Which life insurance brand offers the best rewards program?

Many life insurers want to reward you for living a healthy lifestyle, but AIA Vitality stands heads and shoulders above the rest.

What could be better than saving money and improving your health at the same time? Life insurance companies know how good that sounds, so they've been battling it out to come up with the latest and greatest healthy-living rewards programs. The following are some of the common rewards:

  • Reduced premiums for loyalty or taking out more than one policy
  • Benefits for improving or taking care of your health
  • Frequent flyer bonuses when you sign up

But while you can find many deep discounts out there, one program stands out with the variety of rewards it offers.

The AIA Vitality program is the finder favourite by a large margin. Not only are the potential premium discounts as large as you'd find with any other program, it also offers a ton of valuable lifestyle perks that you can start taking advantage of immediately, like 50% off gym memberships and 25% off fitness trackers (Fitbit, Garmin, etc)

Depending on what type of cover you choose, this program has the potential to save you more money than you spent on the life insurance policy in the first place.

And with its online member hub, it offers much more in the way of healthy-living resources – which is kind of the point of programs like this. Finally, it includes elements of 'levelling up' that make it exciting to earn status and unlock even more perks.

Compare life insurance rewards programs

Provider Premium savings Lifestyle Rewards
AIA Vitality

How can I unlock these savings & rewards?

  • 15% initial discount on term life, trauma and TPD insurance
  • 7.5% initial discount on income protection and business expense insurance
  • Up to 50% off gym memberships
  • 25% off Fitbit and Garmin fitness trackers
  • Ability to earn gift cards by completing healthy activities

Asteron Healthy Life Rewards

How can I unlock these savings?

  • Up to 25% on term life insurance
  • Up to 15% on TPD insurance
  • 5% on trauma insurance
  • None
OnePath/ANZ Frequent Flyer Points

How can I unlock these rewards?

  • None
  • Free Qantas Frequent Flyer (FF) membership
  • 1 FF point for every $1 spent on premiums
  • Up to 20,000 frequent flyer points (ANZ only)
ClearView Health Maintenance Reward

How can I unlock these savings?

  • 10% discount on your first year’s term life, TPD, income protection or business expense premiums
  • None
TAL Health Sense

How can I unlock these savings?

  • 7.5% discount on term life and TPD insurance
  • Up to 15% discount when bundled with income protection or business expense insurance
  • None
MLC On Track

How can I unlock these savings?

  • 5% discount on any eligible term life insurance policy
  • None
AMP Elevate Healthy Start

How can I unlock these savings?

  • 10% initial discount on term life or TPD insurance
  • Up to 20% discount when bundled with income protection or business expense insurance
  • None
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*New ANZ Life or Income Protection Insurance policyholders are eligible for Qantas Points. This points offer is available once per customer. Data taken from brand product disclosure statements on May 2017. Benefits, conditions and amounts are subject to change at any time.

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After discounts or freebies on your life insurance?

What types of life insurance rewards can you get?

There are several types of rewards offered by some life insurers, including the following:

  • Loyalty bonuses. These bonuses are offered to policyholders who have had their cover for a certain period of time, usually around five years. This bonus can reward you for brand loyalty by increasing payable life insurance cover with no increases in premiums. This means you can reduce your sum insured by the bonus amount to lower premiums, yet still maintain the same level of cover.
  • Healthy rewards. Stay in good shape and pay less for life insurance. For example, the Asteron Life Healthy Plus program recognises healthy eating and regular exercise as a good way of reducing the chance of illness: you can enjoy up to a 20% premium discount if you pass a series of health tests. An increasing number of insurers are offering similar programs, so you can save big by keeping an eye out for them.
  • Multi-policy discounts. Multi-policy covers are available from many insurance providers in Australia. Discounts on premiums can range from 5-25%. You are usually eligible for this if you have more than one insurance policy with the same brand, such as both home insurance and life insurance or two separate car insurance policies. This discount might apply to only the most recent policy or to all of them.
  • Family Discount. Insurers may offer family discounts when members of the same family take out insurance policies. This includes spouses, siblings, parents, children, adoptees and any other member of your immediate family. This bonus takes the form of a premium discount and is usually available to almost all immediate family members with bigger discounts for more people with the same insurer.
  • Life insurance free gifts. A few insurers provide one-off gifts for new customers. InsuranceLine regularly offers such gifts as movie tickets, gift cards and tablets.


AIA life insurance

AIA Vitality Health Rewards Program

AIA Australia has developed one of the most comprehensive rewards programs out there, offering deep discounts on gym memberships, fitness gear, flights and more. You can join the program for free if you have a life insurance policy from one of their life insurance partners.

The moment you sign up, you could be eligible for enough discounts to fully cover the cost of your life insurance policy and then some depending on your policy. Additionally, you can earn points for the everyday healthy activities you do (which you can then use to claim rewards like vouchers).

What we liked

  • Gym membership discounts including 50% off Virgin Active and 30% off Fitness First
  • 25% off most Fitbit and Garmin fitness trackers
  • 30% off Jaggad athletic wear
  • 50% off initial consultation with a dietician
  • 50% off Hoyts movie vouchers
  • Up to 50% cashback on flights and spa treatments based on your membership level
  • Up to $200 in free gift cards (JB Hi-Fi, Woolworths, Dymocks, Myer or Rebel) based on the number of Vitality points you accrue.
Provider Reward Highlights Requirements to join
AIA Vitality
  • 7.5 - 15% initial discount on your premiums with the ability to maintain or increase it year-on-year
  • Up to 50% off gym memberships including Fitness First and Anytime Fitness
  • 25% off Fitbit and Garmin fitness trackers
  • Online health assessments
  • Healthy-living resources
  • Online member portal
  • Buy an eligible term life insurance, total and permanent disability (TPD), trauma, accident or income protection product from a financial adviser or a AIA Vitality partner

How to earn points for better deals

The deals you get just for signing up are great on their own, but you can also earn more perks by going to the gym, completing fitness tests and going in for health check-ups. You start out at the bronze level but can move up to Silver, Gold or Platinum.

Moving up the ranks is also a way to save on your premiums. Everyone starts off with a 15% Vitality discount for life, trauma and TPD insurance ("lump sum" policies) and 7.5% on income protection and business expense insurance ("income stream" policies).

If you don't move up past the Silver status, you'll slowly lose some of that discount over time. With Gold status, you'll keep the discount you have. And with Platinum status, you'll increase your discount by 1% per year, up to 20%.

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Asteron Healthy Life Rewards

Asteron Life insurance offers a fairly straightforward rewards program, which basically boils down to this: if you maintain a healthy lifestyle, you'll get a discount on your premiums.

The program is broken down into two tiers: Healthy Life and Healthy Life Plus. Here's how each works:

Healthy Life

Any new member who meets the following criteria will get a 10% discount on their life or total permanent disability (TPD) premiums for the life of their policy:

  • Between 30-55 years old
  • Body-mass index of less than 28
  • Non-smoker for more than 5 years

And that's it. No need for follow-up testing or additional effort on your part.

Healthy Life Plus

The Plus option is a little more involved, but the savings can really add up. It starts off kind of like the Healthy Life option, offering a 10% lifetime discount on life insurance premiums (TPD not included) for anyone who meets the following criteria:

  • Between 30-50 years old
  • Body-mass index of less than 28
  • Non-smoker for more than 5 years
Reward Highlights Requirements to join
  • 10-25% discount on term life insurance
  • 10-15% discount on total and permanent disability (TPD) insurance
  • 5% discount on other life insurance products, such as trauma insurance, if taken out with one of the above
  • Buy an eligible Asteron term life insurance or TPD policy through a financial adviser
  • Between 30-55 years old on your next birthday
  • Body mass index of less than 28
  • Non-smoker for less than 5 years
  • Yearly health checks and blood tests (for additional perks)

QuickCheck

You can boost this discount up to 20% if you also complete a health check they call a "QuickCheck" and a blood test (although they don't explain what these are).

You need to do these tests every year if you want to keep the extra 10% discount or else your discount will reduce by 1% per year.

You can receive additional discounts if you bundle more products with your life or TPD insurance.

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OnePath logoanz-provider-logo

OnePath/ANZ Qantas frequent flyer points

OnePath knows how much people love their frequent flyer programs, so they went straight to the source. OnePath life insurance customers are automatically eligible for free Qantas Frequent Flyer membership, saving them the one-time $89.50 joining fee. You can also earn 1 Qantas Point for $1 you spend on your life insurance premiums.

This offer is good on all OnePath term life, income protection, trauma, accidental death and total and permanent disability policies. If you buy your policy through ANZ (a OnePath reseller), you'll get a whopping 10,000 bonus frequent flyer points for every eligible policy you buy (capped at 20,000 points).

Reward Highlights Requirements to join
  • Free Qantas Frequent Flyer membership valued at $89.50
  • 1 frequent flyer point for every $1 spent of premiums
  • Up to 20,000 frequent flyer points if the insurance is purchased through ANZ rather than another OnePath partner
  • Buy an eligible term life, income protection, trauma, accidental death or TPD policy from ANZ.
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ClearView life insurance

Clearview Health Maintenance Reward

ClearView takes the opposite approach to most other programs because they reward you first and then take it away if you don't follow their health guidelines.

If you buy one of their life, TPD, income protection or business expense policies, you'll automatically get 10% off for the first year.

Every two years, you must fill out a health questionnaire and receive a positive review based on your answers to these questions:

  • What is your current height and weight?
  • Have you seen a doctor in the last three years?
  • Have you recently taken up smoking?

If you don't complete the questionnaire, or if you fail the review, you lose your discount. However, you will not be penalised in any other way.

Reward Highlights Requirements to join
  • Automatic 10% discount that you can keep beyond the first year if you make healthy lifestyle choices
  • Buy an eligible ClearView term life, TPD, income protection or business expense policies from a financial adviser or ClearView reseller
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TAL Health Sense

TAL's rewards program is perhaps the simplest one to wrap your mind around: if your body mass index is in the healthy range of 19-28, you get a 7.5% discount on your TAL Accelerated life or TPD insurance.

You can get up to an additional 5% off if you bundle any three of their products together and an additional 2.5% if you buy a fourth product. The products are life insurance, TPD, critical illness and income protection insurance.

All up, you can save 15% for a very little amount of effort.

Reward Highlights Requirements to join
  • 7.5% discount on term life or TPD insurance
  • Up to 15% additional discounts for taking out additional products
  • Buy an eligible TAL term life or TPD insurance policy from a financial adviser
  • BMI between 19-28
  • New customers only
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MLC On Track

MLC's On Track should resonate with the techies out there, because it uses your own fitness tracker to tell them if you're worthy of a reward.

Basically, all new members get a 5% discount for the first year. To keep it, you have 40 weeks from your policy start date to rack up at least 37,500 steps per week for 30 out of the 40 weeks. Then you have to do it again every year.

Only Garmin, Fitbit and Apple fitness trackers are supported, and you need to upload all of your data to the MLC dashboard for "internal statistical analysis" even though they only use your steps for purposes of the discount.

Reward Highlights Requirements to join
  • Automatic 5% term life insurance discount you can you can keep beyond the first year if you make healthy lifestyle choices
  • Buy an eligible MLC term life insurance policy through a financial adviser
  • Have your own Garmin, Fitbit or Apple fitness tracker
  • Agree to share all your fitness tracking data with MLC and their data analytics consultants
  • New customers only
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AMP Elevate Healthy Start

Most of these rewards programs merely involve a discount on your premiums for healthy behaviour. AMP's Healthy Start is no different, but what really sets it apart is the massive 20% you could save.

You'll automatically get 10% off your life or TPD policy if you purchase it by 2 December 2018 and you meet the following criteria:

  • You're between 30 and 60 on your next birthday
  • Your BMI is between 18.5-28
  • You don't smoke
  • You don't have any health loadings or exclusions on your cover
  • You must apply online

You'll get an additional 10% off if you bundle income protection or business expense insurance with your life or TPD.

Reward Highlights Requirements to join
  • Automatic 10% discount on term life or TPD insurance if you meet certain health criteria
  • Up to 20% discount if you take out other products with one of the above
  • Purchase an eligible AMP term life or TPD insurance policy from a financial adviser
  • Purchase by 2 December 2018
  • Between 30 and 60 on your next birthday
  • BMI is between 18.5-28
  • Non-smoker
  • No health loadings or exclusions on your cover
  • Must apply online
  • New customers only

Find life insurance rewards from Australian brands

Increased competition among insurance providers in Australia has meant that insurers are forced to diversify not only their product range, but also the discounts, bonuses and rewards they offer. Taking the time to compare the different rewards programs that are offered by insurers in Australia may not only save you on the premium you pay but give you access to excellent health programs and lifestyle benefits.

Find Life Insurance Policies Offering Customer Rewards

Brad Buzzard

Brad is an insurance writer whose background in analytics makes him the perfect person to research, analyse and interpret the complex world of insurance. When not writing, you can find Brad in the nearest yoga studio.

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