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Woolworths Life Insurance

Woolworths Rewards members will appreciate a 10% premium discount on Woolworths Life Insurance. And you might find one or two other perks with this no-frills cover.

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Woolworths life insurance: Our verdict

  • You can pay for your premiums fortnightly, monthly or annually depending on your needs. Woolworths Life Insurance offers a funeral benefit of $15,000 and maximum cover of up to $1,500,000. Keep in mind that some other brands do go quite a bit higher for these two benefits.

Read a more detailed review of Woolworths life insurance

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Life Insurance benefits

Key points of Woolies Life Insurance

Woolworths Life Insurance has been designed to be a cost-effective, flexible and easy to understand alternative to other insurance products, making it simple to protect what's important to you. Woolworths rewards its customers through a range of excellent benefits and features including:

  • Long term protection: Woolworths does not intend to come and go in the finance market, and as the Woolworths Head of Insurance, George Hughes has said, 'We intend to have a long-term presence in the insurance sector.' This means you can take out your insurance policy now, and know that Woolworths will be there for you or your family when you make a claim.
  • Easy to understand insurance: According to the market research conducted by Woolworths in launching their new products, the company found that many Australians find insurance difficult to understand, and 95% of Australian families don't have enough life cover. That is why the Woolworths Insurance products are designed to be easy to access for everyday Australians.
  • Your choice of cover amount: In the event that you were to pass away or suffer a terminal illness, the last thing you would want is for your family to have inadequate financial support. With Woolworths life insurance, you can apply for a benefit amount between $100,000 and $1,500,000 in increments of $50,000.
    Maximum level of cover based on age:

    Ages 18-45: $1,000,000
    Ages 46-55: $750,000
    Ages 56-60: $500,000
    Ages 61-65: $500,000

  • Easy application: You can apply for Woolworths life insurance over the phone in just a few minutes. You don't need to take blood tests or medical tests, or even worry about filling out any forms.
  • Flexibility to choose your premium frequency: You can choose to pay your premiums fortnightly, monthly or annually, depending on your family budget and cash flow cycle.
  • Guaranteed renewable cover: Once your policy with Woolworths is approved, your policy is guaranteed to be renewed each year, as long as you pay your premiums on time. This means that even as your lifestyle, health, occupation and other risk factors change, you can rest assured that your Woolworths life insurance will be there for you.

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Optional cover

Key points of Woolworths' optional cover

When you take out a Life insurance policy, you also have the option to add on the following:

  • Total and Permanent Disability: You also have the option of Total and Permanent Disability cover benefit. Woolworths will pay the insured TPD benefit amount in the event that you suffer total and permanent disablement as defined in the Product Disclosure Statement.
Maximum level of TPD cover based on age
  • Ages 18-45: $1,000,000
  • Ages 46-55: $750,000
  • Ages 56-60: $250,000
  • Domestic duties TPD benefit: $500,000

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Applying for cover

Applying for cover

  • Woolworths Life Insurance is available to Australian residents aged between 18 and 65.

In order to qualify for Total and Permanent Disability Insurance, you must:

  • Be an Australian resident aged between and
  • Working on a regular basis in an eligible occupation for at least hours per week
  • Alternatively, you must be aged 18-55 and engaged in Domestic Duties full-time.

You will also need to meet the health and lifestyle requirements in the application process to start receiving cover.

Still wondering if Woolworths Life Insurance is right for you? Here are the main pros and cons summarised:

Pros

  • Flexible payment options may be available
  • 10% discount available for Woolworths Rewards members
  • No medical test required.

Cons

  • Lower sums insured available as you get older
  • Premiums will generally increase each year

Are you a Woolworths Rewards member? Take out a life insurance policy, save up to 10% on cover.

There are many good reasons to take out Woolworths Life Insurance, the main one being that if you're a Woolworths Rewards member, you're entitled to a 10% discount on your premium.

What are the membership benefits of Woolworths Rewards?

The benefits of being a Woolworths Rewards member don't end with taking out an insurance plan. Members also enjoy the following:

  • One point for every dollar spent instore and online at Woolworths supermarkets, or at BWS and Caltex Woolworths fuel outlets. This excludes outlets in Tasmania, as well as Star Mart and Star Shop.
  • Exclusive member-only offers instore, online and via email.
  • A discount of 4 cents per litre at Caltex Woolworths fuel outlets when you spend $30 or more at a Woolworths supermarket.
  • The option to convert your savings to Qantas Points in the Qantas Frequent Flyer program. Each 2000 Woolworths Points = 1000 Qantas Points.

What other insurance discounts does Woolworths offer?

As well as the 10% discount on life insurance if you a Rewards member, you can enjoy discounts on a variety of other types of Woolworths insurance as well, including the following:

Compare direct life insurance policies below

Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
Finder AwardBonus
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.

⭐ Current offer: Get two months free on all cover types apply by 14 June 2024. T&Cs apply.
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 1 July 2024. T&Cs apply.
TAL Accelerated Protection Life Insurance
No set limit
73
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.

⭐ Current offer: Get two months free when you apply for two or more RAC Life Insurance covers by 30 June 2024. T&Cs apply.
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 1 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: Take out a new AAMI Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
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: Take out a new Suncorp Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
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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Why compare life insurance with Finder?

  • 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.

Why you can trust Finder's life insurance experts

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We're free

You pay the same as buying directly from the life insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
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We're experts

Our team of life insurance experts have researched and rated dozens of policies as part of our Finder Awards and published 250+ guides to make it easier for you to compare.
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We're independent

Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of life insurance brands, making it easier for you to find a good deal.
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We're here to help

Since 2016, we've helped 270,000+ people find life insurance by explaining your cover options, simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

Questions you still might have about Woolworths life insurance

These are just some of the questions that you may have regarding the Woolworths Life Insurance policy. Don't hesitate to speak with a representative from Woolworths prior to applying for cover to ensure you are aware of all the terms and conditions of the policy.

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