Woolworths Life Insurance

Woolworths life insurance: Our verdict

Read a more detailed review of Woolworths life insurance

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

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.
• 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:

• Car Insurance. Woolworths will beat any quote on comparable comprehensive car insurance if you are over 25 years of age. Save up to 15% online.
• Home & Contents Insurance. Save up to 20% if you purchase your policy online.
• Pet Insurance. Woolworths will better any quote you find on comparable pet insurance.

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 Award		$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.	Get QuoteView details Compare	loading Fetching your data...
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.	Get QuoteView details Compare	loading Fetching your data...
TAL Accelerated Protection Life Insurance Finder AwardBonus		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.	Get QuoteView details Compare	loading Fetching your data...
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.	View details Compare	loading Fetching your data...
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.	Get QuoteView details Compare	loading Fetching your data...
AAMI Life Insurance Bonus		$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.	Get QuoteView details Compare	loading Fetching your data...
Suncorp Life Insurance Bonus		$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.	Get QuoteView details Compare	loading Fetching your data...
Real Family Life Cover Bonus		$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.	Get QuoteView details Compare	loading Fetching your data...
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.	View details Compare	loading Fetching your data...
Zurich Ezicover Life Insurance Bonus		$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.	View details Compare	loading Fetching your data...
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.	View details Compare	loading Fetching your data...
Guardian Life Insurance Bonus		$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.	View details Compare	loading Fetching your data...
RACQ Life Insurance Bonus		$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.	View details Compare	loading Fetching your data...

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Why you can trust Finder's life insurance experts

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You can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.

Questions you still might have about Woolworths life insurance

• When does Woolworths Life Insurance cover start?

  A. Cover will commence on the acceptance date that is stated on the policy schedule.

• When does cover end?

  • A. Cover will end:
    • From the date of payment of the total benefit amount in respect of a life insured and there is no surviving partner life insured
    • The date the policy is cancelled by the policyholder
    • The date the policy is cancelled following no premium payments being made

• Can I change my cover?

  • A. You can apply to:
    • Increase your cover
    • Decrease your cover
    • Change from smoker to non-smoker status
  • Any request is subject to acceptance by Woolworths.

• How can I pay for my cover?

  • A. You can choose to have payment for cover deducted fortnightly, monthly or annually. Payment can be made by direct debit, cheque or credit card.

• Is there a cooling off period?

  • A. Each policy will feature a 30-day cooling off period whereby you can cancel the policy provided no claim has been made.

• How is my policy taxed?

  • A. Premiums are generally not tax-deductible and tax will generally not be required to paid on benefits paid to beneficiaries.

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.

Written by

James Martin

Editor

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, WIN News, Insurance News, 7NEWS and The Guardian. 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). See full bio

James's expertise

James has written 258 Finder guides across topics including:

• Car, home, life, health, travel and pet insurance
• Managing the cost of living
• Money-saving tips