Life Insurance Deals and Discounts April 2017

Information verified correct on April 28th, 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

Get your first month of cover for free

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

Get up to 25% off Virgin Life Insurance

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

5% Off NobleOak Life Insurance

Get 5% of your life insurance when you pay your premiums annually.

Get a 15% discount on Insuranceline Life Insurance

Receive a 15% discount when you purchase cover for an amount over $400,000.

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

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

ProviderJoint 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 businessrelationship 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

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

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.

Take advantage of life insurance deals and discounts with an adviser

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