fidelity Life, Momentum Life and Partners Life. Every figure below is a live rate-card quote run through adviser rating software on the QuoteHub adviser account, current at 8 September 2026 and restated quarterly, not a marketing estimate. If you are comparing this against a published third-party study, our guides to what life insurance costs from published research and cheap life insurance in NZ collect Canstar's, Quashed's and other providers' own published figures separately, so you can see both sources side by side.
What $250,000 of life cover costs
As of 8 September 2026 · monthly cost, from the insurers’ rate cards
| Age | Typical monthly cost |
|---|---|
| 25 | $25 to $60 |
| 30 | $20 to $60 |
| 35 | $20 to $60 |
| 40 | $25 to $70 |
| 45 | $35 to $90 |
| 50 | $50 to $110 |
| 55 | $90 to $180 |
| 60 | $170 to $325 |
| 65 | $350 to $550 |
| Age | Typical monthly cost |
|---|---|
| 25 | $15 to $45 |
| 30 | $15 to $45 |
| 35 | $15 to $45 |
| 40 | $20 to $60 |
| 45 | $30 to $70 |
| 50 | $45 to $100 |
| 55 | $70 to $140 |
| 60 | $130 to $250 |
| 65 | $225 to $400 |
For $250,000 of non-smoker cover, The QuoteHub Premium Index, September 2026 shows indicative monthly cost falling from about $25 to $30 a month at 25 to about $20 to $25 at 35 for a man, and holding near $15 to $20 over the same span for a woman, before rising every age band after that to about $350 to $375 (male) and $225 to $250 (female) by 65 (indicative monthly cost from insurers' published rate cards as at 8 September 2026; see Fidelity Life: Life cover). No single insurer in the panel prices this cover cheapest at every age, gender and smoking-status cell this cycle.
How much does a $250,000 life insurance policy cost per month in NZ?
Indicative monthly cost for $250,000 of stepped, non-smoker cover in The QuoteHub Premium Index, September 2026 is about $15 to $20 a month for a 35-year-old woman and about $20 to $25 for a 35-year-old man, rising to about $225 to $250 and $350 to $375 respectively by age 65 (indicative monthly cost from insurers' published rate cards as at 8 September 2026; see Fidelity Life: Life cover). Momentum Life is the only insurer in the panel offering guaranteed acceptance at this cover level, from about $40 to $45 a month for a 35-year-old non-smoking woman.
What $500,000 of life cover costs
As of 8 September 2026 · monthly cost, from the insurers’ rate cards
| Age | Typical monthly cost |
|---|---|
| 25 | $40 to $50 |
| 30 | $30 to $40 |
| 35 | $30 to $40 |
| 40 | $40 to $50 |
| 45 | $50 to $70 |
| 50 | $90 to $120 |
| 55 | $170 to $200 |
| 60 | $300 to $375 |
| 65 | $625 to $725 |
| Age | Typical monthly cost |
|---|---|
| 25 | $20 to $30 |
| 30 | $20 to $30 |
| 35 | $25 to $35 |
| 40 | $35 to $40 |
| 45 | $50 to $60 |
| 50 | $80 to $100 |
| 55 | $130 to $160 |
| 60 | $225 to $275 |
| 65 | $400 to $475 |
For $500,000 of non-smoker cover, the age curve is sharper because the sum insured is larger: The QuoteHub Premium Index, September 2026 shows indicative monthly cost at about $30 to $35 a month for a 30-year-old man and about $20 to $25 for a 30-year-old woman, climbing to about $625 to $650 and $400 to $425 respectively by 65, an increase of roughly eighteen times for men across those 35 years (indicative monthly cost from insurers' published rate cards as at 8 September 2026; see AIA New Zealand: Living Life Personal Cover). Momentum Life does not price this cover amount; its guaranteed-acceptance product is capped at $300,000, so the blank in this table is correct.
How much does a $500,000 life insurance policy cost per month in NZ?
Indicative monthly cost for $500,000 of stepped, non-smoker cover in The QuoteHub Premium Index, September 2026 is about $20 to $25 a month for a 30-year-old woman and about $30 to $35 for a 35-year-old man, rising to about $400 to $425 (woman) and $625 to $650 (man) by age 65 (indicative monthly cost from insurers' published rate cards as at 8 September 2026; see Fidelity Life: Life cover). That is the single most commonly quoted amount of cover in New Zealand, since it is a round figure close to the average mortgage.
What $1,000,000 of life cover costs
As of 8 September 2026 · monthly cost, from the insurers’ rate cards
| Age | Typical monthly cost |
|---|---|
| 25 | $60 to $80 |
| 30 | $50 to $70 |
| 35 | $50 to $70 |
| 40 | $70 to $80 |
| 45 | $100 to $120 |
| 50 | $170 to $200 |
| 55 | $300 to $350 |
| 60 | $550 to $650 |
| 65 | $1,125 to $1,275 |
| Age | Typical monthly cost |
|---|---|
| 25 | $35 to $45 |
| 30 | $35 to $45 |
| 35 | $40 to $50 |
| 40 | $50 to $70 |
| 45 | $80 to $100 |
| 50 | $140 to $170 |
| 55 | $225 to $275 |
| 60 | $400 to $475 |
| 65 | $725 to $850 |
For $1,000,000 of non-smoker cover, The QuoteHub Premium Index, September 2026 shows indicative monthly cost at about $50 to $60 a month for a 35-year-old man and about $35 to $40 for a 30-year-old woman, rising to about $1,125 to $1,150 and $725 to $750 respectively by age 65 (indicative monthly cost from insurers' published rate cards as at 8 September 2026; see Asteron Life: Life Cover brochure). No single insurer in the panel prices this larger sum insured cheapest across the whole age range. Momentum Life does not price $1,000,000 of cover; its cap sits at $300,000.
How much does a $1,000,000 life insurance policy cost per month in NZ?
Indicative monthly cost for $1,000,000 of stepped, non-smoker cover in The QuoteHub Premium Index, September 2026 is about $35 to $40 a month for a 30-year-old woman and about $50 to $60 for a 35-year-old man, rising to about $725 to $750 and $1,125 to $1,150 respectively by age 65 (indicative monthly cost from insurers' published rate cards as at 8 September 2026; see Fidelity Life: Life cover). One insurer in the panel prices cheapest in just over half of the panel's 36 cells at this cover amount, more often than at $250,000 or $500,000.
Comparing cover amounts side by side, one age and gender
As of 8 September 2026 · monthly cost, from the insurers’ rate cards
| Cover | Typical monthly cost |
|---|---|
| $250,000 | $25 to $70 |
| $500,000 | $40 to $50 |
| $1,000,000 | $70 to $80 |
A 40-year-old non-smoking man's indicative monthly cost in The QuoteHub Premium Index, September 2026 moves from about $25 to $30 a month at $250,000 of cover, to about $40 to $45 at $500,000, to about $70 to $80 at $1,000,000 (indicative monthly cost from insurers' published rate cards as at 8 September 2026; see Chubb Life: Assurance Extra). Cover does not price in a straight line: doubling from $250,000 to $500,000 roughly doubles the premium at this age, but doubling again to $1,000,000 costs less than double again, because fixed policy costs are spread across a larger sum insured.
How much is life insurance in NZ per month?
There is no single figure, because New Zealand life cover is priced by age, gender, cover amount and smoking status, but The QuoteHub Premium Index, September 2026 shows a typical starting point: a non-smoking 30-year-old's indicative monthly cost for $500,000 of cover is about $20 to $25 a month for a woman and about $30 to $35 for a man (indicative monthly cost from insurers' published rate cards as at 8 September 2026; see Fidelity Life: Life cover). Use the age tables above for your own age band and cover amount.
Who prices cheapest
As of 8 September 2026 · monthly cost, from the insurers’ rate cards
| Age | Male non-smoker | Male smoker | Female non-smoker | Female smoker |
|---|---|---|---|---|
| 25 | $40 to $50 | $60 to $80 | $20 to $30 | $35 to $45 |
| 30 | $30 to $40 | $50 to $80 | $20 to $30 | $35 to $45 |
| 35 | $30 to $40 | $60 to $80 | $25 to $35 | $45 to $60 |
| 40 | $40 to $50 | $90 to $110 | $35 to $40 | $60 to $80 |
| 45 | $50 to $70 | $130 to $160 | $50 to $60 | $90 to $120 |
| 50 | $90 to $120 | $200 to $275 | $80 to $100 | $150 to $190 |
| 55 | $170 to $200 | $375 to $450 | $130 to $160 | $250 to $325 |
| 60 | $300 to $375 | $675 to $800 | $225 to $275 | $425 to $525 |
| 65 | $625 to $725 | $1,100 to $1,425 | $400 to $475 | $650 to $850 |
Across the panel, no single insurer wins on price at every age, gender and cover amount. One insurer prices cheapest in a little over half of the panel's 36 cells at $500,000 of cover and in the large majority at $250,000; a different insurer takes the lead at $1,000,000, and pricing also swaps between insurers at specific ages and genders even within the same cover amount. The practical lesson is to compare more than one insurer for your own age and cover amount rather than assuming whichever priced lowest last time still does.
Life cover, insurer by insurer
Each insurer's own life cover product differs in its built-in benefits as well as its price, though the table under each heading below shows the whole panel's typical monthly cost range at one age and cover amount, not that insurer's own premium; the two sentences beneath each one summarise what the product itself does, transcribed from its own policy wording.
AIA
As of 8 September 2026 · monthly cost, from the insurers’ rate cards
| Cover | Typical monthly cost |
|---|---|
| $250,000 | $20 to $60 |
| $500,000 | $30 to $40 |
| $1,000,000 | $50 to $70 |
AIA New Zealand's Living Life Cover pays a terminal illness advance of up to 100 percent of the benefit where life expectancy is 12 months or less, plus a Bereavement Support Benefit of $15,000 to $25,000 paid on notification of death, before probate (AIA Living Life Personal Cover Policy Wording, version 5, retrieved 8 September 2026). Its optional Life Future Insurability Benefit lets you increase cover before each third policy anniversary without new underwriting, up to the lower of twice the original benefit or $1,000,000, and expires on the life assured's 60th birthday.
Asteron Life
As of 8 September 2026 · monthly cost, from the insurers’ rate cards
| Cover | Typical monthly cost |
|---|---|
| $250,000 | $15 to $45 |
| $500,000 | $25 to $35 |
| $1,000,000 | $40 to $50 |
Asteron Life's Life Cover pays a funeral advancement of $15,000 or $25,000 ahead of the main claim, and includes Free Kids Cover of $50,000 of trauma cover for each child or grandchild, which can be increased to $200,000 (Asteron Life: Life Cover brochure, RP321 09/24, retrieved 8 September 2026). Its "we pay your premiums" benefit keeps the policy in force if illness or injury stops you working more than 10 hours a week in your usual job.
Chubb Life
As of 8 September 2026 · monthly cost, from the insurers’ rate cards
| Cover | Typical monthly cost |
|---|---|
| $250,000 | $35 to $90 |
| $500,000 | $50 to $70 |
| $1,000,000 | $100 to $120 |
Chubb Life's Assurance Extra Life Cover pays the sum insured early on a terminal illness diagnosis likely to cause death within 12 months, and releases up to $25,000 toward funeral costs on notification of death, ahead of the main claim (Chubb Life: Assurance Extra, Life Cover and Life Income Cover, retrieved 8 September 2026). Cover can be increased by up to $250,000 on a qualifying life event such as a mortgage or a new baby, without further health assessment.
Fidelity Life
As of 8 September 2026 · monthly cost, from the insurers’ rate cards
| Cover | Typical monthly cost |
|---|---|
| $250,000 | $45 to $100 |
| $500,000 | $80 to $100 |
| $1,000,000 | $140 to $170 |
Fidelity Life's Platinum Plus Life cover is open to new applicants aged 16 to 75, with no expiry age once the policy is in force and premiums continue to be paid (Fidelity Life: Life cover, retrieved 8 September 2026). It pays the full sum insured early on a prognosis of less than 12 months, and the policy can be placed into payment suspension in specific circumstances including redundancy, overseas travel and study.
Partners Life
As of 8 September 2026 · monthly cost, from the insurers’ rate cards
| Cover | Typical monthly cost |
|---|---|
| $250,000 | $90 to $180 |
| $500,000 | $170 to $200 |
| $1,000,000 | $300 to $350 |
Partners Life's Journey Plan Life Cover includes a Terminal Illness Advance Benefit of 30 percent of the sum insured, capped at $600,000, on listed conditions or a 24-month prognosis, paid in addition to the main Life Cover benefit (Partners Life: Life Cover overview, Partners Life Journey Plan, retrieved 8 September 2026). Its Future Insurability Option lets you add up to 10 percent of the original sum insured each policy anniversary for up to 10 years, without new medical evidence.
Momentum Life
As of 8 September 2026 · monthly cost, from the insurers’ rate cards
| Age | Typical monthly cost |
|---|---|
| 25 | $15 to $45 |
| 30 | $15 to $45 |
| 35 | $15 to $45 |
| 40 | $20 to $60 |
| 45 | $30 to $70 |
| 50 | $45 to $100 |
| 55 | $70 to $140 |
| 60 | $130 to $250 |
| 65 | $225 to $400 |
Momentum Life's Quick Life is a guaranteed-acceptance product for New Zealand residents aged 18 to 65, with no medical exam and cover from $50,000 to $300,000 per life insured, which is why it appears only in this Index's $250,000 life-cover table and is correctly blank at $500,000 and $1,000,000 (Momentum Life: Quick Life Insurance, retrieved 8 September 2026). It carries a two-year stand-down on pre-existing conditions and suicide, and premiums step until age 75, when they become fixed and the policyholder can elect a free $20,000 funeral benefit in place of the rest of the cover.
Frequently asked questions about the cost of life insurance in NZ
What is the best age to get life insurance?
There is no single published best age, but The QuoteHub Premium Index, September 2026 shows the cheapest priced quote for $500,000 of cover bottoming out in your early thirties before climbing steadily, so buying while young and healthy locks in a lower stepped rate for longer. Waiting does not just cost more later; it also carries the risk that a new health condition makes cover harder or more expensive to get at any price.
Is life insurance worth it in NZ?
For anyone with a mortgage, debt or dependants who would struggle financially without their income, the cost shown throughout this Index, often under $50 a month in your thirties for $500,000 of cover, is small against the lump sum it pays your family. Whether it is worth it depends on what you are protecting; our guide to how life insurance works and a conversation with a licensed adviser are the next step.
Do I get my money back if I outlive my life insurance?
No. Term life cover, the product priced throughout this Index, pays out only on death or terminal illness during the period you are covered; if you outlive the policy or stop paying premiums, nothing is returned, because the premium paid for protection, not an investment. Older-style "whole of life" products build a surrender value instead, covered separately in our whole life insurance guide.
Which term insurance is best for smokers?
No single insurer in the panel is cheapest for smokers at every age and cover amount: our dedicated smoker page shows the cheapest insurer changing by age, and the multiple a smoker pays over a non-smoker running from roughly 1.5 times in the twenties to over 2 times through the fifties. Confirming which products treat vaping the same as smoking matters as much as the headline price.
How much does a $100,000 life insurance policy cost for seniors?
The QuoteHub Premium Index does not price $100,000 of cover; the smallest amount priced this cycle is $250,000, where indicative monthly cost for a 65-year-old non-smoking woman is about $225 to $250 a month (indicative monthly cost from insurers' published rate cards as at 8 September 2026; see Fidelity Life: Life cover). For smaller, seniors-specific cover, our funeral insurance guide and NZ seniors life insurance page cover the products built specifically for that cover range.
Do beneficiaries pay tax in NZ on a life insurance payout?
Generally no. Inland Revenue's own published guidance confirms a lump sum claim paid on death under a term life insurance policy is not taxable income of the employee or the estate, because it is a capital payment rather than earnings (Inland Revenue: Question We've Been Asked, QB 18/03, retrieved 9 September 2026). This differs from income protection benefits, which are usually taxable because they replace taxable income.
What will life insurance not pay out for?
Every New Zealand life policy excludes suicide within an initial period, typically the first 13 months, and most exclude or limit cover for a condition you already had and did not disclose at application, a claim that arises during a stand-down period on a guaranteed-acceptance product, or death from an excluded activity named in your specific policy schedule. The exact exclusions differ by insurer and by policy, which is why reading your own policy wording matters more than any general list.
What will disqualify me from life insurance?
No single answer covers every insurer, since each underwrites individually, but a serious current health condition, a hazardous occupation, or in Momentum Life's guaranteed-acceptance product an active terminal illness diagnosis at the time of application, most commonly lead to a decline (Momentum Life: Quick Life Insurance, retrieved 8 September 2026). A decline from one insurer does not mean a decline from the whole panel, which is where an adviser working across insurers adds value.
What are the different types of premium payment modes?
New Zealand life insurers typically offer fortnightly, monthly and annual payment options; Momentum Life's own Quick Life policy wording sets out fortnightly, monthly and annual modes paid by direct debit or credit card as one example (Momentum Life Quick Life Insurance Policy Wording, November 2025, retrieved 8 September 2026). Every figure in this Index is quoted as a monthly premium, the unit most commonly compared.
How much does life insurance cost in your 20s?
For $500,000 of non-smoker cover, The QuoteHub Premium Index, September 2026 shows a 25-year-old's indicative monthly cost at about $40 to $45 a month for a man and about $20 to $25 for a woman, among the lowest points on the entire age curve (indicative monthly cost from insurers' published rate cards as at 8 September 2026; see Partners Life: Life Cover overview, Partners Life Journey Plan). Our guide to life insurance in your 20s covers whether cover makes sense this early, beyond the price alone.
How much does life insurance cost in your 40s?
For $500,000 of non-smoker cover, a 40-year-old's indicative monthly cost in The QuoteHub Premium Index, September 2026 is about $40 to $45 a month for a man, about 20 percent above the $30 to $35 a 30-year-old man pays, and about $35 to $40 for a woman, about 56 percent above the $20 to $25 a 30-year-old woman pays (indicative monthly cost from insurers' published rate cards as at 8 September 2026; see AIA New Zealand: Living Life Personal Cover). Our guide to life insurance in your 40s covers what typically changes about cover needs at this age.
How much does life insurance cost in your 60s?
For $500,000 of non-smoker cover, a 60-year-old's indicative monthly cost in The QuoteHub Premium Index, September 2026 is about $300 to $325 a month for a man and about $225 to $250 for a woman, more than nine times the $30 to $35 and $20 to $25 a 30-year-old man and woman pay for the same cover (indicative monthly cost from insurers' published rate cards as at 8 September 2026; see Chubb Life: Assurance Extra). Our guide to life insurance over 60 covers what cover looks like once children and mortgages are usually further behind you.
Does gender affect the cost of life insurance in NZ?
Yes. At $500,000 of non-smoker cover, The QuoteHub Premium Index, September 2026 shows a 25-year-old man's cheapest quote running 65.3 percent above a woman's, narrowing to 14.4 percent by 40 before widening to 55.1 percent by 65. Our full gender comparison page has the complete age curve and the actuarial reasoning insurers give.
Why do life insurance premiums rise every year on a stepped policy?
A stepped premium is repriced each year to your current age, so as your statistical risk of a claim rises with age, the premium rises with it, which is why the age tables above show the cost roughly doubling every decade from your thirties. Our stepped versus level premiums guide explains the alternative structure and the point at which a level premium can end up cheaper overall.
What insurer is cheapest for $250,000 of life cover?
No single insurer prices cheapest across the whole panel; one insurer prices cheapest in the large majority of the panel's 36 age, gender and smoking-status cells at $250,000 of cover in The QuoteHub Premium Index, September 2026, with two other insurers each cheapest in one remaining cell. Momentum Life is also priced at this cover level as a guaranteed-acceptance alternative, though not usually the cheapest.
What insurer is cheapest for $1,000,000 of life cover?
One insurer prices cheapest in just over half of the panel's 36 cells at $1,000,000 of cover in The QuoteHub Premium Index, September 2026, ahead of the other two insurers who split the remainder. This is the opposite pattern to $250,000 of cover, where a different insurer dominates, which is why the cheapest insurer for you depends on how much cover you actually need.
About this data
Figures on this page are drawn from The QuoteHub Premium Index, a live rate-card study run through adviser rating software on the QuoteHub adviser account, current at 8 September 2026 and restated quarterly. Premiums shown are monthly, stepped, occupation class 1, standard rates, with no loadings or exclusions applied. Your own premium will depend on underwriting. 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. Full method, panel and cadence: our methodology page. For the size of cover you need before you compare its price, see our life insurance calculator, and for the wider insurer panel beyond this snapshot, see our life insurance companies directory.
Adviser's view
QuoteHub's read is that age is the single biggest driver of life cover cost in this snapshot, more than the choice of insurer, which is why the age-by-age table below matters more than any one insurer's headline rate. No insurer is cheapest at every cover amount, so compare the panel at your own age before assuming a single quote reflects the market.
Compare life cover with a licensed NZ adviser · free, no obligation.
Cite this page QuoteHub NZ (2026). Life Insurance Cost NZ, Sep 2026: The QuoteHub Index. www.quotehub.co.nz/quotes/life-insurance. Updated 2026-09-20.
References
- AIA Living Life Personal Cover Policy Wording, version 5
- Asteron Life: Life Cover brochure, RP321 09/24
- Chubb Life: Assurance Extra, Life Cover and Life Income Cover
- Fidelity Life: Life cover
- Partners Life: Life Cover overview, Partners Life Journey Plan
- Momentum Life: Quick Life Insurance
- Momentum Life: Quick Life Insurance Policy Wording, November 2025
- Inland Revenue: Question We've Been Asked, QB 18/03
Explore related pages: Life Insurance, Stepped Vs Level Premiums NZ, Insurance For Over 50s, Insurance For Families, How It Works.