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Partners Life vs Asteron Life
Both are adviser-distributed insurers with personal and business cover. For anyone self-employed or running a company, the differences that matter are occupation classification and how business cover is written.
Last reviewed 4 September 2026 · Written and checked by the Best Life Insurance editorial team · How we get paid
In short
- Both operate across life, trauma, TPD and income protection, plus cover arranged for business purposes.
- Occupation class drives income protection and TPD availability more than it drives life cover pricing.
- Class definitions are not standardised, so the same job can be classified differently at each insurer.
- Business cover is sometimes written on different wording from personal cover, with different definitions.
- Future insurability limits matter more for business owners, whose cover needs move with the business.
- Underwriting appetite is unpublished at both and changes with reinsurance arrangements.
What this is, plainly
Partners Life and Asteron Life are both licensed New Zealand life insurers distributing through Registered Financial Service Providers, with the core personal risk range and cover structured for business purposes — key person, shareholder protection and business debt.
For a salaried employee in a low-risk occupation, the comparison between two full-suite insurers usually comes down to wording detail and price. For someone self-employed, in a trade, or holding shares in a company, it does not. Occupation classification changes which benefit periods and waiting periods you can buy at all, and business cover raises ownership, valuation and tax questions that personal cover does not.
So the sensible order is: settle the classification and the structure first, then compare definitions, then compare price.
The six things that actually differ
Six comparisons, weighted toward the things that decide availability rather than price.
| What differs | What to ask | Why it matters |
|---|---|---|
| Occupation classification | Which class does each insurer assign my occupation to, and what does that restrict — waiting periods, benefit periods, own-occupation TPD? | Availability follows class. Two insurers can classify the same job differently and offer materially different terms. |
| Income protection benefit periods | Which benefit periods are available to my class — two years, five years, to 65, to 70? | A two-year benefit period is a different product from a to-65 one and should not be compared on price. |
| TPD own-occupation | Is own-occupation available for my class, and at what age does the definition convert? | For a trade or a specialist profession, own-occupation is the difference between a policy that responds and one that does not. |
| Business cover wording | Is business cover written on the same wording as personal cover, or a separate one with different definitions and exclusions? | Key person and shareholder cover carry ownership and tax consequences that a personal policy does not. |
| Future insurability | Which business events — a new loan, a change in shareholding, a valuation increase — trigger an increase without medical evidence? | Business cover needs move with the business, and re-underwriting each time is slow and risky. |
| Fees and structure | Is the policy fee per policy or per life, and how do multiple policies across a company and its owners price in total? | For a business with several insured lives, fee structure can outweigh differences in the underlying rates. |
Not sure what cover you actually need?
That is the question an adviser is there to answer. Tell us your situation and a licensed New Zealand adviser will compare the market and come back with a written recommendation — including where you can cut cover you do not need.
No cost to you and no obligation. General information only — not personalised financial advice.
What to watch for
These are the details that decide whether the cover does what you expected. Read them before you compare on price.
- Whether the income protection quoted is agreed value or indemnity — critical for self-employed income.
- Who owns the business policy and who receives the proceeds, which affects both tax and the buy-sell arrangement.
- Whether a shareholder agreement exists and whether the cover matches its terms.
- Whether a personal guarantee is covered by the personal policy or requires separate business debt cover.
- Whether the occupation class assumed in the quote matches what you actually do day to day.
Where an adviser makes a difference
Every New Zealand insurer writes life and living cover to its own wording, and the words are where the money is. Two policies that look identical on price can pay very differently when it matters. Closing that gap is the entire job of an adviser.
- An adviser quotes both insurers on matched terms — same sum insured, same structure, same waiting and benefit periods — which is the only way the numbers mean anything.
- Where a health history is not straightforward, an adviser can pre-assess it anonymously with both insurers before any formal application exists, so an unfavourable answer never lands on your record.
- Policy fees and multi-benefit discounts mean the cheaper per-benefit rate is often not the cheaper household total. An adviser models the total.
- An adviser co-ordinates business cover with your accountant and lawyer, because ownership and tax treatment change the right structure.
- Where one insurer classifies your occupation unfavourably, an adviser knows which insurers class it more generously.
There are three ways to buy life cover in New Zealand, and they are not equivalent. You can buy direct from one insurer, which means you see one product range and one underwriting appetite. You can buy through your bank, which usually means a single insurer’s product sold under the bank’s brand, often with narrower definitions. Or you can go through an adviser, who quotes several insurers at once and is required to put your interests first.
The premium you pay is the same either way. Insurers build adviser commission into their pricing whether or not an adviser is involved, so going direct does not get you a discount — it just removes the person whose job is to argue your corner at application and at claim time.
- An adviser can see which insurer is currently taking your health history on standard terms, and which one will load or exclude it.
- An adviser can structure cover across two insurers if that produces a better outcome than putting everything with one.
- An adviser handles the underwriting back-and-forth, and is the person who chases the claim when a family is least able to.
- An adviser has to document why the recommendation suits you, which is a written record you can hold them to.
What happens if you get in touch
We are a referral service, not an insurer. We do not quote premiums and we do not sell policies. What we do is put you in front of one licensed New Zealand adviser who can compare the market properly.
- 1
You tell us what you are looking at
The form takes about a minute. Nobody asks for your medical history on a web form — that conversation happens with the adviser, properly, and only once you have decided to proceed.
- 2
An adviser calls you
A licensed New Zealand adviser talks through your situation: who depends on you, what you owe, what you already have in place, and what you are actually worried about.
- 3
They compare the market
The adviser quotes across the major insurers, checks which of them will take your health history on the best terms, and puts the options side by side in writing.
- 4
You decide, in your own time
There is no obligation and no cost to you. If the answer is that you already have enough cover, a good adviser will tell you that.
Frequently asked questions
Do Partners Life and Asteron Life class trades and self-employed work the same way?
No. Occupation class definitions differ between New Zealand insurers, so the same trade can be assigned a different class at each, with different pricing and different limits on the waiting periods, benefit periods and TPD definitions available. Ask both insurers what class they would assign and what it restricts.
Which insurer is better for business insurance in New Zealand?
Neither in general. Business cover is judged on the wording, the ownership structure and how it interacts with your shareholder agreement and your accountant’s advice on tax. Two insurers can offer similar benefit names on quite different definitions, so compare the wordings and involve your professional advisers before comparing price.
Can I insure a personal guarantee I have given for my business?
Usually, but how it is structured matters. It may sit within personal life cover, or be written as business debt protection with the lender or the company involved. The ownership and beneficiary arrangement determines who receives the money and what happens to it, so it is worth setting up deliberately rather than assuming your personal policy covers it.
What happens to my cover if my business shareholding changes?
It should change with it, which is why future insurability and special events benefits matter for business owners. Ask both insurers which business events allow an increase without new medical evidence, what the caps are, and how often the benefit can be used, because re-underwriting on every change is slow and exposes you to your current health.
Should business cover be written on the same policy as personal cover?
Often not. Personal and business cover frequently need different owners, different beneficiaries and different tax treatment, and mixing them can complicate a claim or a buy-sell settlement. Structure them deliberately with input from your accountant, then compare insurers on how each writes the business wording.