When does Woolworths Life Insurance cover start?

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

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 -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.

Woolworths Life Insurance

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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 and maximum cover of up to . Keep in mind that some other brands do go quite a bit higher for these two benefits.

Cover options are quite limited. You can't beef out your policy with a trauma option and there's no child benefit option.

Must read

Woolworths will cease offering new Life Insurance and Funeral Insurance policies from 1 July 2023. Existing policyholders will continue to be covered. Looking to switch? Compare more direct life insurance brands in Australia.

Read a more detailed review of Woolworths life insurance

Woolworths Life Insurance
Optional cover
Applying for cover

life insurance shield

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 and 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

coverage icon

Applying for cover

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

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.
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

Finder Score	Maximum Cover	Funeral Benefit	Optional TPD Cover	Optional Trauma Cover
Finder score 9.9 Excellent TAL Accelerated Protection Life Insurance Finder Award	Finder score 9.9 Excellent	Maximum Cover No set limit	Funeral Benefit $25,000	Optional TPD Cover $3 million (maximum cover)	Optional Trauma Cover Yes	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. T&Cs apply.	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).	Get Quote View details Compare product selectionCompare	loading
Finder score 9 Excellent Medibank Life Insurance	Finder score 9 Excellent	Maximum Cover $2.5 million	Funeral Benefit $15,000	Optional TPD Cover $1.5 million (maximum cover)	Optional Trauma Cover Yes	Discount: Get a 10% discount if you're already a Medibank Health Insurance member. T&Cs apply.	Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. It also won Most Loved, Best Value and Legendary Service categories in the Finder 2025 Customer Satisfaction Awards.	Get Quote View details Compare product selectionCompare	loading
Finder score 9.5 Excellent NobleOak Life Insurance	Finder score 9.5 Excellent	Maximum Cover $25 million	Funeral Benefit $25,000	Optional TPD Cover $5 million (maximum cover)	Optional Trauma Cover Yes	Our verdict: Highly commended in the 2026 Finder Life Insurance Awards, offering up to $25 million in life cover, one of the highest payouts available.	Get Quote View details Compare product selectionCompare	loading
Finder score 8.5 Great ahm Life Insurance	Finder score 8.5 Great	Maximum Cover $1.5 million	Funeral Benefit $15,000	Optional TPD Cover $1 million (maximum cover)	Optional Trauma Cover Yes	Discount: Get your first month of cover for free when you apply by 14 Sep 2026. Plus, ahm Health members also save 10% each year. T&Cs apply.	Our verdict: ahm offers a simple application process. Be approved online or over the phone. No medical or blood tests needed to apply.	Get Quote View details Compare product selectionCompare	loading
Finder score 7.5 Great AAMI Life Insurance Most Loved	Finder score 7.5 Great	Maximum Cover $1.5 million	Funeral Benefit $10,000	Optional TPD Cover	Optional Trauma Cover Yes	Save up to 10% on premiums every year for the life of your AAMI Life Insurance policy. T&Cs apply.	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.	Get Quote View details Compare product selectionCompare	loading
Finder score 6.5 Standard Zurich Ezicover Life Insurance	Finder score 6.5 Standard	Maximum Cover $1.5 million	Funeral Benefit $15,000	Optional TPD Cover	Optional Trauma Cover No	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.	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.	Get Quote View details Compare product selectionCompare	loading
Finder score Not scored yet Australian Seniors Life Insurance	Finder score Not scored yet	Maximum Cover $0.2 million	Funeral Benefit	Optional TPD Cover	Optional Trauma Cover No	Our verdict: Australian Seniors lets you take out cover up to the age of 79. No medical exams or blood tests needed to apply. Keep in mind: Low cover limit of up to $200,000 and no option to add TPD or Trauma cover.	Get Quote View details Compare product selectionCompare	loading
Finder score Not scored yet Real Life Insurance	Finder score Not scored yet	Maximum Cover $2 million	Funeral Benefit $20,000	Optional TPD Cover $1 million (maximum cover)	Optional Trauma Cover Yes	Get 10% cash back of the premiums you've paid after your 12-month anniversary with The Real Reward™. T&Cs apply.	Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams.	Get Quote View details Compare product selectionCompare	loading
Finder score Not scored yet Real Term Life Cover	Finder score Not scored yet	Maximum Cover $0.1 million	Funeral Benefit $20,000	Optional TPD Cover	Optional Trauma Cover No	View details Compare product selectionCompare	loading

Finder Score - Life Insurance

Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 30 products and gave each one a score out of 10.

But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.

Read the full methodology

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.

Speak to an insurance specialist to help you find personalised cover

Questions you still might have about Woolworths life insurance

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

Compare other products from Woolworths

Sources

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Written by

James Martin

Journalist

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). See full bio

James's expertise

James has written 180 Finder guides across topics including:

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

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Woolworths Life Insurance