Life Insurance Deals and Discounts October 2020

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

Life insurance deals and discounts from the Finder panel

NobleOak Life Insurance Deals

First month free for NobleOak Life Insurance

No premiums are payable in the first month for NobleOak Life Insurance if you buy cover before 30 November 2020.

Last verified 6 Oct 2020

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Deal ends 30 Nov 2020

AAMI Life Insurance Deals

5% OFF for existing customers

Existing AAMI car & home insurance customers or family policies can get a 5% discount.

Last verified 26 Oct 2020

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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 1 Oct 2020

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ahm Life Insurance Deals

10% off for ahm health members

ahm health members get a 10% premium discount for the life of their policy

Last verified 1 Oct 2020

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Medibank Life Insurance Deals

Medibank health members save 10% every year.

Apply for up to $2.5 million cover, depending on your age and income. T&Cs apply.

Last verified 1 Oct 2020

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Zurich Ezicover Deals

One month free

Get the first month free and a 10% discount if you take out a second life insurance policy (discount applies to second policy). T&C’s apply.

Last verified 1 Oct 2020

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All life insurance deals and discounts

• Multi-policy
• Joint policy / family discount
• Larger sum discounts

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.

Insurance Wellness programs

AIA Vitality

What is AIA Vitality?

AIA Vitality is a program that encourages AIA members to live fitter and healthier lifestyles. AIA Vitality, launched in November 2013, offers its members the knowledge, motivation and tools to improve their health. Members are rewarded with discounts from commercial partners as they earn Vitality points as their health improves. Additionally, participation in the program can result in discounts on life insurance premiums. Currently, AIA offers savings when you submit workout data from:

• Polar. Earn up to 100 Vitality Points.
• Fitbit. Save 25% on the RRP of you Fitbit and upload your workout data to earn up to 100 Vitality Points.

Other devices you can earn points up to 100 Vitality Points include: Garmin

You can also download the AIA Vitality app to help track your progress. The app allows you to log your food, workouts, calorie budget and monitor your BMI and weight.

What do I get as a member?

AIA Premium Discounts

Membership of the AIA Vitality allows you to get discounts on your insurance premiums. You'll be eligible an introductory discount of up to 7.5% off your first years' life, TPD or trauma premiums. As you progress, the discount for each subsequent year will vary depending on the status of your Vitality membership.

In order attain the top discount, which is capped at 20%, you must reach Platinum status.

There is an added cash back bonus, which is assessed every five years. This bonus may mean you are eligible to receive a refund of 2-10% of your annual premium.

Want to know more about the AIA Vitality Program?

Bupa Living Well

Living Well is a feature on some of the Bupa Extras plans and gives you additional benefits you can use towards the cost of health-related programs. The proviso is that these programs must be part of a health management strategy, which is addressing a specific health concern, and is recommended by a referring healthcare professional.

What types of things can I claim?

You may be able to claim for part of the costs of your:

Bupa App

Bupa have an app available through the App Store and Google play that you can download for free. This app can help you:

What kind of member benefits can I get?

Get quotes from these direct brands

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Name	Product	Maximum Cover	Maximum Entry Age	Minimum Cover	Terminal Illness Benefit
Real Family Life Cover		$1,000,000	64	$100,000	$1,000,000	Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ .	Get Quote View details	Compare	loading Fetching your data...
NobleOak Life Insurance Finder Award		$15,000,000	69	$50,000	$3,000,000	First month free for NobleOak Life Insurance. T&Cs apply.	Get Quote View details	Compare	loading Fetching your data...
AAMI Life Insurance		$1,500,000	65	$100,000	$1,500,000	Existing AAMI car & home insurance customers or family policies can get a 5% discount.	Get Quote View details	Compare	loading Fetching your data...
ahm Life Insurance		$1,500,000	65	$100,000	$1,500,000	ahm Health members can save 10% off premiums.	Get Quote View details	Compare	loading Fetching your data...
Guardian Life Insurance		$1,500,000	64	$100,000	$1,500,000	Get Quote View details	Compare	loading Fetching your data...
Zurich Ezicover Life Insurance		$1,500,000	69	$50,000	$1,500,000	Get your first month free. T&Cs apply.	Get Quote View details	Compare	loading Fetching your data...
Medibank Life Insurance		$2,500,000	70	$100,000	$2,500,000	Medibank health members save 10% every year. T&Cs apply.	Get Quote View details	Compare	loading Fetching your data...

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