Partners Life is consistently recommended by New Zealand’s independent financial advisers as the benchmark for life and risk insurance. It’s not the biggest insurer in NZ, nor always the cheapest — but it’s widely regarded as having the best policy definitions and claims track record of any NZ life insurer.
Partners Life is the gold standard for NZ life, trauma, income protection and TPD insurance. It's sold exclusively through financial advisers and has market-leading policy definitions — meaning fewer claim declines and less ambiguity at claim time. If you're buying risk insurance in NZ and want the best cover, start here.
Company Overview
- Founded: 2011
- Type: NZ-founded, specialist life and risk insurer
- Ownership: Majority-owned by Dai-ichi Life (Japan) — one of the world’s largest insurers
- Distribution: Adviser-only (not sold direct to consumers)
- Financial strength: Strong — backed by Dai-ichi Life’s global balance sheet
- Reputation: Consistently rated #1 for product quality by NZ financial advisers in industry surveys
Product Range
Life Insurance
Term life cover with both stepped (age-based) and level (fixed) premium options. Partners Life’s life policy definitions are notably broad — for example, its terminal illness definition is considered one of the most claimant-friendly in the market.
Trauma Insurance
One of the widest condition lists in NZ — covering 50+ conditions with definitions that are more precise and claimant-friendly than many competitors. For conditions like heart attack, the definitions are written to cover more realistic clinical presentations rather than just the worst-case scenarios.
Income Protection Insurance
Covers illness-caused income loss (ACC covers injury). Own occupation definition available. Partners Life’s income protection is regarded as market-leading for occupational definitions and benefit flexibility.
Total and Permanent Disability (TPD)
Own occupation definition available. Strong policy wording considered the benchmark in NZ.
Mortgage Repayment Cover
Covers mortgage payments specifically — an alternative structure to straight income protection.
Key Person / Business Insurance
Business continuity products for business owners and key person risk.
Why Policy Definitions Matter So Much
Two insurers can both offer “trauma insurance” — but if one defines “heart attack” as requiring severe clinical markers and the other covers a broader range of heart events, the policies are fundamentally different products. At claim time, these differences are what determine whether you get paid.
Partners Life has consistently invested in writing clear, broad definitions that are more likely to pay out in realistic claim scenarios. This is why NZ advisers recommend it — at the moment a client needs to make a claim (which is the only moment that matters), Partners Life’s policies are designed to pay.
Sold Only Through Financial Advisers
Partners Life does not sell directly to consumers. You must purchase through a registered financial adviser. This is actually a positive:
- Advisers are motivated to recommend the best product for your situation (commission-based, but you don’t pay it directly — the insurer does)
- You get professional advice on cover amounts and policy structure
- Advisers assist with the claims process — which makes a real difference
- You receive ongoing policy reviews
To find a financial adviser, check the FSP Register and search for advisers authorised to provide life insurance advice.
Pros
- Market-leading policy definitions: Fewer surprises at claim time
- Excellent claims track record: Consistently high claim payment rates
- Comprehensive product range: All risk products available in one place
- Financial strength: Backed by Dai-ichi Life’s global balance sheet
- Adviser support: Professional guidance through purchase and claims
- Regular product updates: Partners Life actively updates policy wordings to remain competitive
Cons
- No direct purchase: Must go through an adviser — can feel like a barrier
- Premium pricing: Not always the cheapest in the market (especially vs online direct providers)
- Adviser availability: Quality of advisers varies — a good adviser recommending Partners Life is excellent; a poor adviser recommending anything is still a problem
- Not the biggest brand: Less well-known to the public than AIA or nib (though advisers know it well)
Pricing
Partners Life premiums are competitive but not always the cheapest. For equivalent cover, premiums may be 5–20% higher than some competitors — this reflects the broader policy definitions. When comparing quotes, compare the policy wording alongside the price, not just the price alone.
Example: $500,000 life insurance for a 40-year-old non-smoking male: approximately $80–$110/month depending on policy options.
Verdict
Partners Life is the adviser’s choice for a reason: at the moment you need to make a claim — which is the only moment insurance actually matters — you want a policy that pays. Partners Life consistently delivers that.
If you’re buying life, trauma, income protection or TPD insurance in NZ, get a Partners Life quote via a financial adviser. Compare with AIA and one other insurer, and make your decision based on both price and policy definitions.
Best for: Anyone wanting the best policy definitions in NZ for life and risk insurance. The benchmark for the entire market.
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