Whole of life insurance policies is not sold anymore in New Zealand.
Bundled savings insurance policies such as whole of life insurance, with savings and investments elements, were discontinued during the 1990s. However, partly due to public preference for cheaper cover, life insurance companies in New Zealand started offering risk-only products at a lower rate than the whole of life policies because the new policies, namely yearly renewable term and level premiums, do not include any savings or cash investment options.
Sources
¹ https://www2.deloitte.com/content/dam/Deloitte/nz/Documents/financial-services/2020-life-insurance-sector-report.pdf
²https://www.sovlink.co.nz/sovadviserguide/story74.htm?
³https://www.stuff.co.nz/business/112098891/your-old-life-insurance-policy-could-be-more-useful-than-you-think