How it works

Life & Living Insurance offers you the flexibility to choose the cover that best helps you protect what’s important to you. If you’re not sure what Life & Living Insurance is, take a quick read of the Guide to Life & Living Insurance – it might help with some of the initial questions you may have.

In summary, here’s how Life & Living Insurance works:

Life Insurance

Life cover

Life cover pays a lump sum of money if you die, or if you’re diagnosed as terminally ill and expected to die within the next 12 months.

Living Insurance

Serious Illness Trauma cover

Serious Illness Trauma cover pays a lump sum of money if you’re diagnosed with a defined medical condition, such as a severe cancer or severe heart attack.

Income Protection Illness cover

Income Protection Illness cover pays a monthly amount if you’re unable to work because of illness where you were previously working at least 25 hours per week for a single employer. The monthly payment may be reduced by your other income, such as salary or wages, or income you’re entitled to receive from Government agencies or other insurance providers. You can choose whether payments are made for up to two or five years.

Redundancy cover

This cover is only available if you’ve also chosen the Income Protection Illness cover

Redundancy cover pays a monthly amount for up to six months if you’re not working because you’ve been made redundant. The cover amount must be the same amount you’ve selected for your Income Protection Illness cover. To be covered you must have been in permanent paid employment (at least 25 hours for a single employer per week) up to the time you were made redundant.

Funeral Expenses cover

This is complimentary. Whichever cover you’ve chosen, as long as it’s in place, you’ll automatically get one lump sum payment of $15,000 to help with funeral expenses if you die, or if you’re diagnosed as terminally ill and expected to die within the next 12 months.

Before making a decision, we highly recommend you read the Life & Living Insurance fact sheet (PDF 164.2 KB). It outlines more information for each type of cover, including details on:

  • Nominating a beneficiary
  • Stand-down periods
  • Important conditions and exclusions

You can read the Life & Living Insurance Cover wording (PDF 274.8 KB) to understand the full details for each cover including the full terms and important conditions and exclusions.

Who can apply for cover?

To apply for Life & Living Insurance cover you need to complete an application form and be:

  • living in New Zealand and entitled to permanently reside here
  • 18–70 years old to apply for Life Insurance – Life cover
  • 18–60 years old to apply for Living Insurance – Serious Illness Trauma cover, Income Protection Illness cover or Redundancy cover
  • employed for at least 25 hours per week for a single employer, to apply for Living Insurance – Income Protection Illness cover and Redundancy cover.

The application will then be assessed and Kiwi Insurance will be in contact with you. While you’re waiting for your application to be assessed you’ll receive Temporary Accidental Death Cover (PDF 49.7 KB).

Work out what it might cost

Get an idea of what kind of insurance and cover could work for you, and how much it could cost. You can compare your calculation with other Kiwis in a similar situation. It should take a couple of minutes and when you’re done we can email you with the results.

Life & Living Insurance tool

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Get in touch or apply now

Making a claim

Call us on 0800 222 491. The Insurance team are available 8:30am to 5pm, Monday to Friday.

A claim needs to be lodged within six months of when you first became entitled to make a claim. When you call, you’ll be assigned a specialist who you’ll be able to deal with directly until the claim’s resolved.

When you call to make a claim, we’ll talk you through exactly what we need.

Other information

Life & Living Insurance is provided by Kiwi Insurance Limited. Kiwi Insurance Limited is the only organisation responsible for claims under the cover. If you arrange your insurance through Kiwibank, you need to know that Kiwibank Limited doesn’t guarantee the obligations of, or any products issued by, Kiwi Insurance Limited. Kiwibank Limited may receive a commission on any insurance it arranges.

"We", "us" or "our" means Kiwi Insurance Limited.

Important conditions and exclusions are set out in the Life & Living Insurance Cover wording (PDF 274.8 KB).

If you took out your Life & Living Insurance policy prior to 14 May 2018 you’ll need to refer to one of the following policies:

- Effective from 17 August 2016 to 13 May 2018 Life & Living Insurance Cover wording (PDF 188.7 KB)

- Effective from 14 May 2015 to 16 August 2016 Life & Living Insurance Policy (PDF 178.1 KB)

- Effective from 15 November 2012 to 13 May 2015 Life & Living Insurance Policy (PDF 263.5 KB)

- Effective before 14 November 2012 Life Insurance Policy wording (PDF 677.1 KB)

To make changes to your policy or to make a claim, call us on 0800 222 491 between 8:30am and 5pm, Monday to Friday.

Kiwi Insurance Limited has a financial strength rating of A-(Excellent) from A.M.Best Company.

Rating Scale

A++, A+ Superior

A, A- Excellent

B++, B+ Good

B, B- Fair

C++, C+ Marginal

C, C- Weak

D Poor

E Under Supervision

F In Liquidation

S Suspended

Kiwi Insurance Solvency and Statutory Fund

Like all insurers in New Zealand Kiwi Insurance Limited is required to meet solvency standards which are determined by the Reserve Bank of New Zealand.

As at 31 December 2017, the Actual Solvency Capital of Kiwi Insurance Limited was $16.13 million, which gave a margin over the Minimum Solvency Capital of $8.937 million. The breakdown of these amounts is shown in the following table.

As at 31 December 2017 $000's
Actual Solvency Capital (A) 16,130
Minimum Solvency Capital (B) 7,193
Solvency Margin (A-B) 8,937
Solvency Ratio (A/B) 224%

Kiwi Insurance has one statutory fund which constitutes the whole of the company.