Funeral Insurance

Our Funeral Insurance offers simple, affordable cover and claims are paid quickly.

The death of a loved one is a very emotional time, but it can also be very stressful. Having a policy in place to provide for funeral costs can help your family cope financially.

Benefits

  • Acceptance is guaranteed with no medical underwriting, and anyone aged between 16 and 65 can be covered. Cover ceases on 86th birthday
  • Cover options: $5,000, $7,500 or $10,000 as applicable
  • We offer immediate cover for accidental death; otherwise full cover applies after 24 months
  • Benefit payable is either the cover selected or 75% of premiums paid, whichever is highest.

If this sounds like the kind of cover for you and your family, complete the application form and email it to insurance@firstcu.co.nz. A separate application form is required for each person.

Contact us if you have any questions- we're here to help!

Announcing the transfer of FIL group Funeral Insurance Plan to Pinnacle Life Limited (Pinnacle)

We are excited to announce that FIL has entered into an agreement to transfer its Funeral Insurance Plan to Pinnacle.

FIL believes that entering into a long-term agreement with Pinnacle to provide funeral covers will benefit our members. The insurance industry has become very complex and requires a larger entity with the scope to be competitive. FIL believes it is in the best interests of policy holders to transfer now while we are in good shape.     

For FAQs relating to this transfer click here.

  • FINANCIAL STRENGTH RATING

    FIRST CREDIT UNION LOAN PROTECTION INSURANCE is underwritten by First Insurance Limited. First Insurance Limited has a BB Stable insurer financial strength rating issued by Fitch Ratings in February 2024.

    Fitch Ratings Insurer Financial Strength Ratings Scale: AAA:  Exceptionally Strong |  AA:  Very  strong  |  A:  Strong    |  BBB: Good| BB: Moderately weak B: Weak |  CCC:  Very weak  |  CC:  Extremely weak  |   C: Distressed.

    SOLVENCY

    As at 30 June 2023, the Minimum Solvency Capital required to be held by First Insurance Limited under the Reserve Bank of New Zealand’s Solvency Standard was $5,000,000. The Actual Solvency Capital held by First Insurance Limited was $6,158,814, representing a Solvency Margin of $1,158,814 and a Solvency Ratio of 123%.

    Actual Solvency Capital

    $6,158,814

    Minimum Solvency Requirement

    $5,000,000

    Solvency Margin

    $1,158,814

    Solvency Ratio

    123%

     AUDITED FINANCIAL STATEMENTS

    To view a copy of the 2023 First Insurance Limited Audited Financial Accounts click here.