Watson had had Alzheimer's for about six years, and his physical state deteriorated in recent years leading to a peaceful death.

After spending 10 years at National Mutual (six as sales grand champion), Watson and his wife Shirley founded Fidelity Life in 1973 with a vision of a New Zealand-owned and controlled company where advisers and staff could "have their say" and provide direct input into the company and its products. 

Fidelity Life set a precedent in New Zealand by trading solely through independent advisers at a time when most companies employed tied agents.

Fidelity Life chief executive Milton Jennings says without his efforts and hard work Fidelity Life would have never got off the ground.

"Watson believed we should play to our strengths, and realised that his strength was in selling insurance leaving the management of the company to others. He always stuck to that.

"Watson probably sold more life insurance in this country than any other agent. His input into the life industry in New Zealand was huge, as he passed on his knowledge and accumulated experience."

Watson is survived by his five daughters, six grandchildren and eight grandchildren.

He married his second wife Shirley at the same time as Fidelity Life was founded and Shirley had four children from her first marriage.