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Cancel Platinum Life: Easy Method
What is Platinum Life
Overview
Platinum Life is a life insurance product offered by Momentum Life in New Zealand that provides life and related cover under a policy often referred to as "Platinum Life".
Who it is for
The product targets New Zealand consumers seeking life cover with standard industry terms such as premium payments, cooling-off rights, and claims handling.
How to cancel Platinum Life
Immediate cancellation options
- Call Momentum Life on 0800 108 108 to request cancellation and speak to customer care.
- Send a signed cancellation letter by email to [email protected].
Written notice and platform notes
- If you cancel in writing, include a signed request; standard processing may require up to 30 days' notice for administrative handling.
- Momentum Life does not provide platform-specific (App Store / Google Play / web) self-serve cancellation - use phone or email as above. See Momentum Life cancellation FAQ.
What happens when you cancel
Access and cover
Once cancellation is accepted, your Platinum Life cover ends on the effective cancellation date indicated by Momentum Life.
Renewal and future applications
If you later wish to reapply, you must submit a new application and may face different terms or higher premiums based on age and health at that time.
Will I get a refund?
Cooling-off period refund
If you cancel within the first 30 days from the First Premium Payment Date and no claim has been made, you are eligible for a full refund of premiums.
No refund after cooling-off
- After the initial 30-day cooling-off period, no refunds of premiums already paid are available.
- This aligns with common life insurance practice where premiums pay for risk cover rather than being refundable.
Platinum Life plans and pricing
Available pricing
No publicly available pricing for a product branded exactly "Platinum Life" was found for New Zealand.
Related plan example
Below is pricing information found for a related "Platinum" membership from another provider for context.
| Plan | Price | Period | Features |
|---|---|---|---|
| Compatico Platinum | NZ$4,995.00 | Annual | Unlimited profile shares across 12 months; monthly or fortnightly check-in calls; first-priority event access; pause membership for up to 6 months |
Your consumer rights in New Zealand
Cooling-off and disclosure rights
Under New Zealand financial services regulation, insurers must provide sufficient disclosure and allow a cooling-off period.
Momentum Life provides a 30-day cooling-off window, consistent with common industry practice.
Complaints and dispute resolution
- If you cannot resolve a complaint with Momentum Life, you can escalate to the Insurance & Financial Services Ombudsman (IFSO).
- Momentum Life is a licensed insurer (FSP472286), so standard dispute procedures and external review apply.
Customer experiences
Positive feedback
- Momentum Life has received Feefo 'Platinum Trusted Service' awards (2020 - 2024) and Reader's Digest Quality Service Awards for Funeral Insurance (Gold 2024; Silver 2022, 2021).
- High ratings reported: Google ~4.6/5 and Feefo ~4.6/5 across many verified reviews.
Negative feedback and cautions
Some complaints from other jurisdictions (notably South Africa) report aggressive telemarketing and misleading 'free gift' contact tactics.
These negative reports may not reflect New Zealand operations but are worth noting when assessing contact and sales practices.
Documentation checklist
Essential documents to include
- Your full name and policy number as shown on policy documents.
- Signed cancellation letter with a clear request to cancel and the desired cancellation date.
- Photocopy or digital scan of identification if requested by Momentum Life for verification.
Optional supporting documents
- Proof of payment (first premium receipt) if requesting a cooling-off refund within 30 days.
- Correspondence records (emails or call notes) related to your cancellation request.
Common mistakes
Failing to include policy details
Customers sometimes send a cancellation request without the policy number or full name, which delays processing.
Always include the policy number and clear identification to avoid slowdowns.
Assuming platform self-cancellations work
Expecting App Store or Google Play to cancel the insurance is a common error; Momentum Life requires phone or signed written requests.
If you rely solely on app-store actions, your policy may remain active and premiums continue to be charged.
Comparative recap
Quick comparison
| Feature | Platinum Life (Momentum Life) | Typical NZ life insurance norm |
|---|---|---|
| Cooling-off refund | Full refund within 30 days if no claim | Commonly 14 - 30 days; refund if within period and no claim |
| Cancellation method | Phone (0800 108 108) or signed email to [email protected] | Phone or written request to insurer; some allow online cancellation |
| Refund after cooling-off | No refund after 30 days | Generally no refund after cooling-off for life policies |
| Customer support reputation | High verified ratings and industry awards; some external complaints noted | Reputation varies by insurer; check reviews and awards |
After cancelling
What to check
- Confirm receipt of cancellation and final effective date in writing from Momentum Life.
- Keep copies of all correspondence and any refund confirmations for your records.
Helpful links and escalation
- Momentum Life cancellation FAQ
- Momentum Life awards and reviews
- If unresolved, contact the Insurance & Financial Services Ombudsman (IFSO) for external dispute resolution.
Address
Postal address
PO Box 90136, Victoria St West, Auckland 1142
Contact for cancellations
- Phone: 0800 108 108
- Email (signed cancellation letters): [email protected]
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Written by Sophie Wright
Former postal advisor · 7 years experience
Former postal-services advisor and e-signature specialist, I have been writing for Postclic for 7 years to demystify legally binding mail for everyday users.