Search the frequently asked questions.

Funeral Insurance

  • What is Momentum Life Funeral Insurance?
    • Momentum Life Funeral Insurance gives your family a lump sum of money to cover the costs of your funeral and other final expenses when you pass away. You get to pick an amount between $3,000 and $30,000. The best part? Payment is usually sorted within 24 to 48 hours once we have all the required paperwork. Just a heads up, for the first 24 months, it covers Accidental Death only, but after that, you’re fully covered. And if it happens to be an Accidental Death, we’ll cover three times the amount you chose. Easy, right?
  • What doesn’t Momentum Life Funeral Insurance cover?
    • In the initial 24 months, we’ll only pay a benefit if you die as the direct result of an accident and the death happens within 90 days of the accident. If it’s an Accidental Death, the payout is three times your chosen benefit. After the first 24 months, your selected Funeral Benefit covers death from any cause.

      If a person covered by the policy passes away in the first 24 months, and we do not pay a Benefit, we’ll refund all the premiums you have paid us for that person since the start of the cover.

  • Who can get Momentum Life Funeral Insurance?
    • If you’re between 40 and 75 years old and a resident of New Zealand, you’re guaranteed to get covered with Momentum Life Funeral Insurance.
  • When does my Funeral Insurance start?
    • Your cover and policy for the person insured under the Funeral Insurance Policy starts on the Acceptance Date. Once your application gets the green light, you’ll receive a Policy Schedule. This document spells out:
      • Who’s covered
      • The type and amount of coverage
      • The start date of your coverage (the Acceptance Date)
      • Your premium amount
      • When your first premium payment is due (the First Premium Payment Date).

      If you increase or modify your cover after the Acceptance Date, we’ll send out a new Policy Schedule. Any increase or change occurs from the Cover Start Date mentioned in the updated Policy Schedule.

      Just so you know, the cover is limited to Accidental Death only in the first 24 months, but after that, it covers death from any cause.

  • Do my Funeral Insurance payments go up every year?
    • No. With Momentum Life Funeral Insurance, your premiums stay the same, so they won't go up each year just because you’re getting older.
  • How do I get the 10% Cashback offer for Momentum Life Funeral Insurance?
    • If you qualify, you'll automatically get back 10% of the premiums you've paid after the first 12 months of having continuous cover. Just a heads up, this deal is only for Funeral Insurance policies bought after April 22, 2022.
  • Can I include my family in my Funeral Insurance?
    • Your Funeral Insurance Policy can cover up to 4 people, including yourself, your partner, or a family member (like your parent, grandparent, brother, sister, uncle, aunt, nephew, niece, or natural or legally adopted child). Plus, you get a family discount of $150 every year for each extra person you include in your policy.
  • What’s the Family Discount?
    • Well, you get a yearly discount of $150 (a maximum of $450) for each extra person covered under your policy after the main person (the primary life insured). You can have a total of four people under one policy, and these could be you, your partner, or a relative. Easy peasy!
  • Can I choose who receives my benefit(s)?
    • Absolutely! As the policy owner, you can choose up to five (5) people to receive the benefits from your policy when you pass away (these people are called Beneficiaries). Just fill out and return the Nomination of Beneficiaries Form to Momentum Life, following the conditions mentioned in the Policy Wording, or give us a call on 0800 108 108, and our team can update your beneficiaries for you.

      If the person you have chosen as your nominated beneficiary passes away before you (the ‘Policy Owner’) do, their nomination ends. In that case, their share of the Benefit will be paid according to the details in the Policy Wording booklet unless you (the ‘Policy Owner’) update the beneficiary nomination.

  • Am I covered while overseas?
    • Yes, indeed! With Momentum Life Funeral Insurance, you’re covered 24/7, no matter where you are in the world.
  • How long can I keep my Funeral Insurance?
    • As long as you keep up with your premium payments, you can keep your Funeral Insurance for your entire life. Once you reach age 89, you are no longer required to pay premiums, and your cover keeps going without any charge.
  • How are premiums calculated?
    • When you apply for a policy, your premiums are set based on a few things about the person being insured:
      • Age
      • Gender
      • Whether you smoke or not
      • The amount of cover you choose

      So that you know, Funeral Insurance isn’t a savings or investment plan. Depending on how long your cover is in place, you might pay more than the benefit amount you chose.

  • What if I want to change my Funeral Insurance?
    • If your insurance needs or budget changes, no worries! If you under 76yrs old, you can change your cover level anytime by giving Momentum Life a ring on 0800 108 108. If you’re thinking of adding a partner or family member to your policy, call the same number.

      Keep in mind though, any increase to your Funeral Insurance benefit or adding a person to the policy is subject to the first 24-month rule. During this time, benefits are only paid for Accidental Death.

  • What if I have second thoughts? Can I cancel my Funeral Insurance Policy?

    • During the first 30 Days:

      You’ve got a 30-day cooling-off period starting from your First Premium Payment Date to make sure this cover is the right fit for you. If no claims are made during this time, you can cancel your Policy and get a full refund of premiums paid. Just give us a ring on 0800 108 108, or email a signed cancellation letter to customercare@momentumlife.co.nz.

      After the first 30 Days:

      You can cancel your Funeral Insurance Policy anytime by calling 0800 108 108, or emailing a signed cancellation letter to customercare@momentumlife.co.nz.

      But, before you decide, take a moment to think about your insurance needs, and if you’re unsure, it might be a good idea to seek independent financial advice. After the first 30 days, there won’t be any refunds for the premiums you paid, and if you change your mind later, you’ll need to reapply for cover. Keep in mind that the premium you’ll need to pay might be higher when you decide to get your new policy.

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