Life Insurance Reward Programs

Looking to save or get more benefits on your life insurance? Compare rewards programs from Australian insurance brands.

Competition among insurance providers has lead to an increase in rewards on offer for people taking out cover. There are reduced premiums for:

  • Loyalty
  • Health and wellness
  • Having more than one policy

Life insurance reward programs

Provider
Type
Rewards
AIAHealth discount
  • Up to 12.5% initial discount if you are an AIA vitality member
AsteronHealth discount
  • Up to 20% discount on premiums
ANZFrequent flyer
  • Simply take out a new ANZ Life Insurance policy, hold the policy for 6 months and you will receive a bonus 10,000 Qantas Points*.
ClearViewHealth discount
  • After year 1 reset your premium discount back to the initial 10% discount
OnePathFrequent flyer
  • Earn one point for every $1 of premium paid on eligible OnePath life insurance policies#.

*New ANZ Life or Income Protection Insurance policyholders are eligible for the 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 anytime.

Get deals directly from an insurer

First month free for NobleOak Life Insurance

No premiums are payable in the first month for NobleOak Life Insurance if you buy cover before 29 December 2017.

Get up to 25% off Virgin Life Insurance

Receive a 25% discount off your premium when you purchase cover over $500,000 in cover.

Get 10% off Real Life Insurance with Real Reward

After 12 months, receive back 10% of the premiums you've paid with the Real Reward™.

Get 10% off Woolworths Life Insurance

Get up to $1.5 million in life cover and save 10% off your Woolworths Life Insurance premium if you're a Woolworths Rewards member.

Speak to an adviser about life insurance with customer rewards

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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What do I need to do to receive rewards?

Reward programHow do I access these rewards?
AIA VitalityRewards are based on a points system from accessing the gym and tracking progress using:

  • Free online tools
  • Included membership discounts on various gym memberships including Fitness First, Virgin Active and Anytime fitness
  • Discounts for shopping, lifestyle and travel products

Members unlock higher-level discounts and rewards by monitoring their health and taking measurable steps to improve their health.

Asteron Life PlusYou must meet the program's health criteria by following three steps:

  • Register for the Q score which helps you understand your health.
  • Set health and fitness goals.
  • Monitor your progress, including exercise levels, BMI, die, blood pressure and cholesterol levels.
ANZCustomers must take out a new policy and hold it for six months to receive 10,000 frequent flyer points.Customers can then check their frequent flyer points by logging in to their online Qantas accounts.

  • Check your points.
  • Browse and shop using the Qantas Frequent Flyer website.

Points are capped at 20,000 a year.

You must be an Australian or New Zealand resident to qualify.

ClearView
  • You must complete a health questionnaire and actively be taking steps to improve your health.
OnePath
  • Start paying off your premiums to gain frequent flyer points.
  • Once you start paying off your premiums you can check your points online.

Data taken from brand product disclosure statements on May 2017. Benefits, conditions and amounts are subject to change at anytime.


What types of life insurance rewards can you get?

There are several types of rewards offered by some life insurers. These are:

  • Loyalty bonuses. These bonuses are offered to policyholders who have had their cover for a certain period of time, usually around 5 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 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 Vitality Health Rewards Program

AIA life insurance customers can take advantage of the company's rewards program, AIA Vitality Heath Rewards. The program encourages policyholders to make better health and lifestyle choices by offering:

  • Tools to measure and track your health.
  • Discounts on health programs such as Virgin Active gym membership.
  • Savings on AIA insurance products.
  • Discounts and rewards for shopping, travel and lifestyle products.

The program requires a lot of involvement but the rewards and health benefits make it worth considering. Many of the health activities are simple health checks that everyone should get at some point. These include:

  • Eye checks
  • Dental checks
  • Nutrition assessments
  • GP visits
  • Vaccinations
  • Cancer checks

AIA Vitality Points Explained

Completing these checks earns you points. These points can be redeemed for a variety of rewards, cash-back offers and premium discounts on your AIA life insurance policy. And then there are the wide-ranging discounts and savings from AIA’s numerous partners that open up as you accrue AIA Vitality points. These can be exchanged for free or discounted movie tickets, flights, clothing, electronics, spa treatments, sporting goods and more.

Learn more about AIA Vitality.

Asteron Life Plus Life Insurance Health Reward Program

Asteron Life is one of the pioneers of health rewards programs in Australian life insurance. Their Health Plus program rewards you for exercising and eating right.

Customers can unlock reduced premiums but you’ll have to follow a few steps and fulfill health and lifestyle criteria set by Asteron. Here are the key steps to follow:

  • Step 1. Taking a Q score test. This score compares you to a lineup of one hundred hypothetical individuals in your age group. The first hypothetical person is the worst case scenario with grave health problems, while the last hypothetical person is in truly great physical shape. The Q Score tells you where you are in that lineup. You need to register online with Asteron to get a Q Score. Be warned: it's a very thorough test.
  • Step 2. Once you have a Q Score, you can join the Asteron health program which can even include a personal health coach. They can help you set and achieve realistic goals, which can be anything from losing weight to improving cardio or just generally enhancing your health and lifestyle. Asteron Life Plus is not only for people who are already in great shape, but also for people who really want to get healthy.
  • Step 3. The next step is monitoring and maintaining your progress.. Asteron has a suite of tracking tools that they put in your hands to let you take control of your own health and wellbeing. The tools let you track changes in your diet, smoking habits, drinking, cholesterol level, blood pressure, fitness levels,weight, body mass index (BMI) and your overall Q Score.

This information gathered in this testing will be translated into specialist advice tailored to you specifically. Get a better understanding of what your body needs and how your fitness efforts are making a difference, and save money at the same time.

So how much can I save with Asteron Healthy Plus?

Through completion of the Asteron Life program and satisfaction of the Q Score criteria you are rewarded with a 20% discount off your initial premiums. This 20% discount is offered once you apply and qualify, and is effective immediately.

From there you can keep the discount in place by proactively staying in shape and continuing to take the same tests. If you decide not retake the test your 20% discount will not be withdrawn, but will instead just be lowered by 1% to a minimum of 10% after ten years. If you want to get it back up to 20% later you can reapply and get retested for Q Score. If it meets the requirements your 20% off will be reinstated.

Learn more about Asteron Life Plus.


ANZ Qantas frequent flyer points

Australian or New Zealand residents who take out an ANZ policy and hold it for six months are eligible to gain 10,000 Qantas frequent flyer points. Customers also gain a frequent flyer point for every dollar spend on paying their insurance premiums.

To be eligible you must hold one of two ANZ insurance policies:

  • ANZ income protection insurance
  • ANZ Term life insurance

Customers can use their frequent flyer points to shop on the Qantas Frequent Flyer website.

Learn more about getting frequent flyer points with ANZ life insurance.


ClearView Health Maintenance Reward

ClearView rewards its customers with a discount if they take care of their health. A 10% New Cover Reward discount is built into every new policy. This includes:

  • Life insurance
  • TPD insurance
  • Income Protection Plus
  • Business Expense Cover

If customers complete a health survey every two years the discount stays in place. If customers don't take the survey then their discount will decrease by 1% a year. ClearView gives customers the option to take the survey again and regain the discount.

Existing ClearView customers can also access the discount.

OnePath Qantas frequent flyer points

If you are a member of the Qantas frequent flyer program and take out an eligible OnePath insurance policy you can earn points just by paying for your premiums.

  • $1 spent on premiums = 1 frequent flyer point

Customers who aren't members of the frequent flyer program will receive free membership to the program, so any policyholder can benefit.

The eligible OnePath policies are:

  • Term life insurance
  • Income protection insurance
  • Trauma insurance
  • Total and permanent disability insurance
  • Accidental insurance
  • ANZ branded life insurance policies

Learn more about earning frequent flyer points with OnePath.

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

Richard Laycock

Richard is the insurance editor at finder.com.au. He is on a mission to make insurance easier to understand.

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