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 these life insurance discount offers below 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
Summary of First Year discounts (built into quotes)
|First Year Premium|
|Covers applies to|
|AIA||10||Life, TPD, Trauma, IP|
|Life, TPD, Trauma|
|Clearview||10||Life, TPD, Trauma, IP|
|Encompass||6||Life, TPD, Trauma|
|Metlife||25||Life, TPD, Trauma, IP|
|NEOS||10||Life, TPD, Trauma|
|TAL||15||Life, TPD, Trauma|
Summary of Health Programs and Rewards (must meet certain criteria)
|Health (BMI) or|
|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|
|TAL||Health Sense +|
Health Sense Plus
|5 to 20||Life, TPD, Trauma|
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.
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.