Life Insurance Deals and Discounts September 2017

After a discount on your life insurance cover? Find out what deals are available and how to take advantage of them.

Before you take out life insurance, find out if there are offers that can help you get the most value for money.

Features deals and discounts

Receive 25,000 Velocity Frequent Flyer Points

New and eligible life insurance customers can receive 25,000 Velocity Frequent Flyer Points. T's and C's apply.

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.

All life insurance deals and discounts

A multi-policy discount usually applies when you combine more than one type of cover (e.g. Income protection with life insurance) with the same provider.

ProviderMulti-policyConditionsApply
AIAUp to 12.5% discount
  • Annual premiums for each must at least by $700
  • You must hold an income protection policy and a lump sum policy
Speak to an adviser
AMP ElevateUp to 5% discount
  • You must hold an income protection policy with a lump sum policy
  • Minimum benefit amounts apply
Speak to an adviser
AsteronUp to 5% discount
  • You must hold an income protection policy and/or lump sum policy and/or a business expenses policy
Speak to an adviser
BTUp to 5% discount
  • Eligible policies include Term Life, Term Life as Superannuation, Standalone Living Insurance, Standalone TPD, Business Overheads, Key Person Income and income protection.
Speak to an adviser
MLCUp to 30% discount
  • Discounts depend on the level of cover and the types of policies you combine
Speak to an adviser
OnePathUp to 5% discount
  • You must combined Income Protection with another policy
Speak to an adviser

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

A joint policy discount usually applies when you apply for cover either with a spouse or another family member.

ProviderCombined policy discount/Family discountConditionsApply
ANZYou may receive a discountSpeak to ANZ directly to find out if you're eligibleGet a quote
Zurich Ezicover
  • $3.50 off per month for joint life insurance
  • 5% discount for joint income protection
  • Two applications must be received at the same time
  • Discount applies to the second policy
Get a quote
InsuranceLine
  • 5%
The younger adult receives a discount when you apply on the same policyGet a quote
Virgin
  • $3.50 off per month for joint life insurance
  • 5% discount for joint income protection
No conditions stated in PDSGet a quote
AIA
  • 5% discount if 2 people are insured
  • 10% discount if 3+ people are insured
Annual premiums for each must at least by $500Speak to an adviser
AMP Elevate
  • 5% discount for business relationships
  • Two or more clients submit new business to AMP
  • Available on life, TPD and trauma plans / options
Speak to an adviser
Asteron
  • 10% discount if 8 or more people insured
  • 7.5% discount if 5 to 7 people insured
  • 5% discount if 2 to 4 people insured
You might be eligible for discounts if you apply at the same time with immediate family members or business partners in the same entitySpeak to an adviser
ClearView
  • 2.5% discount if 2 people are insured
  • 3% discount if 3+ people are insured
Discount available at the time of application where there is a family group relationship or business relationship between the persons insured.Speak to an adviser
OnePath
  • 5% discount if 2 people are insured
  • 6% discount if 3 people are insured
  • 7% discount if 4 people are insured
  • 8% discount if 5-6 people are insured
  • 9% discount if 7-9 people are insured
  • 10% discount if 10 or more people are insured
Available if you link your policy with an eligible family member, business partner or combination of family members and business partnersSpeak to an adviser

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

A larger sum discount applies when you purchase cover for a sum over a set amount defined by the insurer.

ProviderHigher cover discountConditionsApply
Virgin25% discount available for any cover above $500,000Premiums must be paid within 30 days of the due dateGet a quote
InsuranceLineUp to 15% discountSize of discount depends on the amount of cover insured and the type of cover that's insuredGet a quote
AIAUp to 30% discountSize of discount depends on the amount of cover insured and the type of cover that's insured.Speak to adviser
AMP ElevateUp to 36% discountSize of discount depends on the amount of cover insured and the type of cover that's insuredSpeak to adviser
AsteronDiscount available (Check with an adviser)Size of discount depends on the amount of cover insured and the type of cover that's insuredSpeak to adviser
BTUp to 30% discountSize of discount depends on the amount of cover insured and the type of cover that's insuredSpeak to adviser
ClearViewUp to 24% discountSize of discount depends on the amount of cover insured and the type of cover that's insuredSpeak to adviser
OnePathUp to 32% discountSize of discount depends on the amount of cover insured and the type of cover that's insured.Speak to adviser
TALUp to 34% discountSize of discount depends on the amount of cover insured and the type of cover that's insuredSpeak to adviser
Zurich Future WiseUp to 24% discountSize of discount depends on the amount of cover insured and the type of cover that's insured.Speak to adviser

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

What types of deals and discounts are available?

Loyalty discounts

Loyalty discounts are offered by almost all insurers if you keep your insurance with the same provider for more than one year. Discounts start at 5% and can go up to about 15% when you stay for a significant period of time e.g. 25 years. Conditions are as follows:

  • You must hold policies with the insurer for more than two years in order to benefit.
  • The discount increases each additional year the policy is held.

Loyalty discounts are applied to any existing or new policies. For joint policies, the discount is calculated based on the partner who has the longest existing relationship with the provider. Businesses are treated as a separate entity, so your personal insurance policies won’t contribute to loyalty discounts for a business in your name.

Rewards programs

Just like supermarket and airline rewards programs, some life insurance products allow you to collect reward points. These programs allow you to accumulate discounts on life insurance payments or accumulate points towards other rewards programs e.g. frequent flyers.

Key features:

  • Provides benefits when you take out an insurance policy.
  • You may be able to contribute points to any existing rewards programs you have with financial institutions or airlines.
  • Can include special deals for movie tickets, flights or experiences.
  • Bonus insurance benefits or cover may be awarded if you hold your policy for multiple years.

Multi-policy discounts

Most large insurance companies that offer a range of products will give you a discount when you take out more than one policy. Discounts start at around 5% and increase to about 15% for 10 or more policies.

Key features:

  • Policies can be for the same or different types of cover for items such as cars, home, life and travel.
  • To get the maximum discount you may need to hold policies for more than 25 years.

While life insurance policies might count towards discount eligibility, they may not be discounted themselves. For instance, if you take out life and car insurance with the same insurer, you might get a discount on the car insurance, but not necessarily on the life policy.

Businesses are treated separately for multi-policy discounts, so policies for a business cannot contribute to a discount for personal policies. However, a multi-policy discount can be combined with loyalty discounts, so you could get a total discount of up to 25% for 10 or more policies and a 25-year or longer relationship.

Joint cover discounts

Couples or families who take out a policy together may be able to get a joint cover discount. As the cost of insuring a couple is less than for a single individual, you should get a discount when purchasing your policy.

Key features:

  • Joint cover can be taken out for a family as well as with a partner.
  • The policy must include everyone’s name at the time it is established.

When taking out joint cover, additional discounts are based on the loyalty benefit of the policy member who has the longest relationship and most policies with the company. For instance, if one partner has held multiple policies for many years, then the loyalty and multi-policy discount for the joint policy will be calculated based on that person's discount eligibility. However, the other partner can include the joint policy for any future discount eligibility.

Free life insurance for first month

Some insurers offer free life insurance cover for the first month. You still have the same level of cover during the premium-free period, but payments aren’t taken until the second month.

Key features:

  • You don’t pay a premium for the first month of cover.
  • In some instances, you will be refunded a months worth of cover after holding the policy for 12 months.
  • You can still benefit from other discounts, such as multi-policy of loyalty discounts, when you become eligible for them.

Large-sum discounts

If you purchase a large amount of cover, you may get a further discount. These can be up to 30% for amounts over $500,000.

Key features:

  • Discounts range from roughly 10% for $300,000 to 30% on an insured sum of $500,000.
  • They can be combined with other discounts such as joint policy, loyalty and multi-policy if applicable.

Regardless of any discounts available, you should always compare the prices and inclusions of of a range of policies before purchasing. There might be one that better suits your needs, even without a discount.

Factors that might affect the cost of life insurance

Premiums

Premiums are one of the major factors that would come into play when you consider buying life insurance. There are basically two types of premium insurance policies have – stepped and level.

Stepped premium lets you pay a low initial payment but with premiums which increase as your age increases. Level premium, on the other hand, has a higher initial payment but with premiums which stays the same throughout the whole policy.

Features

When shopping around for life insurance, you might come to the conclusion that most of them are the same. Though this is generally true when you are thinking of the basic cover, each insurance policy has certain features, exclusions and add-ons which differ from provider to provider.

Some covers include accident cover, trauma, buyback options, and more. The buyback option is a feature which allows you to re-purchase a certain cover after a full benefit has been paid to you.

Age and Gender

Two factors that have a huge effect in the premiums you have to pay are your age and gender. Logically the younger you are, the lower your premiums are because you have fewer health risks when you are younger.

Moreover, men have a higher premium than women because they are more likely to be involved in riskier work, and because men are more inclined to such adventurous endeavours which could put them at a much greater risk.

Smoking Habits

Smokers are often going to pay three times as much on insurance premiums than non-smokers. This is self-explanatory since smokers are going to be exposed to much bigger health risks than those people who do not smoke.

Health

If you are healthy you might scoff at the idea of getting life insurance. However, you might be surprised to know that insurance providers give big discounts and offer extra perks to those who are healthy. Do not wait for any serious illness to strike you before you get insured. Those who get insurance when they are at the best of health get the better deals.
Life insurance discounts are available through a number of reward and loyalty programs. Most insurers offer some form of discount or reward, but there are also a number of conditions to be met. Insurers usually combine some of the discounts mentioned below to encourage loyalty and in the hope that customers will take out larger or multiple policies.

One insurer might give you the best discount if you take out multiple high-benefit policies. A bank that offers insurance might encourage you to open an account with them in order to get the best deals. Here are some of the options available for lowering the cost of your life insurance:

Take advantage of life insurance deals and discounts with an adviser

Please enter your full name
Please enter a valid email address
It's important to give us a valid phone number
Gender
Smoker
Date of Birth
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.
By submitting this form, you agree to the finder.com.au privacy policy
Get quotes

Get quotes from these direct brands

Rates last updated September 26th, 2017
Product details Maximum cover Maximum Entry Age Cooling-off
(days)
Life Insurance
Life Insurance
Choice of cover options and flexible premiums to suit budget. No lock-in contracts and fast application. $1,500,000 65 30 Get quoteMore info
Life Insurance
Life Insurance
Get flexible life insurance up to the sum of $2,000,000. $2,000,000 59 21 Get quoteMore info
Real Family Life Insurance
Real Family Life Insurance
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ . $1,000,000 64 30 Get quoteMore info
Term Life Insurance
Term Life Insurance
A simple life insurance product that can offer up to $1,500,000 in a lump sum payment on death or diagnosis of terminal illness. $1,500,000 69 30 Get quoteMore info
NobleOak Term Life Insurance
NobleOak Term Life Insurance
Get a quote for up to $15 million in life insurance cover. Cover can be tailored to meet your personal needs. $15,000,000 69 30 Get quoteMore info
Woolworths Life Insurance
Woolworths Life Insurance
Receive a discount of 10% on life insurance as a Woolworths Rewards Member. T's and C's apply. $1,500,000 65 30 Get quoteMore info
Was this content helpful to you? No  Yes

Related Posts

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au 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, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question
feedback