Partners Life Insurance Review 2026

Partners Life New Zealand Insurance

Partners Life Limited is a New Zealand life insurance company founded in 2011 and now owned by Daido Life Insurance Company, a subsidiary of Dai-ichi Life Holdings of Japan. Partners Life distributes its products exclusively through independent financial advisers and serves more than 340,000 New Zealand customers. The company offers a wide range of personal risk insurance products, including life cover, income cover, private medical cover, trauma insurance, mortgage repayment cover, and total and permanent disability cover.

About Partners Life in New Zealand

Partners Life was established in August 2010 and began underwriting business in 2011. The company was founded by Naomi Ballantyne and a team of experienced financial services professionals with the goal of creating a life insurance business built around adviser relationships and customer outcomes.

In 2022, Daido Life Insurance Company acquired Partners Life for approximately $1 billion. Daido Life is a member of the Dai-ichi Life Holdings group, one of Japan's largest life insurance conglomerates. The acquisition provided Partners Life with access to international financial resources while maintaining its New Zealand management and operating model.

The current Chief Executive Officer of Partners Life is Michael Weston. Partners Life continues to operate as an independent life insurer within the New Zealand market, distributing through a network of independent financial advisers.

Partners Life operates a Customer Outcomes Review Committee (CORC), an internal body that reviews complaints and denied claims to assess whether the outcome was fair for the customer. Partners Life also publishes what it describes as a default-pay policy: where all available information has been received and it remains unclear whether a claim should be accepted, Partners Life undertakes to accept the claim in favour of the customer.

Financial Strength, Regulation, and Claims

Partners Life operates as a licensed insurer under the Insurance (Prudential Supervision) Act 2010 (IPSA), administered by the Reserve Bank of New Zealand (RBNZ). The company is subject to the Financial Markets Conduct Act 2013 (FMCA) and is a member of the Insurance and Financial Services Ombudsman (IFSO) Scheme, providing policyholders with access to a free and independent dispute resolution process.

Partners Life holds an A (Excellent) financial strength rating from A.M. Best, with a Stable Outlook, effective 23 January 2025. This rating indicates that Partners Life has an excellent ability to meet its policyholder and contractual obligations.

Claims

In the year from 1 April 2024 to 31 March 2025, Partners Life paid more than $325 million in claims to its New Zealand customers, supporting over 340,000 New Zealanders. Partners Life paid 95% of all assessed claims, with Private Medical Cover claims paid at 98%. The total breaks down as $94.3 million in life cover, $83.4 million in private medical cover, $78.8 million in trauma cover, $60.7 million in income cover, and $8.0 million in total and permanent disability cover. Since launching in 2011, Partners Life has paid more than $1.6 billion in claims to New Zealand customers (source: Partners Life 2025 Claims Brochure).

Awards and Recognition

Partners Life has received industry recognition for its product design and customer outcomes focus. The company's CORC structure and default-pay approach have been cited as examples of customer-centric insurance practice in New Zealand. Specific award recognition should be confirmed with Partners Life directly.

Partners Life Products at a Glance

Partners Life Products Available through CompareNow

Life Cover

Partners Life's Life Cover pays a lump sum in the event of the insured's death. The benefit can be used for any purpose at the discretion of the insured's family, including repaying outstanding mortgage debt, creating an investment fund for dependants, covering final expenses, reducing business debt, or restructuring business ownership. In the 2024-25 year, Partners Life paid $94.3 million in life cover claims.

Income Cover

Partners Life's Income Cover pays a monthly benefit if the insured is unable to earn their regular income due to sickness or injury. The benefit is designed to replace a significant portion of pre-disability income, helping the insured maintain their usual lifestyle during treatment and recovery. Partners Life paid $60.7 million in income cover claims in the 2024-25 year, at an overall claims payment rate of 95%.

Private Medical Cover

Partners Life's Private Medical Cover provides health insurance that helps cover the cost of specialist consultations, diagnostic tests, and surgical procedures. Private Medical Cover reduces reliance on public hospital waiting lists by funding access to private healthcare services when the insured needs them. Partners Life's Private Medical Cover had a 98% claims payment rate in the 2024-25 year, with $83.4 million in claims paid.

Trauma Insurance

Partners Life's Trauma Insurance pays a lump sum if the insured suffers one of the covered serious conditions specified in the policy. Common trigger conditions include cancer, heart attack, and stroke. The lump sum can be used to reduce debt, fund medical treatments not fully covered by health insurance, purchase specialised equipment, or support the insured's household during recovery. Partners Life paid $78.8 million in trauma cover claims in the 2024-25 year.

Mortgage Repayment Cover

Partners Life's Mortgage Repayment Cover provides a monthly benefit if the insured becomes disabled due to sickness or injury and is unable to meet their mortgage repayments. The benefit is structured to match the insured's mortgage repayment obligations, helping them remain in their home during a period of disability. Partners Life offers this cover as a targeted alternative to broader income protection for homeowners focused on property loan obligations.

Total and Permanent Disability (TPD)

Partners Life's Total and Permanent Disability cover pays a lump sum if the insured suffers a total and permanent disability that prevents them from ever returning to work. Partners Life offers both own occupation TPD, which pays if the insured cannot return to their specific occupation, and any occupation TPD, which pays only if the insured cannot work in any role suited to their education, training, or experience. Own occupation TPD provides broader protection and is generally recommended for professionals and tradespeople whose ability to work in their specific field is central to their earning capacity.

TPD cover is commonly held alongside life insurance to provide protection during working life for a disability outcome that life insurance alone does not address. A lump sum TPD payment can be used to repay debt, fund home modifications, or provide a capital base to replace lost earning capacity.

Business Risk Products

Partners Life offers a range of business risk insurance solutions for business owners and employers, available through financial advisers who specialise in business insurance.

Partners Life's business risk products include key person cover, which compensates a business for the financial impact of losing a key employee or director through death or disability; buy-sell insurance, which funds a pre-agreed agreement for surviving business owners to purchase a deceased or disabled partner's share of the business; and business debt cover, which ensures that outstanding business loans or guarantees can be repaid in the event of the death or total disability of a business owner.

Business risk insurance structures in New Zealand often involve corporate trustees and specific policy ownership arrangements for tax efficiency. A financial adviser with business insurance expertise can recommend the appropriate ownership structure and benefit level for each situation. Partners Life's adviser-focused model means its business risk products are designed with flexibility for complex business structures.

How Partners Life Compares with Other New Zealand Insurers

Partners Life's 2024-25 $325 million total claims payout and $1.6 billion cumulative since 2011 indicate a significant scale for a company established relatively recently. The 95% overall claim payment rate is in line with other major NZ life insurers.

Partners Life's CORC and default-pay policy are distinctive governance features not widely published by other NZ life insurers. Partners Life's Private Medical Cover competes directly with AIA Private Health, nib health insurance, and Southern Cross health plans.

Partners Life's ownership by Daido Life (Dai-ichi Life Holdings) gives it a different ownership profile from AIA (Asia-Pacific group), Fidelity Life (NZ-owned), Asteron Life (Resolution Life), and Chubb Life (Chubb Limited).

CompareNow works with Partners Life alongside AIA, Asteron Life, Chubb Life, Fidelity Life, and other NZ insurers, enabling side-by-side comparison of cover types and premiums.

Frequently Asked Questions about Partners Life

Who founded Partners Life?

Partners Life was founded in 2010 and began writing business in 2011. It was established by Naomi Ballantyne and a team of experienced financial services professionals. In 2022, Daido Life Insurance Company, a subsidiary of Japan's Dai-ichi Life Holdings, acquired Partners Life for approximately $1 billion.

What is Partners Life's financial strength rating?

Partners Life holds an A (Excellent) financial strength rating from A.M. Best, with a Stable Outlook effective 23 January 2025. An A (Excellent) rating indicates an excellent ability to meet policyholder and contractual obligations.

How does Partners Life handle claims?

In the 2024-25 financial year, Partners Life paid $325 million in claims at a 95% overall payment rate. Private Medical Cover claims were paid at 98%. Since launching in 2011, Partners Life has paid more than $1.6 billion in claims. Partners Life operates a Customer Outcomes Review Committee (CORC) that reviews denied claims, and a default-pay policy applies when available information does not clearly resolve whether a claim should be accepted.

What is Partners Life's default-pay policy?

Partners Life's default-pay policy means that, where all available information has been received and it remains unclear whether a claim should be accepted, Partners Life undertakes to accept the claim in favour of the customer. This approach is intended to resolve ambiguous claims in the customer's favour rather than in favour of the insurer.

Can I buy Partners Life cover directly?

Partners Life products are distributed exclusively through licensed financial advisers. CompareNow advisers can compare Partners Life products alongside other NZ insurers and manage the application process on your behalf, at no cost to you.

Is Partners Life New Zealand-owned?

Partners Life was originally New Zealand-founded but was acquired by Daido Life (a subsidiary of Japan's Dai-ichi Life Holdings) in 2022. Partners Life continues to operate as a New Zealand business with local management, but is not currently NZ-owned. Fidelity Life is New Zealand's largest New Zealand-owned life insurer.

How does Partners Life compare with Fidelity Life?

Partners Life and Fidelity Life are both significant NZ life insurers operating through adviser channels. Fidelity Life was founded in 1973 and is New Zealand-owned, backed by NZ Super Fund and Ngai Tahu Holdings. Partners Life was founded in 2011 and is owned by Daido Life. Both offer life cover, income cover, trauma cover, and TPD. Partners Life also offers Private Medical Cover. A CompareNow adviser can compare specific cover and premium options side by side.

Get Partners Life Cover through CompareNow

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

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