Chubb Life Insurance Review 2026

Chubb Life New Zealand Insurance

Chubb Life is a specialist life insurance provider operating in New Zealand, offering personal and business risk protection to New Zealanders through licensed financial advisers. Chubb Life's products include life insurance, trauma cover, income protection, and mortgage repayment cover. The company is part of Chubb Limited, one of the world's largest publicly traded property and casualty insurance groups.

About Chubb Life in New Zealand

Chubb Life Insurance Company of New Zealand Limited was formed in 2022 when Chubb Limited acquired the New Zealand life insurance business previously operated by Cigna. At the time of the acquisition, the business had provided life insurance to New Zealanders for over 100 years and had protected more than 450,000 New Zealanders through its insurance policies. Following the acquisition, the business rebranded as Chubb Life.

Chubb Life distributes its personal risk insurance products exclusively through independent financial advisers. This adviser-only model means customers who take out a Chubb Life policy receive personalised advice from a licensed professional before any application is accepted.

Chubb Limited, the parent company of Chubb Life, is headquartered in Zurich, Switzerland, and is listed on the New York Stock Exchange (NYSE: CB). Chubb operates in more than 50 countries and territories, writing property, casualty, accident and health, reinsurance, and life insurance.

Financial Strength, Regulation, and Claims

All life insurance companies operating in New Zealand must be licensed under the Insurance (Prudential Supervision) Act 2010 (IPSA) and maintain a current financial strength rating from an approved rating agency. This requirement is administered by the Reserve Bank of New Zealand (RBNZ).

Chubb Life Insurance Company of New Zealand Limited holds an A (Excellent) financial strength rating from A.M. Best Company Inc. This rating indicates a strong capacity to meet ongoing policyholder and contractual obligations. Chubb Limited, the parent group, holds an A++ (Superior) financial strength rating from AM Best at the global level.

Chubb Life is also subject to the Financial Markets Conduct Act 2013 (FMCA) and is a member of the Insurance and Financial Services Ombudsman (IFSO) Scheme, which provides New Zealand policyholders with access to a free, independent disputes resolution process.

Claims

In 2024, Chubb Life paid 96% of all claims received from New Zealand customers across all channels. Cancer was the leading cause of life insurance claims (46%) and trauma claims (63%), while musculoskeletal conditions accounted for the majority of income protection (68%) and total permanent disablement (72%) claims (source: Chubb Life Claims Statistics 2024).

Awards and Recognition

Chubb Life and its Cigna predecessor received industry recognition for their New Zealand life insurance products over many years of operation. Specific current award status should be confirmed with Chubb Life directly, as award programmes and criteria change annually.

Chubb Life Products at a Glance

Chubb Life Products Available through CompareNow

Life Insurance

Chubb Life's life insurance, marketed under the Assurance Extra brand, pays a lump sum benefit in the event of the insured's death or diagnosis of a terminal illness. The benefit can be used to repay outstanding mortgage debt, provide an income stream for a surviving partner, fund children's education, or cover any other financial obligations the family chooses. Chubb Life's life insurance is available to New Zealand residents and is underwritten on application.

Trauma Cover

Chubb Life's trauma cover provides a lump sum payment if the insured is diagnosed with a serious medical condition specified in the policy. Common trigger conditions include cancer, heart attack, stroke, and organ failure. The lump sum can be used at the insured's discretion, including for private medical treatment, repayment of debt, or modifying a home to support recovery. In 2024, cancer accounted for 63% of all trauma claims paid by Chubb Life in New Zealand.

Income Protection

Chubb Life's income protection cover pays a regular monthly benefit if the insured is unable to work due to illness or injury. The monthly benefit is designed to replace a portion of the insured's pre-disability income, helping them meet ongoing financial commitments including mortgage repayments, rent, and household expenses during recovery. Musculoskeletal conditions were the leading cause of income protection claims paid by Chubb Life in 2024, accounting for 68% of claims.

Mortgage Repayment Cover

Chubb Life's mortgage repayment cover provides a monthly benefit specifically designed to meet mortgage obligations if the insured is temporarily unable to work due to illness or injury. This product differs from income protection in that the benefit is structured to match a mortgage repayment amount rather than a broader income replacement, making it a targeted option for homeowners concerned primarily about keeping up loan repayments during disability.

Agribusiness Extra

Chubb Life's Agribusiness Extra is a specialist bundled insurance product designed for farmers, growers, orchardists, and other rural business owners. Agribusiness Extra bundles a range of risk covers relevant to the primary sector into a single policy, including life cover, business disability cover, and other protections tailored to the financial structures common in farm ownership.

Agribusiness Extra recognises that rural business owners often have different insurance needs from urban business owners. Farm income can be seasonal and variable, farm assets are often held in trusts or partnership structures, and the cost of employing relief labour during a period of disability can be significant. The product is designed to address these factors.

Agribusiness Extra is available through specialist rural and agribusiness financial advisers. It is not available through the standard CompareNow comparison and quote process but can be arranged through an adviser referral for clients with farming or rural business interests.

How Chubb Life Compares with Other New Zealand Insurers

Chubb Life is an adviser-channel specialist, meaning its products are not available directly and must be arranged through a licensed financial adviser. This distinguishes it from some competitors that offer both direct and advised sales channels.

Compared with AIA, Chubb Life does not offer a wellness programme equivalent to AIA Vitality. Compared with Asteron Life and Partners Life, Chubb Life's public claims data focuses on claim acceptance rates and cause of claim rather than dollar volumes, making direct financial comparison more difficult without adviser-level disclosure.

Chubb Life's Agribusiness Extra product is distinctive among New Zealand life insurers, offering bundled risk cover specifically designed for farmers, growers, and rural business owners, a segment that may have limited options under standard personal insurance products.

CompareNow works with a panel of New Zealand's leading life insurers, including Chubb Life, to help clients compare cover options and find the right fit for their situation.

Frequently Asked Questions about Chubb Life

Is Chubb Life the same as Cigna?

Chubb Life and Cigna are related through an acquisition. In 2022, Chubb Limited acquired Cigna's New Zealand life insurance business and rebranded it as Chubb Life. Existing Cigna policyholders had their policies transferred to Chubb Life as part of this process. Chubb Life is a separate entity from Cigna Corporation and operates independently in New Zealand under the Chubb brand.

What is Chubb Life's financial strength rating?

Chubb Life Insurance Company of New Zealand Limited holds an A (Excellent) financial strength rating from A.M. Best Company Inc. This is the NZ subsidiary rating applicable to New Zealand policyholders. Chubb Limited, the parent group, holds an A++ (Superior) financial strength rating from AM Best at the global level.

How does Chubb Life handle claims?

In 2024, Chubb Life paid 96% of all claims received from New Zealand customers. Cancer and musculoskeletal conditions were the most common causes of claims across life, trauma, income protection, and TPD product lines. Claims are assessed under the terms of the individual policy and the standard policy wording applicable to each product.

Can I buy Chubb Life cover directly?

Chubb Life's personal insurance products are distributed exclusively through licensed financial advisers. Customers cannot apply for Chubb Life products directly without going through an adviser. CompareNow's advisers can help you assess whether Chubb Life products are appropriate for your situation and manage the application process on your behalf.

Does Chubb Life cover farmers and rural businesses?

Chubb Life offers Agribusiness Extra, a specialist risk insurance product for farmers, growers, orchardists, and other rural business owners. Agribusiness Extra bundles cover types relevant to the rural sector, including business disability cover and life cover tailored to farm ownership structures. This product is available through specialist rural advisers.

How does Chubb Life compare with Fidelity Life or Partners Life?

Chubb Life, Fidelity Life, and Partners Life all operate as adviser-channel life insurers in New Zealand. Key differences include ownership structure (Chubb Life is owned by a global insurance group; Fidelity Life is New Zealand-owned; Partners Life is owned by Daido Life, Japan), claims data transparency, and product breadth. A CompareNow adviser can compare these insurers across the specific cover types and amounts relevant to a client's situation.

What happens to my Chubb Life policy if I miss a premium payment?

Chubb Life policies typically include a premium grace period before a policy lapses. The specific terms depend on the individual policy wording. Customers should contact Chubb Life directly or speak with their adviser if they anticipate difficulty meeting a premium payment, as reinstatement may be possible within a defined period after lapse.

Get Chubb Life Cover through CompareNow

CompareNow helps New Zealanders compare life insurance, trauma cover, income protection, and mortgage repayment cover from Chubb Life and other leading NZ providers, side by side. A licensed CompareNow adviser will review your situation and identify the most appropriate cover options from the market, at no cost to you.

To get started, use the CompareNow quote tool or call 0800 25 99 25.