AA Life Funeral Cover vs Momentum Life Funeral Insurance: Premium structure
NZ funeral premiums are mostly stepped (rise with age) or level (flat within a tier). The shape decides whole-of-life cost — stepped is cheaper at signup but compounds. Some policies stop charging premium past a defined age.
AA Life Funeral Insurance — AA Life Funeral Cover
Wording version 2026-05-21
premium structure: Annual renewable policy (term of one year, renewing each year). Premiums are age-based as set out in the policy summary. We can increase premiums only if the same increase is applied to every other Funeral Cover policy issued under the same offer. premium continuation rules: Premium payments will end on the policy anniversary date after the person insured reaches age 90. Cover under this policy will continue until a claim is accepted, death occurs, or you cancel the policy.
Momentum Life Funeral Insurance — Momentum Life Funeral Insurance
Wording version 2020-09-21
premium structure: Premium rate remains the same each year until the Life Insured reaches his or her 85th birthday, at which time premium payments will end, provided no increase is required because of a change in tax (including but not limited to Goods and Services Tax) or other legislation, or because our claims experience is materially different from expected. premium continuation rules: Your premium rate will remain the same each year until the Life Insured reaches his or her 85th birthday, at which time premium payments will end.
Source: https://nzcoverdirect.co.nz/media/qsxlz4ja/nzcd-funeral-insurance-policy-wording-mlf2.pdf