Partners Life’s Life Insurance Cover in NZ: A comprehensive review

Partners Life - a brief company overview

“We're an industry leader that Kiwis trust.”

Partners Life began as a New Zealand start-up company around a decade ago. In that short time, it’s grown to become one of New Zealand’s most trusted health, life, and business insurance providers, committed to safeguarding Kiwi families and businesses whilst bringing award-winning innovation and technology to the fore.

The company has consistently achieved the Lewers Research five-star approval rating (Lewers Survey) - a strong indication of Partners Life’s total focus on customer service.

Additionally, Partners Life’s innovative ethos, technological advancement, and excellent client service haven't gone unnoticed. The company is honoured to have received the ANZIIF Life Insurance Company of the Year award for 2022, recognising a dedication to clients and an ongoing pursuit of better solutions.

Partners Life insurance policies are only available through an approved adviser. Policywise works with the full suite of Partners Life products, including medical, critical illness (trauma), income protection, and total and permanent disability (TPD) cover. In this review, we’ll look at their life insurance products in detail.

What is life insurance?

Here’s how life insurance works: You take out a policy through an insurance company and pay the premium on a regular basis. In return, if you pass away or are diagnosed with a policy-defined terminal illness, your insurance company will pay your beneficiaries the sum insured, providing them with a substantial financial safety net. It's like saying, "Even if I'm not around, I’ll make sure you’re provided for."

Financial security and flexible usage: The lump sum from your life cover offers flexibility to cater to different demands. It can cover funeral expenses, pay off debts, maintain rent or mortgage payments, buy groceries, pay for utilities, create an investment fund, or contribute to your children's tertiary education.

Some life insurance policies offer an advanced payout if the insured is diagnosed with a terminal illness or given less than a year to live. This amount can be used by the life assured and their families to make the most of their limited time together. It also eases financial stress, allowing families to focus on caring for and spending time with their terminally ill loved one.

Another key advantage of life insurance is the extended cover it provides over and above what ACC (Accident Compensation Corporation) offers. ACC assists with injuries due to an accident but doesn't cover sickness, long-term illnesses - like cancer, or sudden events, like strokes.

Overview of Partners Life’s life insurance plans

Partners Life’s life insurance products offer a reassuring promise of financial support to your loved ones in the event of your terminal illness or untimely demise.

1. Life Cover - pays a lump sum amount (on top of other benefits) if you pass away or are diagnosed with a terminal illness and will likely die within a year.
2. Accidental Death Cover - provides a lump sum payment (on top of other benefits) if you pass away due to an accident.
3. Life Income Cover - pays your beneficiaries a monthly benefit if you pass away or are diagnosed with a policy-defined terminal illness. 

Depending on your chosen cover, you can receive some or most of the benefits listed below . Contact us today for FREE professional advice on the right type of life cover, quote comparisons, and more information on built-in and optional benefits.

Please note: Terms and conditions, as well as exclusions, apply to all Partners Life products. It's important to review your policy carefully to understand the specific terms of cover, benefits, and any limitations. This ensures that you have a clear understanding of the protection provided by each product. If you have any questions or would like some help finding the right policy, book a callback with a Policywise adviser; it's fast and free.

Partners Life offers more ways to strengthen your cover

• Partners Life Trauma Cover: Partners Life offers Trauma Cover, Moderate Trauma Cover, and Severe Trauma Cover, providing financial support for serious health conditions, such as cancer, heart attack, stroke, and more.
• Partners Life Income Protection: Partners Life offers Income and Expenses Cover, Mortgage Repayment Cover, and Household Expenses Cover. These products safeguard your ability to receive an income, offering monthly payouts if you are unable to work due to illness or injury.
• Partners Life Total and Permanent Disability Cover: This product ensures financial support if you become permanently unable to return to work due to severe illness or injury.
• Partners Life Medical Cover: Partners Life recognises the strengths of New Zealand's public healthcare system but understands its limitations. Partners Life’s Medical Cover offers quick access and a choice of treatment in the private health sector, ensuring prompt and personalised care. 
• Partners Life Specific Condition Cover and Hospital Cash Cover: Available either as stand-alone plans or add-ons to Partners Life’s Medical Cover, these products provide a defined amount of money to cover specific health events or medical treatments.

Do you need Partners Life’s Life Insurance in New Zealand?

Partners Life’s Life Insurance provides crucial financial protection for your family, maintaining their quality of life and covering essential expenses in the event of your death.

The flexibility of private life insurance allows customisation to align with your specific situation and needs, offering tailored cover options. Life insurance is a promise to secure your loved ones' future. Here's why it matters:

• Financial security: A New Zealander dies of coronary heart disease every 90 minutes. Partners Life’s Life Insurance provides strong financial backup and peace of mind for your family on the death of the life assured.
• Debt protection: Home loan rates in New Zealand have been volatile since Covid-19 struck in 2020, rising from lows near 2% to more than 7%. Partners Life’s Mortgage Repayment Cover and Life Insurance plans can help manage debts, rents, mortgages, and loans, relieving your loved ones from the burden.
• Income replacement: The cost of living in New Zealand rose by 7.0% in the 12 months to the December 2023 quarter. Partners Life’s Income Cover can help replace the financial input of the life assured, enabling your family to maintain a similar lifestyle to that if the life assured had continued working until retirement.
• Education support: The costs of educating your child at tertiary level in New Zealand can range from $20,000 to $40,000+. Partners Life’s Income Protection or Life Insurance plans ensure your children's education remains uninterrupted, no matter what.
• Funeral costs: The average cost of a funeral in New Zealand is $10,000, yet only 5% of Kiwis have pre-planned theirs. The bereavement support benefit built into Partners Life’s Life Cover, Accidental Death Cover, and Life Income Cover can ease the financial strain by covering funeral costs and other immediate expenses.
• Peace of mind: Knowing your loved ones are financially secure and can maintain their lifestyle after you're gone offers invaluable peace of mind.

Policywise: Your trusted adviser for Partners Life

Policywise is a 100% free service which tells you which health, life, and disability insurance provider best fits your needs. We offer fast, comprehensive, and easy-to-understand comparisons of all leading providers, and a simple summary clearly recommending which insurer is best for your situation.

Not all insurance policies are the same. Policywise can help you sort out the duds, avoid the lemons, understand the fine print and exclusions, and get the right insurance for you and your family.

We make the important decision of where to buy your insurance super easy. We’ll answer your questions, provide experienced advice, quotes, and comparisons, and manage all the back and forth throughout the application process. Taking out your cover through us means you'll have our lifetime support and claims advocacy, and we'll help you negotiate a positive outcome at claim time. We can also take care of lodging any claims on your behalf and back you up if the going gets tough.

Check out the reviews on our homepage for how other New Zealanders have found our service, because now is the time to get your life insurance sorted. Give your family or someone you love the most outstanding financial support possible. Book a 5-minute callback with Policywise today; our service is fast and free.

Disclaimer: All information on this page or website is general information only, not intended as advice, and does not take into consideration your personal circumstances. We recommend consulting a Policywise adviser before making any insurance decision.

Please note: Policywise advisers are licensed by the Financial Markets Authority to provide financial advice in relation to health insurance, life insurance, and disability insurance. You can learn more about this on our Public Disclosure page. All insurance covers are subject to the insurer’s approval of your application. 

Insurance policies and their built-in and optional benefits may be subject to stand-down periods, exclusions, terms and conditions, and premium loadings not listed on this website. Optional benefits also have additional premiums. Please refer to the insurance product’s policy document for full details. Insurers may alter these details at any time. 

Therefore, nothing in our product pages is intended to be definitive or binding. Where there are discrepancies between any policy wording on this website and the policy wording provided by the insurance company at the time your cover is approved, then the insurance company’s wording will be deemed the correct version.