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Life Insurance Deals and Discounts July 2024

Before you take out life insurance, find out if there are offers that can help you get the most value for money while you meet your family's needs.

Life insurance deals and discounts from the Finder panel

Deal

Up to 15% off your TAL Life, Critical Illness or TPD insurance policy

Applicable for the life of your policy if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. T&C’s apply.
Deal

10% off premiums for Medibank health members

Medibank health members save 10% every year. T&Cs apply.
Deal

10% off for ahm health members

ahm health members save 10% on their life insurance premiums.
Deal

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.
Deal

Save 10% on your first year

Expires 31 Jul 2024
When you apply by 1 July 2024. T&Cs apply.
Deal

Save up to 10%

Expires 30 Sep 2024
Save up to 10% on premiums every year for the life of the policy on Suncorp Life Insurance. Offer ends 30 Sept 2024. T&Cs apply.
Deal

Save up to 10%

Expires 30 Sep 2024
Save up to 10% on premiums every year for the life of the policy on AAMI Life Insurance. Offer ends 30 Sept 2024. T&Cs apply.
Deal

Get 12 months life insurance cover for the price of 11

New members will get a one month free when paying annually. T&Cs apply.
Deal

Save 10% on your first year

Expires 31 Jul 2024
When you apply by 1 July 2024. T&Cs apply.

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 (17.5% for new applicants)Speak to an adviser
BTUp to 5% discountSpeak to an adviser
MLCYes
  • 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 February 2022. 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
Zurich Ezicover
  • 10% discount
  • Two applications must be received at the same time
  • Discount applies to the second policy
More info
InsuranceLine
  • 5%
The younger adult receives a discount when you apply on the same policyMore info
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
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
  • 10% discount
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 March 2021. 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
InsuranceLineUp to 15% discountSize of discount depends on the amount of cover insured and the type of cover that's insuredMore info
AIAUp to 30% discountSize of discount depends on the amount of cover insured and the type of cover that's insured.Speak 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
ClearViewYesSize of discount depends on the amount of cover insured and the type of cover that's insuredSpeak to adviser
OnePathYesSize 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 March 2021. Benefits, conditions and amounts are subject to change at anytime.

What types of life insurance discounts and deals can I get?

Clock

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.

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.

Aeroplane

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.

Free tag

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. In some instances, you will be refunded a months worth of cover after holding the policy for 12 months.

Hand holding money icon

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. 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.

Couple

Multi-policy or joint discounts

Multi-policy discounts start at around 5% and increase to about 15% for 10 or more policies. 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. Couples or families who take out a policy together may be able to get a joint cover discount as well.

Dumbell

Wellness programs

Some life insurance policies give you access to health and wellness programs such as the AIA Vitality Program. 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.

Top picks for life insurance in Australia

Top pick:
Winner
NobleOak Life Insurance
Finder Award
  • $25 million sum insured
  • 1st place in Finder Awards: 8.45 final score
  • Fully underwritten policy
  • Cheapest average policy price
Top pick:
Finalist
TAL Accelerated Protection Life Insurance
Finder AwardBonus
  • Pays up to $5 million in TPD
  • 2nd place in Finder Awards
  • Interim accident cover
  • $25,000 funeral advancement
Top pick:
Finalist
RACWA Life Insurance
  • Pays up to $25 million
  • 3rd place in Finder Awards
  • TPD and trauma options
  • $15,000 funeral advancement

Get quotes from these direct brands

Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: Finder Life Insurance Award winner for the last 5 years in a row. Good value for money, simple application process and a high claims acceptance rate.
Medibank Life Insurance
$2,500,000
70
$2,500,000
Data not available
Data not available
Data not available
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Get a 10% discount if you're already a Medibank Health Insurance member.

⭐ Current offer: Save 10% on your first year of Medibank Life Insurance when you apply by 31 July 2024. T&Cs apply.
TAL Accelerated Protection Life Insurance
No set limit
74
Not stated
Data not available
1 months
$249,285 million
Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).

⭐ Current offer: Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. Offer T&Cs on insurer website apply.
RACWA Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: RAC’s maximum death cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance. RAC is also WA-based but services all of Australia.

ahm Life Insurance
$1,500,000
55
$1,500,000
Data not available
Data not available
Data not available
Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests needed.

⭐ Current offer: Get 10% off your first year of ahm Life Insurance when you apply by 31 July 2024. T&Cs apply.
AAMI Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.

⭐ Current offer: Save up to 10% on premiums every year for the life of the policy on AAMI Life Insurance. Offer ends 30 Sept 2024. T&Cs apply.
Suncorp Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Save up to 10% on premiums every year for the life of the policy on Suncorp Life Insurance. Offer ends 30 Sept 2024. T&Cs apply.
Real Family Life Cover
$1,000,000
64
$1,000,000
88.90%
2.4 months
$53,238 million
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.
HCF Life Protect Insurance
$1,500,000
65
$1,500,000
Data not available
Data not available
Data not available
Our verdict: Similar cover to other insurers ($1.5 million). A good discount for HCF members of 10% and an easy initial quote process.

⭐ Current offer: Eligible HCF Members receive 10% premium discount and HCF Thank You rewards.
Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
98%
3 months
$24,495 million
Our verdict: Good if you want a cheap policy from a well-regarded insurer – its 98% claims acceptance rate is higher than any other provider on Finder. Zurich keeps things simple: unlike others, it doesn’t go in for optional add-ons such as TPD or trauma cover.

⭐ Current offer: Policy discounts include 10% off for your partner if you sign up for a joint policy. You can also get 5% off income protection if you buy it alongside your life cover.
Insuranceline Life Cover
$1,500,000
65
$1,500,000
90.10%
3.1 months
$37,768 million
Our verdict: Insuranceline pays a lump sum of up to $1.5 million. Once your cover’s in place, you can increase it after a big life event, such as having a baby, without further medical assessment.

⭐ Current offer: Protect your family with an Insuranceline policy and you can go into the draw for a chance to win a $1,000 gift card. New Customers only, T&Cs apply. Competition entries close on 31 July 2024.
Guardian Life Insurance
$1,500,000
64
$1,500,000
88.90%
2.4 months
$53,238 million
Our verdict: Competitive cover limit of $1.5 million. You can add children’s cover of up to $50,000 – most policies don’t include this option.
RACQ Life Insurance
$1,000,000
65
$1,000,000
97%
Data not available
Data not available
One of just 4 insurers to offer children’s insurance. Get cover of up to $50,000 for 7 serious illnesses. RACQ offers 3 ways to save on life insurance: RACQ members get 10% off when buying online. There’s a 5% joint policy saving. Plus you could score 10% off your premiums if you achieve Silver status with AIA Vitality. You can apply for cover online or over the phone.
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Frequently asked questions

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Editor, Insurance & Innovations

Gary Ross Hunter was an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

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Gary Ross has written 730 Finder guides across topics including:
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Writer

Cristal Dyer is a travel writer at Finder. She has been writing about travel for over five years and has visited over 40 countries around the world. Cristal currently travels full-time, writing about her favourite cities and food finds, and she is always on the lookout for amazing flight deals to share. See full bio

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