The cheapest family life insurance policy and the best life insurance policy are not always the same.
And watch out for those tricky first-year discounts that often mean second-year costs increase unfairly and every year after that.
Would you like to know how much your premiums will cost in 10 years?
After all, it is your money.
A basic policy might cost less and may not pay out or pay out less in the event of a claim.
Reputation, claims history, and credit rating are essential when considering a life insurance company.
The best life insurance companies in New Zealand offer policies with features and benefits that can be tailored to you and your unique family circumstances, to balance price and long-term coverage including convert increasing premiums to premiums that don’t increase with age.
Without any further health checks.
Who can you trust to be honest and give you the best life insurance with the cheapest premiums and best policy benefits?
Does the life insurance policy and insurer meet your needs and goals, or are you just being sold any policy?
And most importantly, does your insurance company have a rock-solid financial rating and financial ability to pay the claim as promised?
Best Life Insurance NZ Guide
First, the Top 5 NZ Best Life Insurance Companies in right now!
The internet offers access to all sorts of life insurance quotes and policies. It can feel overwhelming.
And how can you be sure you are choosing the best life insurance company for you and your family life insurance needs?
Life Insurance policies are not all the same: some have limited features and benefits but may or may not save you a couple dollars.
Other life insurance policies are all-inclusive but may cost a tiny bit more.
You need to compare quotes from different providers and weigh up the different risk factors and premiums.
I love the old saying: ‘make sure you compare apples with apples’.
Think about that when you’re comparing insurance policies.
How to choose the best life insurance companies?
New Zealand’s insurance companies are regulated and monitored by the Reserve Bank of New Zealand, and there are 89 licensed insurers in New Zealand.
This includes travel, content, car, pet, and life insurance.
After talking to industry experts and checking out the fine print I’ve narrowed the best life insurance companies in New Zealand down to five companies.
You might find it really difficult choosing between different life insurance companies thanks to all the jargon.
To make it easier for you I’ve waded through all the fine print and listed the best life insurance companies in New Zealand.
But remember New Zealand’s Best Life Insurance Policy is only as good, as it’s company.
I looked at five things to sort out the best life insurance in New Zealand from the ‘don’t waste your time’ types.
How I found the best life insurance
- Credit Rating
Ability to Pay Claims
Increasing Premiums vs Fixed Premiums
Who owns the policy the insurance company is selling?
- Policy Wording
The best life insurance companies will “pass back” advantageous policy wording in the future.
- Tailored Features & Benefits
Premium Holiday and Trauma Cover Buy-Back are probably the most popular optional benefits.
My team and I work with the best life insurance companies in New Zealand and we are here to help you make your decision easier.
So, here are the best life insurance companies in alphabetical order:
1. AIA International Limited
|Actual Solvency Capital:||$260.2M|
|Claims Paid 2018:||$634.1 M|
|Market Share Q3’19||31.7%|
2. Asteron Life Limited
|Rating:||A+ Standard & Poors|
|Actual Solvency Capital:||$410.0M|
|Claims Paid 2018:||$121.5 M|
|Market Share Q3’19||10.5%|
3. Fidelity Life Assurance Company Limited
|Rating:||A- A.M. Best|
|Actual Solvency Capital:||$298.8M|
|Claims Paid 2018||$106.9 M|
|Market Share Q3’19||11.5%|
4. CIGNA Life Limited (formerly Onepath)
|Rating:||A A.M. Best|
|Actual Solvency Capital:||$58.9M|
|Claims Paid 2018:||?|
|Market Share Q3’19||11.7%|
5. Partners Life Limited
|Rating:||A- A.M. Best|
|Actual Solvency Capital:||$431.8M|
|Claims Paid 2018:||$85.5M|
|Market Share Q3’19||10.10%|
The data above was acquired from each insurer’s website, FCA, Annual Statements and industry knowledge on the 21 February 2020.