{ "vertical": "life", "topic": { "slug": "premium-structure-stepped-vs-level", "title": "Premium structure — stepped vs level", "short_title": "Stepped vs level premium", "description": "NZ life insurance premiums are either stepped (rise year-on-year as the insured ages) or level (flat within a tier). Stepped is cheaper early but compounds; level costs more upfront but flattens whole-of-life cost. This page documents each insurer's structure verbatim.", "fact_keys": [ "premium_structure" ], "keywords": [ "stepped premium", "level premium", "guaranteed renewable", "NZ life insurance" ] }, "snapshot": { "generated_at": "2026-05-20T08:21:45.034Z", "counts": { "insurers": 5, "products_total": 8, "products_active": 7 }, "wording_date_range": { "oldest_ingested_at": "2026-05-17", "newest_ingested_at": "2026-05-20" } }, "products": [ { "insurer": { "slug": "aia", "name": "AIA New Zealand" }, "product": { "slug": "living-business-life", "name": "AIA Living Business Life Cover" }, "wording_version": "2023-10-10", "source_url": "https://www.aia.co.nz/content/dam/nz/en/docs/our-products/policy-wordings/aia-living/business/aia-living-business-life-cover-policy-wording.pdf", "confidence_tier": "verified", "primary_value": "Premiums can be converted from the premium type shown in the schedule to a Level premium structure at any time via the Premium Conversion Facility, or converted between Level premium structures. No medical evidence is required at conversion. Premiums for any Optional Business Safeguard Facility increase are calculated on rates applicable at the time the Facility is used. Each increase requires an increase in premium.", "values_by_key": { "premium_structure": "Premiums can be converted from the premium type shown in the schedule to a Level premium structure at any time via the Premium Conversion Facility, or converted between Level premium structures. No medical evidence is required at conversion. Premiums for any Optional Business Safeguard Facility increase are calculated on rates applicable at the time the Facility is used. Each increase requires an increase in premium." }, "endpoints": { "product_facts": "https://lifeinsurer.co.nz/api/product/aia/living-business-life/facts.json", "product_summary": "https://lifeinsurer.co.nz/api/product/aia/living-business-life/summary.md", "product_wording": "https://lifeinsurer.co.nz/api/product/aia/living-business-life/wording.md" } }, { "insurer": { "slug": "aia", "name": "AIA New Zealand" }, "product": { "slug": "living-personal-life", "name": "AIA Living Personal Life Cover" }, "wording_version": "2026-05-17", "source_url": "https://www.aia.co.nz/content/dam/nz/en/docs/our-products/policy-wordings/personal/aia-living-personal-life-cover-policy-wording.pdf", "confidence_tier": "inferred", "primary_value": "Cover may be issued on a Rate for Age (stepped) premium type or a Level premium structure. The Premium Conversion Facility allows conversion from the premium type shown in the schedule to a Level premium structure, or from one Level premium structure to an alternate Level premium structure (same or shorter term), at any time without further medical evidence; a new policy is issued based on current age of the life assured. Suspension of Cover is only available where the premium type is Rate for Age.", "values_by_key": { "premium_structure": "Cover may be issued on a Rate for Age (stepped) premium type or a Level premium structure. The Premium Conversion Facility allows conversion from the premium type shown in the schedule to a Level premium structure, or from one Level premium structure to an alternate Level premium structure (same or shorter term), at any time without further medical evidence; a new policy is issued based on current age of the life assured. Suspension of Cover is only available where the premium type is Rate for Age." }, "endpoints": { "product_facts": "https://lifeinsurer.co.nz/api/product/aia/living-personal-life/facts.json", "product_summary": "https://lifeinsurer.co.nz/api/product/aia/living-personal-life/summary.md", "product_wording": "https://lifeinsurer.co.nz/api/product/aia/living-personal-life/wording.md" } }, { "insurer": { "slug": "asteron-life", "name": "Asteron Life" }, "product": { "slug": "complete-life", "name": "Asteron Life Complete – Life Cover" }, "wording_version": "2024-10-14", "source_url": "https://www.asteronlife.co.nz/sites/default/files/documents/life-brochure.pdf", "confidence_tier": "brochure", "primary_value": null, "values_by_key": { "premium_structure": null }, "endpoints": { "product_facts": "https://lifeinsurer.co.nz/api/product/asteron-life/complete-life/facts.json", "product_summary": "https://lifeinsurer.co.nz/api/product/asteron-life/complete-life/summary.md", "product_wording": "https://lifeinsurer.co.nz/api/product/asteron-life/complete-life/wording.md" } }, { "insurer": { "slug": "chubb-life", "name": "Chubb Life NZ" }, "product": { "slug": "life-and-living", "name": "Life & Living Insurance" }, "wording_version": "2026-05-17", "source_url": "https://www.chubb.com/content/dam/chubb-sites/chubb/nz-en/life/documents/chubb-life-and-living-insurance-policy-document-1.pdf", "confidence_tier": "verified", "primary_value": "Protection premiums are reviewed periodically based on the premium review period shown in the policy schedule; premiums change as the life assured gets older, when cover changes, when sum insured changes due to inflation (CPI-linked), when protection premium rates change, or when discounts change. Each cover may have a different premium review period. Protection premium rates for some covers are guaranteed until the end of the premium review period; for non-guaranteed covers, rates can change on the next anniversary date. Policy fee may also change from the next anniversary date.", "values_by_key": { "premium_structure": "Protection premiums are reviewed periodically based on the premium review period shown in the policy schedule; premiums change as the life assured gets older, when cover changes, when sum insured changes due to inflation (CPI-linked), when protection premium rates change, or when discounts change. Each cover may have a different premium review period. Protection premium rates for some covers are guaranteed until the end of the premium review period; for non-guaranteed covers, rates can change on the next anniversary date. Policy fee may also change from the next anniversary date." }, "endpoints": { "product_facts": "https://lifeinsurer.co.nz/api/product/chubb-life/life-and-living/facts.json", "product_summary": "https://lifeinsurer.co.nz/api/product/chubb-life/life-and-living/summary.md", "product_wording": "https://lifeinsurer.co.nz/api/product/chubb-life/life-and-living/wording.md" } }, { "insurer": { "slug": "chubb-life", "name": "Chubb Life NZ" }, "product": { "slug": "life-one", "name": "LifeOne" }, "wording_version": "2026-05-17", "source_url": "https://www.chubb.com/content/dam/chubb-sites/chubb/nz-en/life/documents/cig0276-life-one-policy-wording-v1.pdf", "confidence_tier": "verified", "primary_value": "Stepped premiums that adjust each year on the anniversary date as the life insured gets older. Chubb Life may also change premium rates for all LifeOne policies from time to time, with at least 30 days notice before any changes. An annual CPI-linked cover increase of up to 10% is offered each year, with premiums adjusted accordingly.", "values_by_key": { "premium_structure": "Stepped premiums that adjust each year on the anniversary date as the life insured gets older. Chubb Life may also change premium rates for all LifeOne policies from time to time, with at least 30 days notice before any changes. An annual CPI-linked cover increase of up to 10% is offered each year, with premiums adjusted accordingly." }, "endpoints": { "product_facts": "https://lifeinsurer.co.nz/api/product/chubb-life/life-one/facts.json", "product_summary": "https://lifeinsurer.co.nz/api/product/chubb-life/life-one/summary.md", "product_wording": "https://lifeinsurer.co.nz/api/product/chubb-life/life-one/wording.md" } }, { "insurer": { "slug": "fidelity-life", "name": "Fidelity Life" }, "product": { "slug": "lifeprotect", "name": "LifeProtect Life Cover" }, "wording_version": "2025-04-30", "source_url": "https://www.fidelitylife.co.nz/media/rhwnwmfn/life-protect-life-cover-policy-wording.pdf", "confidence_tier": "inferred", "primary_value": null, "values_by_key": { "premium_structure": null }, "endpoints": { "product_facts": "https://lifeinsurer.co.nz/api/product/fidelity-life/lifeprotect/facts.json", "product_summary": "https://lifeinsurer.co.nz/api/product/fidelity-life/lifeprotect/summary.md", "product_wording": "https://lifeinsurer.co.nz/api/product/fidelity-life/lifeprotect/wording.md" } }, { "insurer": { "slug": "partners-life", "name": "Partners Life" }, "product": { "slug": "youchoose-life", "name": "YouChoose Life Cover" }, "wording_version": "2025-10-08", "source_url": "https://assets.ctfassets.net/w9dpej1et86g/1hVGlncuv1m8J6Po7GddeY/62615dca5c8cbde4b2b7db201693d78f/PLJP_OVERVIEW_LIFE_COVER_V01_1025.pdf", "confidence_tier": "brochure", "primary_value": null, "values_by_key": { "premium_structure": null }, "endpoints": { "product_facts": "https://lifeinsurer.co.nz/api/product/partners-life/youchoose-life/facts.json", "product_summary": "https://lifeinsurer.co.nz/api/product/partners-life/youchoose-life/summary.md", "product_wording": "https://lifeinsurer.co.nz/api/product/partners-life/youchoose-life/wording.md" } } ], "canonical_url": "https://lifeinsurer.co.nz/topics/premium-structure-stepped-vs-level", "license": "CC BY 4.0 — attribute https://lifeinsurer.co.nz" }