- Individuals & Families
- Businesses
- Partners & Advisers
- Get a Quote
Masterpiece® is Chubb’s prestige home and contents insurance offering for people with significant assets to insure who appreciate a premium level of cover and service that is customisable to their needs.
Chubb's cover options for your leisure travel.
Chubb leverages superior underwriting expertise and world renowned claims, accounts services, and financial strength to offer solutions for small and medium businesses.
Backed by our product breadth, financial strength and global network, we offer customised cover for your varied needs so that you can focus on growing your business.
Here to support you and the important work that you do.
Whether you’re a distributor or broker, you can be assured of our corporate capabilities when you partner with Chubb.
Chubb Travel Insurance establishes relationships with partners to provide personal travel insurance cover for their clients.
If you’d like to get protection from the comfort of your own kitchen, Chubb Life makes it easy. Get an instant quote from our simple online tool. You’ll be surprised about how little time it may take.
Chubb Leisure Travel Insurance can help you and your family enjoy your time overseas, knowing that should an incident happen you are Chubb-insured and there is assistance at hand.
Life insurance policy
A life insurance policy is a contractual agreement between an insurance company and a policyholder, who is usually the person whose life is insured.
The policy agrees that in the event of the insured person’s death, or diagnosis with a terminal illness, the insured amount will be paid out to the beneficiary listed on the policy.
It’s important to understand what a life insurance policy is, and how it works, before choosing your insurance provider, policy type and level of cover. This page will cover key information on what a policy is and what to look out for, so that you can select the best policy for you and your loved ones.
A life insurance policy documents an agreed upon sum which is to be paid out to the person’s estate via their will in the event of the insured person’s death. The level of cover is selected by the policyholder. The policyholder is charged a regular amount, which we call a premium. This is based on the level of cover selected, the age of the insured person and their medical history. Premiums are generally paid in fortnightly or monthly instalments, but some people choose to pay annually or biannually.
A life insurance policy is designed to give the insured person peace of mind that if they were to die unexpectedly, their loved ones would be taken care of financially. The cost of living is expensive, and with mortgages, other debts and dependents to think about, it’s important to have a plan in place.
Key policy benefits
If the insured person is diagnosed with a terminal illness, Chubb Life will pay their Life Cover Amount (limits may apply to the amount under some policies).
If the sum of the Terminal Illness Benefit is equal to the insured sum on the policy, the policy will conclude and no further payouts will be made.
In cases where the Terminal Illness Benefit is less than the insured sum on the policy, the amount paid will be deducted from the total insured amount and premiums will be adjusted to reflect this. The remaining balance is then payable when the insured person passes away.
You know the saying – change is the only constant in life. In a lot of cases, life insurance policies need to be adjusted to reflect life's changes.
The Special Events Increase Benefit means you can increase the amount your life is insured for (by a maximum of 25%) if one of the specified events occurs:
- having a child by birth or legal adoption
- getting married or entering a civil union
- taking out a mortgage in order to purchase a property or bare land that will be used as the primary residence
- having a dependent child who begins full-time tertiary study.
For this benefit to be valid, the application must be sent within 90 days of the event taking place. There are more terms and conditions to be aware of, so take some time to read your policy wording.
You can choose to include a Critical Illness Benefit on your policy, which means certain medical conditions are covered (and may qualify for a payout) from when the policy begins until after the Life Insured turns 65.
At 65, only this benefit will cease, the rest of the Life Cover will remain in place. The conditions covered by this benefit are:
- stroke
- heart attack
- cancer
- early stage cancer
- third degree burns
- paralysis
- coronary artery angioplasty
- open coronary artery bypass surgery.
Again, there are specific conditions stated in the policy wording that determine whether or not you’re eligible for this benefit. If you’re considering adding this benefit to your policy, make sure you read and understand these terms and conditions beforehand. Or you can give us a call and someone in our team will talk you through it.
Most life insurance policies will come with a set of conditions, which will be outlined in your policy documentation.
These sections specify the conditions the insured person must meet in order for the life insurance payout to be made. Think of them as the terms and conditions on a contract – both parties must abide by these in order for the policy to be valid.
All insurance providers in New Zealand are required by law to make their financial strength rating and other specific financial information publicly available.
It’s important you can trust your financial provider, so be sure to pick a company with a strong financial rating.
At Chubb Life, we have earned an A (Excellent) financial strength rating from A.M. Best Company Inc. – an insurance rating provider. This means we're in a strong position to meet our ongoing insurance policy and contract obligations. You can read this guide to understanding a financial strength rating for more information.
What else do I need to know?
Chubb Life offers term life insurance policies, which means a policy is automatically renewed every 12 months and can be cancelled at any time.
A life insurance policy will be cancelled by the insurer if:
- the Life Cover Amount is paid in full, ie a claim is paid out
- the policyholder asks to cancel the policy
- a Terminal Illness Benefit or Critical Illness Benefit is paid and is equal to the Life Cover Amount
- if the policy’s premiums are unpaid for three months.
It’s very common for insurers to increase your life insurance premiums as you age. At Chubb Life, your premiums will be adjusted on each anniversary date of having your policy, these changes will reflect your current age and cover amounts. You'll always be advised in writing prior to any changes being made to your premium.
The policy owner (or the policyholder) is the person who owns and controls the policy. This is usually the person whose life is insured, but it doesn’t have to be. In some cases, the policy owner is the insured person’s children or spouse.
The policy owner can be changed at any time. You can contact the Chubb Life team to process this change.
If the premiums for a life insurance policy are unpaid for a certain amount of time, the policy may be cancelled. You can apply to take out another one, but you may need to provide your health and lifestyle information again. If aspects of your life have changed, such as your health, or you need to increase your Life Cover Amount, the premiums may change.
The policy’s terms won’t necessarily be the same as your original policy – any changes will be outlined on the new Policy Summary.
Unfortunately, the suicide rates in New Zealand are tragically high, so this question is not uncommon. Most life insurance policies do cover death by suicide, but the claim won’t be accepted if this occurs within 13 months of the policy’s start date. If your policy was cancelled and then renewed at a later date, the start date on the new policy applies. After 13 months of the life insurance policy being in place, it's likely suicide is covered.
Why do the 13 months apply? The main reason is so people aren’t swayed by the thought that their family will receive immediate cover, in the event of their suicide, when they could be seeking help instead. It’s important to reach out for help if you, or anyone you know, is thinking about suicide. You can call Lifeline for immediate, 24/7 support.
Your insurance is underwritten by Chubb Life Insurance New Zealand Limited (Chubb Life). Chubb Life has an A (Excellent) financial strength rating given by A.M. Best Company Inc. A summary of the rating scale is: A++, A+ Superior | A, A- Excellent | B++, B+ Good | B, B- Fair | C++, C+ Marginal | C, C- Weak | D Poor | E Under Regulatory Supervision | F In Liquidation | S Suspended. For the full rating scale and more rating information visit www.ambest.com/ratings/guide.pdf