Frequently Asked Questions
Scheme Implementation
The Foundation Life (FLNZ) Scheme was successfully implemented on 1 September 2025.
All FLNZ Whole of Life and Endowment policies are now cancelled. Eligible New Zealand resident policyholders have received one of the following options:
• A replacement life insurance policy with Chubb Life
• A cash payment, which FLNZ is now processing and paying (subject to receipt of the required documentation)
• A combination of the above, with an emphasis on either cash or the replacement life insurance policy
Overseas resident policyholders received a cash payment entitlement under the Scheme.
Policyholders who received a replacement life insurance policy with Chubb Life have life cover effective from 1 September 2025. Chubb Life has issued new policy documents to policyholders.
Policyholders should now contact Chubb Life directly for any queries at 0800 900 047 or
All Whole of Life and Endowment unsettled claims, as well as Term policies, have been transferred to Chubb Life through an IPSA section 44 Transfer process approved by the Reserve Bank of New Zealand. Chubb Life has contacted affected policyholders and is settling outstanding claims (subject to receipt of required documentation).
Final Values and Cash Payments
FLNZ has completed the valuation process to determine final cash values as at 1 September 2025. Policyholders receiving cash payments will be paid as required documentation is received, reviewed and confirmed as complete and accurate.
Replacement Life Insurance Policies
Chubb Life has issued replacement life insurance policies to new policyholders. Please contact Chubb Life directly if you have any questions.
Chubb Life can be contacted on 0800 900 047, or by email at
Submitting documentation for payment
All original pen completed forms, all pen-signed certified documentation and bank account confirmation requirements should be sent to us by post to the address below.
Within New Zealand:
Freepost 521
Foundation Life
PO Box 590
Wellington 6140
From overseas:
Foundation Life
P O Box 590
Wellington 6140
New Zealand
Courier address:
Foundation Life
3 Brandon Street
Wellington Central
Wellington 6011
Which insurer is issuing the replacement life insurance?
The replacement life insurance policies have been issued by Chubb Life Insurance New Zealand Ltd (Chubb Life), a licensed insurer that has been operating in New Zealand for over 100 years and currently insures more than 300,000 New Zealanders.
Chubb Life holds an A (Excellent) financial strength rating from A.M. Best Company Inc. For the full rating scale, visit wwww.ambest.com/ratings/guide.pdf.
Why were overseas resident policyholders not eligible to receive replacement life insurance?
Chubb Life is not licensed to issue new life insurance policies in overseas jurisdictions.
While all FLNZ policies were originally issued to New Zealand residents, some policyholders have since moved overseas and therefore can only receive a cash payment.
Can I cancel my replacement life insurance policy?
Yes. You may cancel your replacement life insurance policy, and you will receive a surrender value from Chubb Life. This value will never exceed the single premium paid by Foundation Life for your policy and may be lower, depending on factors such as your age, sum insured, and the time you have held the policy.
Policies Owned by Banks
As the Scheme has now been implemented, for Whole of Life policies, the bank will have received the replacement insurance policy from Chubb Life.
You should contact the appropriate bank to discuss transferring ownership of the replacement policy.
If you had an Endowment policy owned by a bank, the bank will be entitled to a cash payment. You will need to contact the bank and ask them to contact us so we can arrange to change ownership of the cash payment.