How to Purchase NZ-based Life Insurance for Kiwis Overseas
Life Insurance for New Zealanders Abroad: How to Get Covered While Living Overseas in 2025.
As a New Zealand citizen living overseas, you may still want life insurance coverage that protects your loved ones back home if something happens to you. However, purchasing a policy while residing abroad can be challenging. Factors such as your country of residence, insurance provider restrictions, and policy terms can all impact your options.
In this guide, we’ll explore how Kiwi expats can secure life insurance and get solid advice through a fully remote process. We’ll cover key considerations, potential hurdles, and the best strategies to ensure you get the right coverage— no matter where in the world you currently call home. Let’s get into it!
“Based in NZ but working overseas, Elan tailored a life insurance plan for me and were very helpful setting it all up” - Craig H.
Why would a Kiwi Living overseas need NZ – based Life Insurance?
1. Financial Dependents back in NZ
If you have family members—such as a spouse, children, or elderly parents—relying on your financial support back here in New Zealand, a life insurance policy based in your home country ensures they receive benefits without complications from international policies.
2. Mortgage or Debt Obligations
If you still have financial commitments in New Zealand, like a mortgage, business loans, or other debts, life insurance can help cover these liabilities and prevent financial hardship for your family.
3. Estate Planning & Inheritance
Holding a life insurance policy in your home country can simplify estate planning, ensuring assets are distributed according to your wishes without complex international legal processes. Policy ownership is also critical for this and your broker should discuss this with you.
4. Business Interests
If you own a business in New Zealand, a life insurance policy can provide financial stability for partners, employees, or successors in the event of your passing overseas.
5. Favourable Policy Terms & Costs
Insurance policies in New Zealand may offer better rates than your current country of residence. Coverage options, or terms compared to those available in your country of residence can also be different. Keeping a policy at home can ensure consistent coverage regardless of where you live.
6. Visa or Residency Uncertainty
If you move frequently or don’t have permanent residency in your current country, maintaining a policy in New Zealand provides stability and continuity of coverage.
7. Tax & Legal Considerations
Some individuals may benefit from life insurance policies in their home country due to favorable tax treatment or simplified claims processes for beneficiaries. For official tax advice please consult an accountant, however claiming a life insurance benefit in NZ is a simple process and one Elan would help your family with.
Does it Matter which Country I live in?
Terms can certainly change depending on where in the world you are. For example, if you are living in Iraq…different terms might be applied to your policy compared with if you are living in Switzerland.
Perhaps they would simply apply a ‘landmine’ exclusion…
Anyway, jokes aside, your current country of residence can play a large role in your life insurance terms. Most countries will not pose a massive issue unless there is an ongoing conflict occurring in the country at time of application.
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Which Insurers can offer Life insurance to Kiwis Living Overseas?
Partners Life is generally the easiest bet since their licencing allows them to onboard clients who aren’t necessary in the country at time of application. Fortunately, they have some of the strongest policy wordings and aren’t too expensive either. Their application process can be completed fully remotely with the help of a 3rd party adviser such as Elan.
Occasionally, Chubb and AIA offer solutions if you are based back in NZ briefly (e.g. for a holiday) at time of application.
The process for purchasing NZ-based Life Insurance from overseas:
1. Engage a 3rd party insurance broker (such as Elan) who can assist you through the process:
This is recommended for domestic applications as well, however it is especially important when applying from overseas, due to several complication that can occur. At Elan we do not charge an advice fee, nor does using us make your insurance any more expensive compared with going direct to the insurer.
2. Discuss your need for cover with your broker:
Settle on a reason for the life insurance and the amount that is sensible. Common reasons could be to protect against NZ based debt – e.g a mortgage on an NZ property. Or perhaps to protect family that are still NZ based.
3. Receive & Compare Quotes:
Quoting across the various insurers which offer life insurance to Kiwis living overseas. In some instances there might be only one insurer which offers cover for your situation.
4. Complete an online application as guided by your broker:
This will contain questions about your work, travel and past health history (similar to an application completed domestically). Your broker should assist with the setup of your remote application and can likely send you a link to complete these questions in your own time.
5. Underwriting – Insurance company assesses your application:
Generally this takes a few weeks to complete depending on the complexity of your past health and current living situation. They will look at all the data covered in the application questions and offer terms based on this.
It would be uncommon for an insurer to increase the price of your cover due to living overseas, however they might add exclusions depending on where you are in the world.
6. Assess your Insurance Offer:
Your broker should discuss the offer with you and any implications of the terms outlined. You can then choose to accept or decline the offer.
How do I pay for my NZ Life Insurance whilst being overseas?
Most insurers will require an NZ bank account number for direct debits or a NZ based credit card. Deductions will occur at your chosen frequency just as if you were based in NZ.
Conclusion:
There we have it, a somewhat comprehensive and practical guide to purchasing Life insurance for New Zealanders living overseas. Whilst the application process can be a little more tricky, it by all accounts is achievable!
If you have any questions or would like to explore these options for yourself, please get in touch. We’re always happy to assist!
Tailored insurance solutions from the friendly experts…
I am a qualified & independent Insurance Broker that works with my clients to get the covers they need whilst being mindful of their budgets & goals.
I specialize in Life, Health and Disability Insurance for Kiwi’s, along with insurance for business owners.
I can help people who:
Want to get insurance in place but don’t know where to start.
Want their current insurance reviewed.
Oliver Pykett
Independent Insurance Broker
