Latest Life Insurance Discounts and 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.
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
We have compiled a list of these offers below so that you can take them into account when comparing insurance companies.
Note: Unless otherwise specified, the discounts below are not incorporated in the premiums displayed in Compare Quotes (although if you qualify they will be applied to your final premium).
Insurance Watch 20% Reward: In addition to the offers below, if you purchase your policy through Insurance Watch you will receive 10% of your premiums back in the first and second years of your policy – read full offer details and Compare Quotes
AIA Life Insurance Discounts and Offers
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 $120 a year (or $10 a month) is charged for Vitality membership
- An initial 12.5% discount (17.5% for new policies until 30th September 2019) 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 myOwn Health Insurance
- There are increased savings when myOwn Health Insurance is taken out with any AIA Priority Protection policy including AIA Vitality.
- The Vitality membership fee of $10 a month on the AIA policy will be waived.
- 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% saving on these policies if myOwn health insurance is also purchased.
- AIA are also offering a $200 Garmin voucher if applications for both a new myOwn health insurance policy and a new AIA policy are submitted before 30th September 2019.
“A Better Break” promotion (ending 30th September 2019)
- Applies to new AIA Priority Protection policies only – is included in premiums shown online
- No eligibility requirements
- The annual policy fee of $84.26 is waived for the first two years of the policy.
- The waiver will be automatically applied at the time of application.
- After the first two years the policy fee will apply again.
BT Life Insurance Discounts and Offers
My Health Discount
- Available to new and existing clients with Term Life polices commencing after April 2006.
- The life insured must have a BMI 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.
MLC Life Insurance Discounts and Offers
Digital Application Reward (ending 15th September 2019)
- Applies to new MLC Insurance policies only – discount is included in premiums online
- To qualify your Personal Statement needs to be submitted online or via telephone interview
- The reward provides a 10% premium discount in the first year and a 5% discount in the second year of the policy.
- This reward can be received in addition to the On Track discount (if applicable).
- 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
- 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
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 (ending 31st January 2020)
- Applies only to new OnePath OneCare policies for Life Insurance and linked TPD and Trauma insurance.
- Does not apply to existing policies (including cancel and replace policies) or policies with a level premium.
- A 10% 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 program. Over 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
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 only applies to existing TAL Accelerated Protection Life, TPD and Trauma insurance policies
- To be eligible 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 reduce the policy premium by 5% for the next 2 years.
Zurich Life Insurance Discounts and Offers
- 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.