Life Insurance Hacks

Looking for a way to 'hack' your life insurance cover? Follow this guide to get more bang for your buck.

Life Insurance is a competitive marketplace and many insurers offer a range of discounts and rewards to attract potential customers to their brand. If you’d like to cash in on some of this added value, here are some of the life insurance hacks that will ensure you not only get the cover you need, but great value for money as well.

Current life insurance hacks available on

Real Life Insurance Deals Real Life Insurance Deals

Get 10% of premiums back in the first 12 months

Receive 10% of premiums you’ve paid in the first 12 months with The Real Reward program.

Last verified

Qantas Life Insurance Deals Qantas Life Insurance Deals

Receive up to 150,000 Qantas Points

Join Qantas Life Insurance and earn up to 150,000 Qantas Points when you join by 30 November 2018. T&Cs apply.

Last verified

Get deal

Deal ends

ANZ Life Insurance Deals ANZ Life Insurance Deals

Earn 1 Qantas Point for every $1 of premiums paid

If you’re a Qantas Frequent Flyer member, you can earn 1 Point for every $1 of premiums paid an eligible ANZ Life Insurance policy.

Last verified

InsuranceLine Deals InsuranceLine Deals

Get a $100 bonus gift

Take out a policy and get a $100 bonus gift after holding cover for 2 months. Ends 31 March 2019.

Last verified

Get deal

Deal ends

Zurich Ezicover Deals Zurich Ezicover Deals

Get your first month of cover for free with Zurich Ezicover

Get your first month of cover free when you buy Zurich EziCover.

Last verified

Any specific offers from life insurance brands that are mentioned or linked to from here are subject to change at anytime. Make sure you check with the insurer before going

Seven life insurance hacks every consumer should know about

fitness, sport, friendship and healthy lifestyle concept - smiling couple running at summer seaside

1. Live a healthy lifestyle to earn discounts on your cover

Health and wellness programs are big business these days, with insurers focusing on reducing their risk by encouraging members to lead healthier lifestyles. Examples of popular health-related rewards programs include:

  • AIA Vitality. Members are rewarded with discounts from commercial partners as they earn Vitality points and their health improves, leading ultimately to discounts on their life insurance premiums. Discounts include gym memberships, weight watchers, gift cards, movie tickets and cheap airfares. After an introductory discount of up to 7.5% on your first year’s life, TPD or trauma insurance, you can also earn up to a 20% discount on your premiums if you attain Platinum status on your Vitality membership.
  • Asteron Life Plus Program. You can earn discounts on your premiums by setting goals to improve your health and wellbeing and tracking your progress using blood pressure, body mass index (BMI) and cholesterol checks. Complete the program successfully and you will be eligible to receive a maximum discount of 20% off your insurance premiums.
  • Bupa Living Well. This provides additional benefits on your extras cover that you can use toward the cost of programs that are part of a health management strategy for a specific health concern and recommended by a healthcare professional. Living Well also gives you access to a range of discounts on health club memberships, health-related products, optical products, weight watchers and entertainment.


Some brands let you earn frequent flyer points from what you spend on premiums

2. Look for a brand that integrates frequent flyer programs

Some brands let you earn frequent flyer points from what you spend on premiums. Some policies even offers bonus points when you sign up.

These are similar to health and wellness programs, except the emphasis is not so much on health as on more tangible rewards such as shopping, entertainment and travel discounts. Typical rewards programs include:

  • OnePath Frequent Flyer Program. If you’re a Qantas Frequent Flyer member, you can earn one point for every $1 in premiums you pay for OnePath Life Insurance (up to 20,000 points per year, per policy).

tap and go payment 450

3. Maintain your policy with the same insurer

Loyalty discounts are an insurer’s way of saying thank you for maintaining your policy with them over time. This might take the form of a premium discount or an increase in the benefit paid and typical examples include:

  • CommInsure Loyalty Bonus. If you’ve been with CommInsure for five years or more, it will increase the benefit payable on your life cover, TPD cover, child cover, trauma or terminal illness cover by 5% at no extra charge.
  • NRMA Insurance Loyalty Discount. Depending on how many policies you have and the number of years you have held them, you can save up to 10% on your premiums.
  • Real Life Insurance Real Reward. After 12 months, receive 10% back from the premiums you've paid on your life insurance.

construction workers on-site

4. Take out more than one type of cover

Many policyholder take out life insurance and then add another policy e.g. income protection. A multi-policy discount can sometimes apply when you are are covered by multiple policies. Examples include:

  • Zurich Multi-Cover Bonus. A straight-up premium discount of 5% off each relevant policy.
  • MLC Multi Policy Discount. Receive a discount of up to 30% on income protection by bundling your life cover, TPD and critical illness cover with income protection and funding at least one insurance through your super on an eligible MLC account.


5. Combine cover with a spouse

Many life insurers will offer a premium discount if you and your partner both apply for cover at the same time. Multi-life policy discounts can be as high as 10% of your premium, depending on the insure. Comparing online or with a financial adviser is a great way to find a discount that offers the best value on applications.

Children’s bank account freebies content feed image

6. Look for free premiums offers (on the first month)

There’s no such thing as free life insurance, but some insurers will offer you a limited initial period of cover free of charge as an incentive for taking out a policy with them. Examples include:

  • NobleOak Life Insurance. No premiums are payable in the first month after taking out a policy.
  • Zurich Australia. Take out Zurich Ezicover Life Insurance and the first month’s premium is free for all applicants.

rabo saving content fee

7. Insure a higher sum for a bulk discount

Another incentive you can take advantage of to save on your life insurance is higher cover discounts. These are discounts on your premiums if you select a higher benefit amount. Typical examples include:

Maurice Thach

An insurance researcher and writer for who loves finding an answer to the question "Am I covered for ________?" Maurice has also completed a Tier 1 Life Insurance and a Tier 2 General Insurance Certification under ASIC's Regulatory Guide 146. This means he can confidently provide general advice for life insurance and non-life insurance products.

Was this content helpful to you? No  Yes

Related Posts

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy & Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.
Ask a question
Go to site