Life & Living Insurance options
Life & Living Insurance at a glance
Life & Living Insurance offers flexible choices for cover so that you can best protect what's important to you.
Each of our Life & Living insurance plans provides financial support following a significant event or trauma. You can choose from the following options:
This pays a lump sum of money if you die or are diagnosed as terminally ill and are expected to die within the next 12 months.
This provides options for financial support following illness and injury.
This cover pays a lump sum to you if you're diagnosed with a medical condition defined in the policy, such as severe cancer or a major heart attack.
This cover pays you an agreed monthly amount if you're unable to work because of illness, providing you were previously working at least 25 hours per week for a single employer.
With any of the above options, you also get complimentary Funeral Cover. This pays a lump sum of $15,000 to help with funeral costs if you die or are diagnosed as terminally ill and are expected to die within the next 12 months.
Life & Living Insurance Estimator
Working out what kind of cover best suits your situation can be tricky. If you don’t quite know where to start, we’ve made things easy with our Estimator tool.
This estimator provides a simple starter for considering what type of insurance may be right for you and how much cover you might need, based on your answers to some general questions and choices you make about the level of cover you would want. It should only take a few minutes and when you’re done, we can email you the results. This isn’t financial advice or a quote, and any indicative premium in the estimator may change after an application is assessed.
What are your options?
Life cover
Provides a lump sum for your loved ones after you die or if you’re diagnosed with a terminal illness and are expected to die in the next 12 months.
How much do you need?
If you were to die, would there be enough money to cover your:
- family's immediate living costs?
- existing debts, like mortgages, credit cards and personal loans?
- funeral expenses?
- future expenses like education for your children?
Maximum cover amount:
You can apply for any amount of cover.
Money is paid to you, your beneficiary, or your estate
One lump sum payment
Must be 18 - 70 years old to apply
No cover for passing away from self-inflicted harm during the first 13 months of cover
Please read the Life & Living policy document
Serious Illness Trauma cover
Provides a lump sum if you're diagnosed with a defined serious medical condition.
How much do you need?
If you were unable to work because of illness, would you have enough money to cover:
- your current income?
- the difference between your current income and a disability benefit?
- your family's immediate living costs?
- future expenses related to your illness?
Maximum cover amount:
$1 million.
Money paid to you
Full or partial payment of the amount insured depending on the severity of the specific illness
Must be 18 - 60 years old to apply
No cover for any defined cancers in first 90 days
No cover if you die within 14 days of the diagnosis of a medical condition specifically defined in the policy
Please read the Life & Living policy document
Income Protection Illness cover
Provides a monthly payment if you can’t work due to illness.
How much do you need?
If you were unable to work because of illness, would you have enough money to cover:
- your current income?
- the difference between your current income and a disability benefit?
- your family's immediate living costs?
- future expenses related to your illness?
Maximum cover amount:
55% of your gross income, up to a maximum of $6,000 per month.
Money paid to you
Two or five year cover period
Must be 18 - 60 years old to apply
Must be employed for at least 25 hours per week for a single employer
No cover during the first 30 days
Monthly payment may be reduced by your other income, including other payments such as a sickness or ACC benefit
Please read the Life & Living policy document
Important things to know
To apply for nib Life & Living Insurance, you'll need to complete an application form and be:
- New Zealand or Australian passport/citizenship
- New Zealand or Australian Permanent Resident Visa (with no travel conditions on your visa)
- New Zealand Resident Visa (for Life cover and/or Serious Illness Trauma cover only)
While you’re waiting for your application for Life & Living cover to be assessed, you’ll receive Temporary Accidental Death Cover.
Stand down periods apply for these policies – this means you can’t claim for certain things immediately. Please read the full policy document for details.
You get a 30-day free-look period when you join, to help you decide whether your cover is a good fit. We'll refund any premiums you've paid if you decide the cover isn't for you and you ask us to cancel in that first 30 days. If you ever feel your Life & Living Insurance cover is no longer what you need, we can talk you through your options.
Only the main features and benefits of the Life & Living Insurance and Temporary Accidental Death Cover are outlined here. For a full explanation of all benefits, exclusions and other terms and conditions of the cover, view the Policy documents:
Life & Living Insurance is provided by nib nz insurance limited and is a related company of nib nz limited (“nib”). nib nz insurance limited issues and underwrites Life & Living Insurance products, and is solely responsible for claims under the cover. nib sells and may advise you on these products. Find out more about financial strength and financial advice with nib.