Product mix
Life insurance products sold in New Zealand are quite different from much of the rest of the world.

• New Zealand life insurers primarily offer risk-only
  products with cheaper, yearly renewable premiums which increase step-wise with age.
• In comparison, life insurers in many overseas markets offer combined savings and insurance products such as whole of life and universal life and use a level premium structure.

Bundled savings products were previously available in New Zealand but were mostly discontinued in the 1970/80s.

• This was partly due to the public’s preference for
  cheaper coverage such as yearly renewable term policies, which do not include a savings mechanism and therefore cost less.

2021 - Review of Insurance Solvency Standards: Summary of Submissions - 68p