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Latest Life Insurance Discounts and Offers

How to save on your Life Insurance

Want to find a better deal on your life insurance policies (including TPD, Trauma and Income Protection)?

Latest Life Insurance Offers Life insurance discounts and incentives are offered by many insurers to attract new customers or reward customers for their loyalty or their healthy lifestyle.

These offers tend to fall into the following categories:

  • Automatic premium discounts for clients who meet certain criteria
  • Opt-in health and well-being programs which offer the opportunity to earn discounts
  • Fee waivers or premium discounts to attract new clients or encourage loyalty
  • Additional services or benefits over and above those offered by the policy

We have compiled a list of these life insurance discount offers below so that you can see which will result in a lower price deal for you.

You can use Compare Quotes to compare premiums from different insurers. It pays to be aware of the first year discounts built into these quotes – while premiums may be cheaper initially, they may jump up in later years as the discount falls out. Other discounts which have eligibility criteria are not incorporated in the quotes, unless specified otherwise below, but will be automatically applied to your final premium by the insurer if you qualify.

Insurance Watch 10% Cashback:  In addition to the offers below, if you purchase your policy through the Insurance Watch DIY Compare Quotes service you will receive 10% of your premiums back at the end of the first year of your policy – read full details of the cashback offer and Compare Quotes

Summary of First Year discounts (built into quotes)

Life Insurance
Company
First Year Premium
Discount %
Covers applies to
AIA10Life, TPD, Trauma, IP
AIA Vitality27.5
17.5
Life, TPD, Trauma
IP
BT25Life, TPD, Trauma
Clearview10Life, TPD, Trauma, IP
Integrity0N/A
Metlife10Life, TPD, Trauma, IP
MLC0N/A
NEOS5Life, TPD, Trauma, IP
OnePath17.5Life, TPD, Trauma
TAL15Life, TPD, Trauma
Zurich12.5Life, TPD, Trauma

 

Summary of Health Programs and Rewards

Life Insurance
Company
Health (BMI) or
Activity Rewards
Potential Premium
Discount %
Covers applies to
AIAVitality – Gold StatusUp to 20Life, TPD, Trauma, IP
BTMy Health Discount10Life
ClearviewHealth Maintenance RewardUp to 10Life, TPD, Trauma, IP
IntegrityLife+10.5
5
Life
TPD, Trauma
MetlifeBMI Discount10Life, TPD
MLCOn Track5Life, TPD, Trauma, IP
NEOSPreferred Lives7.5Life, TPD, Trauma
OnePathN/AN/AN/A
TALHealth Sense +
Health Sense Plus
5 to 20Life, TPD, Trauma
ZurichLiveWellUp to 7.5Life, TPD, Trauma, IP

 

AIA Life Insurance Discounts and Offers

New Business Initial Discount

  • Applies to new AIA Priority Protection policies only and is included in the premiums shown online
  • A first year discount of 10% premium discount will apply. This will decrease to 5% in the second year of the policy and to 0% in the third year.
  • Not available for existing policies or Cancel and Replace applications.

AIA Vitality Membership

  • AIA Vitality can be added to any new or existing AIA Priority Protection policy and its cost is included in the AIA with Vitality policies compared online
  • No eligibility requirements. A fee of $138 a year (or $11.50 a month) is charged for Vitality membership
  • An initial 12.5% discount (17.5% for new policies) will apply to Life, TPD and Trauma insurance policies and a 7.5% discount to Income Protection policies. Vitality membership also gives access to discounts on movies, travel, retail shopping, fitness devices and gym memberships.
  • A Vitality application needs to be completed to become a member and you must supply a unique email address
  • If insufficient activity points are earned the initial discount of 12.5% or 7.5% will be reduced by up to 2.5% each year. Alternatively depending on the points earned the discount can be increased to a maximum of 20%

Combine AIA policies with Vitality and AIA Health Insurance

  • There are increased savings when AIA Health Insurance is taken out with any AIA Priority Protection policy including AIA Vitality.
  • The Vitality membership fee of $11.50 a month will be waived on the AIA policy.
  • In addition to the initial Vitality 17.5% premium saving on new AIA Life, TPD and Trauma policies and 7.5% saving on AIA income protection policies, there will be an extra 5% premium saving on these policies if AIA Health Insurance is also purchased.

BT Life Insurance Discounts and Offers

25% First Year Discount

  • Available only to new clients.
  • Applicable only to BT Protection Plan Life, TPD and Trauma (Living) insurance policies with stepped premiums.
  • A 25% premium discount will apply for the first year of the policy – this discount is included in the premiums shown online.
  • Discount does not apply to policy fee, Child or Needlestick cover.
  • After year one normal rates will apply i.e. the discount will be 0%.

My Health Discount

  • Available to new and existing clients with Term Life polices commencing after April 2006.
  • The life insured must have a BMI (Body Mass Index) between 18 and 28 and be aged between 30 and 55
  • If eligible the annual policy fee is waived and a 10% premium discount applies for the life of the policy.
  • To apply clients must create an account on the My Wellbeing Portal, enter their height and weight to calculate BMI and answer some health questions.

ClearView Life Insurance Discounts and Offers

ClearView Health Maintenance Reward

  • All new policies will be issued with a 10% discount.
  • This discount will reduce by 1% per year i.e. fall to 9% in the second year, 8% in the third year etc.
  • ClearView will offer the insured person the opportunity to reset their discount to 10% every 2 years.
  • In order to have the discount reset they will need to complete a short online questionnaire including questions regarding their height/weight, date of last doctor’s visit and smoker status. If the responses are acceptable the discount will be reset to the original 10%.
  • The reset offer will not be made if the original policy has been issued with a loading or is accidental cover.

17.5% Discount for Life and TPD policies over $1M

  • All new Life and TPD policies with a sum insured over $1M will be issued with a 17.5% discount.
  • This discount is in addition to the Health Maintenance Reward (see above) and will remain in force for the duration of the policy.
  • The 17.5% discount is included in the premiums shown online.

Integrity Life Insurance Discounts and Offers

Life+ discount

  • The Life+ applies to new Integrity “Here for You” Life, TPD and Trauma insurance policies
  • To be eligible you must have a BMI (Body Mass Index) between 18.5 and 27, be a lifetime non-smoker and not have an exclusion or loading applied to your policy during the assessment process
  • the discounts available are a 10.5% lifetime premium discount for life insurance policies and a 5% lifetime premium discount for TPD and Trauma/Critical Illness policies
  • No special application is required – the discount will be automatically applied after the policy is accepted
  • This discount applies for the life of the policy with no ongoing reassessment or review and is in addition to the 7.5% multipolicy discount which may apply if income protection cover is also taken out

MetLife Insurance Discounts and Offers

Introductory Discount

  • Applies to all new stepped premium policies for Life Insurance, TPD, Trauma/Critical Illness and Income Protection insurance – the discount is included in the premiums shown online.
  • Does not apply to existing policies (including cancel and replace policies).
  • A 10% first year premium discount will apply, reducing to 5.0% in the second year and 0% in the third year of the policy.
  • The Introductory Discount is in addition to other MetLife discounts such as their multipolicy of up to 20% discount and multi-life 5% discount.

BMI Discount

  • The BMI discount applies to new MetLife Life and TPD policies
  • To be eligible you must have a BMI (Body Mass Index) within a specified range
  • If accepted a 10% premium discount will be applied for the life of the policy
  • No special application is required – the discount will be automatically applied after the policy is accepted

MLC Life Insurance Discounts and Offers

Best Doctors

  • Applies to all new and existing MLC Insurance policies
  • The policyholders and their family members can access the service
  • Best Doctors provides support to policyholders and their families when they are dealing with a mental or physical health condition. Access to medical specialists around the world is provided to obtain a second opinion or access expertise to provide diagnosis and treatment plans.
  • To access the service requires an initial phone call and consent to release your medical records to be reviewed
  • This service can be accessed as long as your policy remains in force

On Track

  • Applies to new MLC Insurance policies only
  • You must have your own wearable fitness tracker and compatible smart device to record your activity information,
  • You will receive an initial 5% off your premium for the first year just for signing on to On Track. If you meet your step target of 37,500 a week for 30 out of 40 weeks the 5% discount will be extended into the next year.
  • When you apply for your MLC policy you must sign an On Track Authority agreeing to participate in the program. You will then receive an email with instructions as to how to connect your fitness device to MLC On Track.
  • Each year you will need to meet your step target over a 40 week period in order to maintain the 5% discount into the next year.

NEOS Life Insurance Discounts and Offers

5% Upfront Discount

  • A first year discount of 5.0% applies to new NEOS Protection Life, TPD, Trauma and Income Protection insurance plans and is included automatically in the premiums shown online
  • This discount is only available to new applicants
  • After the first year normal rates without the discount will apply.

Preferred Lives discount

  • The Preferred Lives discount of 7.5% applies to new NEOS Protection Life, TPD and Trauma insurance plans
  • To be eligible you must have a BMI (Body Mass Index) less than or equal to 28.5, be a non smoker for greater than 3 years and have no loadings or exclusions applied to your cover
  • The discount must be included in your quote at time of application
  • Discount applies for the life of the policy with no ongoing reassessment or review

OnePath Life Insurance Discounts and Offers

Kickstart Premium Discount

  • Applies only to new OnePath OneCare policies for Life Insurance and linked TPD and Trauma insurance – discount is included in premiums shown online.
  • Does not apply to existing policies (including cancel and replace policies) or policies with a level premium.
  • A 17.5% Premium discount will be applied in the first year of the policy. This will reduce to 7.5% in the second year, 5% in the third year and 2.5% in the fourth year of the policy.
  • The discount will not apply to the policy fee or to government charges such as stamp duty.
  • The Kickstart Discount is in addition to other OnePath discounts such as the 5% multi-policy discount (if income protection cover is combined with another cover) and the 5% to 10% multi-life discount (if related parties take out OnePath policies).

Qantas Frequent Flyer Points

  • Earn 1 frequent flyer point for each dollar of premium paid on an eligible OnePath OneCare policy.
  • You must be a Qantas Frequent Flyer member and have registered your membership details with OnePath.
  • A maximum of 20,000 points can be earned per policy per year.
  • The Qantas points earned will be credited to your Qantas Frequent Flyer account after each statement period, which can be up to 8 weeks after the premium is paid.

Free Health Coaching

  • Applies to new OnePath OneCare policies
  • To be eligible you must have been given a premium loading due to BMI , blood pressure and/or cholesterol
  • Free health coaching is available through OnePath partner Remedy Healthcare to clients to help them make good decisions about their health and potentially reduce the cost of their insurance
  • When the loading is notified a flyer and application form will be provided giving the option to agree to participate. A health coach will then contact you to explain the programOver eight months they will schedule regular telephone appointments to help you to stay on track to meet your health goals.
  • At the end of the program there will be a health reassessment to determine if your premium loading can be removed,

TAL Life Insurance Discounts and Offers

New Pricing Discount

  • Applies to all new Accelerated Protection policies for Life Insurance, TPD and Trauma/Critical Illness insurance policies – discount is included in premiums shown online.
  • Does not apply to existing policies (including cancel and replace policies).
  • A 10% Premium discount will be applied in the first year of the policy reducing to 5.0% in the second year and 0% in the third year of the policy.
  • The New Pricing Discount is in addition to other TAL discounts such as the Health Sense Discount and Health Sense Plus Discount.

Health Sense discount

  • The TAL Health Sense discount applies to new TAL Accelerated Protection Life, TPD and Trauma insurance policies
  • To be eligible you must have a BMI (Body Mass Index) between 19 and 28
  • for non smokers minimum 7.5% premium discount, increasing to a maximum 15% if multiple products taken out. For smokers the discount is reduced by 2.5% i.e. minimum premium discount 5% and maximum 12.5%
  • No special application required – discount automatically applied after policy accepted
  • Discount applies for the life of the policy with no ongoing reassessment or review

Health Sense Plus

  • TAL Health Sense Plus applies to new and existing TAL Accelerated Protection Life, TPD and Trauma insurance policies. New policies issued after 1st April 2021 will have the 5% Health Sense Plus discount automatically included, while policies issued before this date must qualify for the discount.
  • To be eligible for the discount you must be aged under 62, not claimed on your policy, have a BMI (Body Mass Index) between 19 and 28 and have undertaken an approved preventative test in the previous 9 months
  • TAL will write to policyholders prior to their anniversary date giving them the opportunity to provide their height and weight to show that they meet the BMI target plus receipts or other evidence from their GP to show that they have had an approved preventative check (it is not necessary to provide the results of the test)
  • If eligible TAL will either reduce the policy premium by 5% for the next 2 years for policies issued before 1st April 2021 or allow the initial 5% premium discount to be retained

Zurich Life Insurance Discounts and Offers

Zurich LiveWell

  • Zurich LiveWell is a health and wellness program which is available to those taking out new Zurich insurance policies. Existing policyholders who increase their cover or add new covers will also be eligible.
  • There is no cost to become a LiveWell member.
  • Points and rewards can be earned for positive activities for the mind, body and community. For example, points can be earned for meeting step targets, volunteering, reading articles and completing quizzes.
  • Rewards include spa vouchers or vouchers from sports store partners. Depending upon the points earned in the previous 12 months policyholders may be eligible for a discount on their policy in the following year – the different levels of discount being Blue 0%, Bronze 2.5%, Silver 5% and Gold 7.5%.
  • LiveWell also includes “Loving Life”, a lifestyle and entertainment application for smart phones and devices. Based on the “Entertainment Book” this program provides access to special offers on dining, entertainment, travel and flights.

Zurich Selection discount

  • Applies to new Zurich Wealth Protection Life, TPD and Trauma policies where one or more of the covers applied for is on a stepped premium basis – this discount is included in the quotes shown online.
  • A first year discount of 12.5% applies. This subsequently falls to a 7.5% discount in year two, a 5.0% discount in year three, a 2.5% discount in year four and 0% discount in year five.
  • This discount is only available for new customers and does not apply to existing policies (including where policies are cancelled and replaced) or level premium only policies.
  • This discount is in addition to the 17.5% SmartValue discount which applies for the duration of the policy and is included in quotes shown online.
The above list was compiled by Insurance Watch qualified advisers. While every endeavour is made to keep this list up to date it may not include all of the discounts and offers available from the insurers we compare. Please note that the above is general advice only and does not consider your personal circumstances. Before deciding to purchase any insurance product you should read the Product Disclosure Statement.