Loading ...The results of our latest poll indicate that a vast majority of advisers are indeed seeing the pressure on New Zealanders’ household budgets impacting the level of new life insurance business they are writing.
As we go to press, almost nine in 10 (86%) of advisers agreed with the premise that the pressure on household budgets was having an adverse impact on their life insurance new business levels. Just 7% disagreed it was having an adverse impact while another 7% were not sure.
Our poll was prompted by the FSC’s latest Spotlight on Life Insurance which showed life insurance cover numbers are softening as premium pressure built (see: Life Insurance Cover Softens).
…Facing a clear challenge around access, affordability and cover levels…
The FSC said its latest Spotlight showed a life insurance sector continuing to support New Zealanders, while also facing a clear challenge around access, affordability and cover levels.
FSC industry data found four million life insurance covers across New Zealand, as at 31 March 2026. It’s September 2025 Quarterly Snapshot noted 4.13 million life insurance covers.
The council said annual life insurance premiums reached $3.31 billion, up 2.7% year-on-year, “…even as cover numbers continued to fall across several key products.”
The FSC said this suggested New Zealanders were still paying for important protection, but fewer covers across key product areas “…may point to pressure on household budgets, changing customer needs or people reassessing the level of cover they can afford.”
Our poll remains open for another week and we are interested to learn your view on the matter…