AA Life Funeral Cover vs NZ Seniors 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.
NZ Seniors Funeral Insurance — NZ Seniors Funeral Insurance
Wording version 2026-05-18
premium structure: Level premiums — 'Your premiums are level, which means they are designed to stay consistent year on year, but will change if you apply to change your cover, or we change the premium rates for your Policy.' Premiums cease entirely at age 85. premium continuation rules: When a Life Insured reaches age 85, and the Policy is still in force, cover for that Life Insured will continue, and premiums for that Life Insured are no longer payable. If you have a joint plan and your Partner Life Insured is aged less than 85, premiums for your Partner Life Insured are still payable until they reach age 85.
Source: https://www.nzseniors.co.nz/documents/seniors-funeral-insurance-policy-document.pdf