# Premium structure — stepped vs level > 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. **Vertical:** life · **Topic:** premium-structure-stepped-vs-level · **Snapshot:** 2026-05-20T08:21:45.034Z **Source:** Each product's policy wording PDF (linked per row). License: CC BY 4.0 — attribute https://lifeinsurer.co.nz. --- ## AIA New Zealand — AIA Living Business Life Cover **Wording version:** 2023-10-10 · **Confidence:** verified > 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:** - Structured facts: https://lifeinsurer.co.nz/api/product/aia/living-business-life/facts.json - Full wording: https://lifeinsurer.co.nz/api/product/aia/living-business-life/wording.md - Source PDF: 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 --- ## AIA New Zealand — AIA Living Personal Life Cover **Wording version:** 2026-05-17 · **Confidence:** inferred > 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:** - Structured facts: https://lifeinsurer.co.nz/api/product/aia/living-personal-life/facts.json - Full wording: https://lifeinsurer.co.nz/api/product/aia/living-personal-life/wording.md - Source PDF: https://www.aia.co.nz/content/dam/nz/en/docs/our-products/policy-wordings/personal/aia-living-personal-life-cover-policy-wording.pdf --- ## Chubb Life NZ — Life & Living Insurance **Wording version:** 2026-05-17 · **Confidence:** verified > 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:** - Structured facts: https://lifeinsurer.co.nz/api/product/chubb-life/life-and-living/facts.json - Full wording: https://lifeinsurer.co.nz/api/product/chubb-life/life-and-living/wording.md - Source PDF: https://www.chubb.com/content/dam/chubb-sites/chubb/nz-en/life/documents/chubb-life-and-living-insurance-policy-document-1.pdf --- ## Chubb Life NZ — LifeOne **Wording version:** 2026-05-17 · **Confidence:** verified > 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:** - Structured facts: https://lifeinsurer.co.nz/api/product/chubb-life/life-one/facts.json - Full wording: https://lifeinsurer.co.nz/api/product/chubb-life/life-one/wording.md - Source PDF: https://www.chubb.com/content/dam/chubb-sites/chubb/nz-en/life/documents/cig0276-life-one-policy-wording-v1.pdf --- **4** of 7 indexed products have on-file cover language for this topic. **Canonical URL:** https://lifeinsurer.co.nz/topics/premium-structure-stepped-vs-level