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Life insurance

Protect those you leave behind. Life insurance protects your loved ones' future by providing them with a lump sum or monthly payment if you pass away. That way, you can be sure they're able to invest in your children's education, put food on the table and pay the bills.

What's included Make a claim

Key benefits of ASB Life Insurance

  • Receive an upfront payment up to the value of $25,000 to help with immediate expenses like funeral costs or mortgage repayments.

  • If you're diagnosed with a terminal illness, you could access an early payment of your lump sum.

  • When taking on additional debt or having a child, you may be able to increase your sum assured without any further medical assessment. Helping keep your cover in step with your current financial situation.

  • Life insurance will provide coverage whether you're at home, travelling or living overseas.

Get rewards and discounts for health and wellbeing choices with AIA Vitality and ASB Insurance

When you take out an eligible insurance policy with ASB you can join AIA Vitality - the science backed health and wellbeing programme that rewards your healthy choices.

  • Earn an Apple Watch Series 9 GPS, 41mm (RRP $749) in full by reaching your weekly Physical Activity targets for 24 months.*
  • Join Les Mills for free and save up to 50% on a membership (discount + cashback) & enjoy discounts from other leading brands.
  • When you join AIA Vitality you receive an initial 10% premium discount on your eligible insurance policies.

Already have life and income insurance with us? Call us on 0800 200 252 to join AIA Vitality.

*AIA Vitality is available with eligible ASB Insurance policies and has a monthly membership fee of $11.50 (including GST). Apple Watch Series 9 requires iPhone Xs or later with iOS 17 or later.

Why ASB?

Partnership with AIA

Harnessing the global expertise of AIA - our underwriter, to help you get comprehensive protection sorted.

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Personalised advice

Our team of local ASB insurance advisers help review your needs, tailoring a solution with you.

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Multi-benefit discount

Save up to 15% off your premiums when you take out multiple eligible policies.

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What's included?

Life insurance acts as a safety net to protect your family's financial future if the insured person dies or is diagnosed with a terminal illness. There are two types available with this insurance.

Term Life

Term Life provides one lump sum payment to help your family cope financially if you were to pass away or diagnosed with a terminal illness. That way they're not left with the added financial stress of funeral costs and everyday bills if you're no longer there to help.

Family Protection

This type of cover provides a monthly payment to your family, rather than one lump sum. An insurance adviser can help you explore if this option is right for you and your situation.

Bereavement support

Receive an upfront payment of up to the $25,000 (or the first monthly payment or part thereof if you have the Family Protection Benefit) which can be used to help with the cost of the funeral or any other expenses as needed. If this benefit is used, your Term Life or Family Protection sum assured will be reduced by the amount received.

Terminal Illness Benefit

Term life provides an early payment of up to 100% of your sum assured if you are diagnosed with a terminal illness with a life expectancy of less than 12 months. Not available with Family Protection.

Specified Terminal Conditions Benefit

Some terminal conditions, such as motor neurone disease, offer longer survival rates but can significantly impact your lifestyle. If you suffer one of the specified terminal conditions, this benefit will pay the lesser of 30% of your sum assured or up to $250,000 paid in advance. Not available with Family Protection.

Repatriation Benefit

If you pass away, we can pay up to $20,000 to assist with returning your body to New Zealand or your home country (the country you were born in or were a permanent resident of). If this benefit is used, your Term Life sum assured will be reduced by the amount received. Not available with Family Protection.

Counselling Benefit

We will pay up to $2,500 to cover the cost of a Psychiatrist or Psychologist consultation and counselling for you and/or your close relative where the treatment directly relates to a claim.

Parents Grieving Benefit

If the worst should happen to your child and they pass away, we'll help provide financial assistance for your family in a time of need. We will pay you $2,000 for children under 10 years of age and $15,000 for children between 10 and 21 years of age.

Special Events Increase Facility

Enables you to increase the sum assured under your cover, without further medical underwriting following a significant event in your life which results in increasing financial responsibilities. These significant events include getting married, having a child, your child starting secondary school, taking out or increasing a residential home loan or receiving a salary increase and other major events.

Special Events Total Permanent Disablement (TPD)/ Trauma Facility

We want to make it easy for you to add additional benefits to your Term Life Cover without needing to provide further medical information. At the time of a special event, you can apply to add a limited amount of 'accelerated' Critical Conditions cover, or 'accelerated' Total Permanent Disablement cover to your Term Life Cover. Not available with Family Protection.

Premium Conversion Facility

Before reaching the age of 65 years, you have the option to convert all or part of your sum assured to a level premium structure without further medical underwriting.

Suspension of Cover Benefit

The flexibility to suspend your cover for up to 12 months, without medical evidence if you meet the following conditions: take parental leave, take leave without pay for any reason, get made redundant, become unemployed, experience at least a 20% reduction in pay (comparing the most recent payslip against a previous payslip from the same year), or if you are self-employed and experience a 30% reduction in revenue (by comparing one month's revenue against the same month for the previous year). No benefits will be payable for any claim event which occurs during this suspension period.

Quote tool

Get started today

Talk to one of our advisers who can help you put together a life insurance plan that will best suit you and your situation.

Get in touch through our online enquiry form and we'll call you back at a time that suits you.

Enquire now

Call us on 0800 200 252 between 8:00am - 6:30pm Monday to Friday. 8:30am - 5:00pm Saturday.

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Our qualified insurance advisers will help you mix and match the best insurance options to suit your needs

As a trusted life and income insurance provider, we have a team of qualified insurance advisers who can provide you with guidance and advice that's specific to your needs.

Having this guidance means ASB's Lifestyle Security Plan will be tailored to your situation, with a combination of solutions to get the life insurance cover you and your loved ones need.

Life insurance

Life insurance protects your loved ones' future by providing them with a lump sum or monthly payment if you pass away. Making sure they can invest in your children's education, put food on the table and pay the bills.

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Income protection

If you can't work due to sickness or injury, you could still have a monthly payment coming in, so you can continue with your life even though you're not earning.

You can also get optional cover for redundancy.

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Trauma cover

Our critical conditions benefit can help ease the burden on your family at a difficult time. If you suffer from one of the specified conditions defined within the policy, you can access a lump-sum payment to use however you need.

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Total permanent disability

If you become seriously ill or injured and are unable to work again, Total permanent disability cover can help take the financial pressure off by providing a lump sum payment to ensure you and your family are taken care of.

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Health insurance

Health insurance covers you for a range of situations to help you easily manage unexpected medical bills. Medical conditions can be treated promptly, at a convenient time and location, and with your choice of medical provider.

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Get a tailored quote for your needs.

The availability of insurance cover is subject to your application being approved. All applications are subject to individual consideration. Special conditions, exclusions or premiums loadings may apply. An excess may apply for health insurance policies. For full details refer to the policy document which is available on request from ASB Bank Limited. This insurance is underwritten by AIA New Zealand Limited ("AIA").