The AIA Vitality program is our top pick. Not only are the potential premium discounts as large as you'd find with any other program, it also offers a ton of valuable lifestyle perks that you can start taking advantage of immediately, like 50% off gym memberships and 25% off fitness trackers (Fitbit, Garmin, etc).
With its online member hub, it offers a wide range of healthy-living resources. Plus, you can climb AIA's status ladder and unlock even more perks.
AIA Australia has developed one of the most comprehensive rewards programs out there, offering deep discounts on gym memberships, fitness gear, flights and more. You can join the program for free if you have a life insurance policy from one of their life insurance partners.
The moment you sign up, you could be eligible for enough discounts to fully cover the cost of your life insurance policy and then some depending on your policy. Additionally, you can earn points for the everyday healthy activities you do (which you can then use to claim rewards like vouchers).
What we liked
Gym membership discounts including 50% off Virgin Active and Fitness First; 10% off Anytime Fitness
Up to 30% off Fitbit and a 25% discount on Garmin fitness trackers
20% off Jaggad athletic wear
Money off consultations with an accredited dietician
50% off Hoyts movie vouchers
Up to 50% cashback on Virgin Australia and Singapore Airlines flights and, spa treatments based on your membership level
Up to $200 in free gift cards (JB Hi-Fi, Dymocks, Myer or Rebel) based on the number of Vitality points you accrue.
You also have the chance to donate your active benefit rewards to charity. Or you can choose to save them with Commonwealth.
Provider
Reward Highlights
Requirements to join
AIA Vitality
7.5 - 15% initial discount on your premiums with the ability to maintain or increase it year-on-year
Up to 50% off gym memberships including Fitness First and Anytime Fitness
Up to 30% off Fitbit and Garmin fitness trackers
Online health assessments
Healthy-living resources
Online member portal
Buy an eligible term life insurance, total and permanent disability (TPD), trauma, accident or income protection product from a financial adviser or a AIA Vitality partner
How to earn points for better deals
The deals you get just for signing up are great on their own, but you can also earn more perks by going to the gym, completing fitness tests and going in for health check-ups. You start out at the bronze level but can move up to Silver, Gold or Platinum.
Moving up the ranks is also a way to save on your premiums. Everyone starts off with a 15% Vitality discount for life, trauma and TPD insurance ("lump sum" policies) and 7.5% on income protection and business expense insurance ("income stream" policies).
If you don't move up past the Silver status, you'll slowly lose some of that discount over time. With Gold status, you'll keep the discount you have. And with Platinum status, you'll increase your discount by 1% per year, up to 20%.
OnePath/ANZ Qantas frequent flyer points
OnePath knows how much people love their frequent flyer programs, so they went straight to the source. OnePath life insurance customers are automatically eligible for free Qantas Frequent Flyer membership, saving them the one-time $99.50 joining fee. You can also earn 1 Qantas Point for $1 you spend on your life insurance premiums.
This offer is good on select OnePath policies, including Life Cover, TPD Cover, Trauma cover and Child Cover..
Reward Highlights
Requirements to join
Free Qantas Frequent Flyer membership valued at $99.50
1 frequent flyer point for every $1 spent on premiums
Earn up to 20,000 frequent flyer points per year
Buy an eligible term life, trauma, child or TPD policy from OnePath.
Important note. Since 1 March 2022, Qantas points are only available for select OneCare and OneCare Super policies. This includes OnePath OneCare Life Cover.
Clearview Health Maintenance Reward
ClearView takes the opposite approach to most other programs because they reward you first and then take it away if you don't follow their health guidelines.
If you buy one of their life, TPD, income protection or business expense policies, you'll automatically get 10% off for the first year.
Every two years, you must fill out a health questionnaire and receive a positive review based on your answers to these questions:
What is your current height and weight?
Have you seen a doctor in the last three years?
Have you recently taken up smoking?
If you don't complete the questionnaire, or if you fail the review, you lose your discount. However, you will not be penalised in any other way.
Reward Highlights
Requirements to join
10% initial discount and further premium savings beyond the first year if you make healthy lifestyle choices
Buy an eligible ClearView term life, TPD, income protection or business expense policies from a financial adviser or ClearView reseller
TAL Health Sense
TAL's rewards program is perhaps the simplest one to wrap your mind around: if your body mass index is in the healthy range of 19-28, you get a 7.5% discount on your TAL Accelerated life or TPD insurance.
You can get up to an additional 5% off if you bundle any three of their products together and an additional 2.5% if you buy a fourth product. The products are life insurance, TPD, critical illness and income protection insurance.
All up, you can save 15% for a very little amount of effort.
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.
Discount: Get your first month free, plus a complimentary legal will. For policyholders who purchase an eligible Ezicover Life Insurance or Income Protection policy from 27 Jan 2023 and maintain cover for at least 12 months. Offer must be redeemed while the policy remains active. T&Cs apply.
You pay the same price as buying directly from the life insurer.
We're not owned by an insurer (unlike other comparison sites).
We've done 100+ hours of policy research to help you understand what you're comparing.
What are the features of life insurance rewards?
There are several types of rewards offered by some life insurers, including the following:
Loyalty bonuses. These bonuses are offered to policyholders who have had their cover for a certain period of time, usually around five 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, schemes may recognise healthy eating and regular exercise as a good way of reducing the chance of illness. In the past, this has included being able to enjoy up to a 20% premium discount if you pass a series of health tests with Asteron.
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 to 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 reward programs offer a variety of benefits. These commonly include premium discounts for healthy living or loyalty bonuses, gift cards for achieving health goals and discounts on gym memberships, fitness trackers or other health-related products and services. Some programs also offer frequent flyer points or cashback rewards.
Qualification typically depends on the specific insurer and program. Many programs require you to hold an eligible life insurance policy such as term life, trauma, TPD or income protection. Some programs also have health-related criteria like maintaining a healthy body mass index or completing health assessments. Always check the individual program's terms and conditions for specific eligibility requirements.
Generally you can only participate in one rewards program per life insurance policy you hold. If you have multiple life insurance policies with different insurers, each policy might be eligible for its own respective rewards program. However, you cannot typically combine benefits from different programs for a single policy.
Yes, life insurance reward programs can offer genuine financial benefits. Premium discounts directly reduce your ongoing costs. Other perks like gym membership discounts or gift cards can offset other lifestyle expenses. The key is to actively engage with the program and utilise the benefits to maximise your savings.
The steps to join usually involve purchasing an eligible life insurance policy from a participating insurer. After your policy is active, you'll typically need to register for the rewards program through the insurer's website or a dedicated portal. Some programs may require an initial health assessment or questionnaire.
Reward programs generally do not change the core terms and conditions of your life insurance policy. They operate as separate benefits linked to your policy. However, failure to meet reward program criteria might lead to the loss of discounts or perks without affecting your actual insurance coverage.
This depends on the specific insurer and program. Some reward programs are exclusively for new customers while others allow existing policyholders to enrol. It is best to contact your life insurance provider directly to inquire about your eligibility to join any available reward programs.
If you stop meeting the requirements of a rewards program, you may lose access to certain discounts or perks. For example, if a discount is tied to health criteria like maintaining a healthy BMI or completing regular check ups, your premium discount might be reduced or removed. The specifics vary by program, so review the terms for details.
James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, Insurance News, 7NEWS and The Guardian. An experienced journalist, James' work has featured in publications including The Irish Times, Companies100 and In Business. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146).
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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.
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