Latest Life Insurance Discounts and Offers
Want to find a better deal on your life insurance policies (including TPD, Trauma and Income Protection)?
How to save on your Life Insurance
Life insurance discounts and incentives are offered by many insurers to attract new customers or reward customers for their loyalty or their healthy lifestyle.
We have compiled a list of life insurance discount offers below from top Australian life insurance companies so that you can see which will result in a lower price deal for you.
While 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 a premium may appear cheap initially, it may jump up in later years as the discount falls out.
There are other discounts, such as the health rewards, which have eligibility criteria and are therefore not included in the online quotes (unless specified otherwise below). However if you qualify the insurer will apply these discounts to your final premium. For Body Mass Index (BMI) based discounts you can use our BMI Calculator to check whether you may be eligible.
The 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
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 |
|---|---|---|
| AIA | 10 | Life, TPD, Trauma, IP |
| AIA Vitality | 27.5 17.5 | Life, TPD, Trauma IP |
| Clearview | 10 | Life, TPD, Trauma, IP |
| Encompass | 6 | Life, TPD, Trauma |
| Metlife | 25 | Life, TPD, Trauma, IP |
| MLC | 0 | N/A |
| NEOS | 10 | Life, TPD, Trauma |
| OnePath | 0 | N/A |
| TAL | 15 | Life, TPD, Trauma |
| Zurich | 0 | N/A |
Summary of Health Programs and Rewards (must meet certain criteria)
| Life Insurance Company | Health (BMI) or Activity Rewards | Potential Premium Discount % | Covers applies to |
|---|---|---|---|
| AIA | Vitality – Gold Status | Up to 20 | Life, TPD, Trauma, IP |
| Clearview | Health Maintenance Reward | Up to 10 | Life, TPD, Trauma, IP |
| Encompass | Healthy Life Discount | 7.5 | Life, TPD, Trauma |
| Metlife | BMI Discount | 10 | Life, TPD |
| MLC | Vivo Incentive | 7.5 | Life, TPD, Trauma |
| NEOS | Preferred Lives | 7.5 | Life, TPD, Trauma |
| OnePath | N/A | N/A | N/A |
| TAL | Health Sense + Health Sense Plus | 5 to 20 | Life, TPD, Trauma |
| Zurich | N/A | N/A | N/A |
AIA Life Insurance Discounts and Offers
New Customer Initial 10% 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 – up to 20% Discount
- 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 17.5% discount (12.5% for existing 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 17.5%, 12.5% or 7.5% will be reduced by 2.5% each year. Alternatively depending on the points earned the discount can be increased to a maximum of 20%.
- SPECIAL OFFER: From 1st April 2024 take out an AIA Priority Protection policy with Vitality and achieve Silver Status within 6 months to receive a cash payment of $500 .
AIA Vitality Membership – Healthier Life Reward
- When AIA Vitality has been taken out with a new policy and the applicant has a BMI between 18 and 26, is a non smoker and is accepted without loadings or restrictions, then an additional 2.5% discount will be applied to the premium.
- In addition, half of the initial Vitality discount will be fixed and not adjusted downwards if there are insufficient points earned.
- If the Healthier Life Reward applies and multiple policies are taken out an enhanced bundled discount may also apply of 6 to 7%.
Combine AIA policies with Vitality and AIA Health Insurance – Additional 5% saving
- 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.
- SPECIAL OFFER: From 1st April 2024 take out an AIA Priority Protection policy with your AIA Health Insurance and achieve Silver Vitality Status within 6 months to receive a cash payment of $500 .
ClearView Life Insurance Discounts and Offers
ClearView Health Reward – up to 10% saving
- 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.
Life and TPD policies over $1M – 17.5% Discount
- 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.
Encompass Life Insurance Discounts and Offers
New Customer Upfront 6% Discount
- A first year discount of 6.0% applies to new Encompass Protection Life, TPD and Trauma plans and is included automatically in the premiums shown online
- This discount is only available to new applicants
- This discount only applies in the first year of the policy.
Healthy Life Discount – 7.5% Discount
- The Healthy Life discount of 7.5% applies to new Encompass Protection Life, TPD and Trauma insurance plans
- To be eligible you must have a BMI (Body Mass Index) between 19 and 28.5, be a non smoker for the last 10 years and have no loadings or exclusions applied to your cover
- Encompass will automatically apply the discount if these criteria are met during the assessment of the application
- Discount applies for the life of the policy with no ongoing reassessment or review
- This discount applies for the life of the policy with no ongoing reassessment or review and is in addition to the 10% multipolicy discount which may apply if income protection cover is also taken out
MetLife Insurance Discounts and Offers
New Customer Introductory 25% 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 25% first year premium discount will apply, reducing by 5.0% each year over the next five years 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 10% 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
Vivo Services
- Vivo provides care and support services at no cost to MLC policyholders and their immediate family members.
- Services provided through Virtual Care are Doctors Online, Mental Health Navigator, Expert Medical Opinion, Fitness Consult and Nutrition Consult.
- These services give 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.
- This service can be accessed as long as your policy remains in force
Vivo Incentive – 7.5% Discount
- The Vivo Incentive discount of 7.5% applies to new MLC Protection Life, TPD and Trauma insurance plans
- To be eligible you must have a BMI (Body Mass Index) between 18.5 and 28.5 (inclusive) (Use our BMI Calculator to check your BMI)
- The discount is not included in the premiums shown online, but will be applied automatically if you meet the eligibility requirements during the application process and included in your final premium
- Discount applies for the life of the policy without any further health information being required.
NEOS Life Insurance Discounts and Offers
New Customer Upfront 10% Discount
- A first year discount of 10.0% applies to new NEOS Protection Life, TPD and Trauma plans and is included automatically in the premiums shown online
- This discount is only available to new applicants
- After the first year the discount reduces to 5% in the second year and after that normal rates without the discount will apply.
Preferred Lives – 7.5% 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 the last 12 months and have no loadings applied to your cover
- NEOS will automatically apply the discount if these criteria are met during the assessment of the application
- Discount applies for the life of the policy with no ongoing reassessment or review
OnePath Life Insurance Discounts and Offers
Multi-policy and Multi-life discounts
- Can be applied to new and existing OnePath policies.
- A 5% multi-policy discount will apply if income protection cover is combined with another cover and a 5% to 10% multi-life discount will apply if related parties (family or business) take out OnePath policies. These discounts can be applied after the initial policy is taken out.
- For the Multi-life discount a family member may be a spouse, son, daughter, mother, father, father-in-law, mother-in-law, brother or sister or someone in a shared domestic living arrangement.
- The related policies must be “grouped” in order for OnePath to apply the discount – any changes to the discount due to policies being added or subtracted will take effect at the next renewal date.
- These discounts are not included in the online quotes but will be included in the final quote after application.
Qantas Frequent Flyer Points earned
- 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.
Zurich Evolve
- Open to all existing and new OnePath OneCare policies
- Zurich Evolve is a health and wellbeing program to help with mental, physical, social and financial wellbeing.
- See details provided under Zurich below.
TAL Life Insurance Discounts and Offers
New Customer 10% 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 – up to 15% 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 – 5% Discount
- 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 for other policies.
Zurich Life Insurance Discounts and Offers
Zurich Evolve
- Zurich Evolve has replaced the earlier Zurich LiveWell program and is a health and wellness program available to all new and existing Zurich customers.
- There is no cost to become a Zurich Evolve member.
- A wellness App allows points to be earned by being active or taking health checks and then to cash these in for rewards with retailers.
- My Wellbeing Hub provides a range of resources to help members to feel healthy and stay healthy.
- In addition, to help members with particular needs, Zurich has invested in an in-house medical team to help manage chronic conditions and supporting a return to work.
SmartValue 17.5% Discount
- All new Zurich Wealth Protection Life, TPD and Trauma policies taken out with a stepped premium will include a 17.5% SmartValue discount which applies for the duration of the policy and this discount is included in quotes shown online.
The above list has been compiled by the Insurance Watch team of qualified advisers. While every endeavour has been 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 information 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.