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.
When using Compare Quotes to compare the premiums of different insurers please note that (unless specified otherwise below) these offers are not incorporated in the premiums displayed. However if you qualify for the offer the discounts will be applied to your final premium.
Insurance Watch 10% Cashback: In addition to the offers below, if you purchase your policy through Insurance Watch you will receive 10% of your premiums back at the end of the first year of your policy – read full offer details and Compare Quotes
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
- In the first year of the policy a 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.
- New members taking out an eligible AIA Health Insurance policy before 31st July 2020 will receive up to 8 weeks free.
BT Life Insurance Discounts and Offers
25% First Year Discount (ending 31st July 2020)
- Available only to new clients.
- Applicable only to BT Protection Plan Life, TPD and Trauma (Living) insurance policies with stepped premiums.
- If eligible a 25% premium discount will apply for the first year of the policy (discount is included in premiums shown online).
- Discount does not apply to policy fee, Child or Needlestick cover.
- After year one normal rates will apply .
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.
10% 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 10% discount.
- This discount in addition to the Health Maintenance Reward (see above) and will remain in force for the duration of the policy.
- The 10% discount is included in the premiums shown online.
MLC Life Insurance Discounts and Offers
- 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
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 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
New Pricing Discount (from 5th July 2019)
- 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 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.
Zurich Campaign discounts (from 25th May 2019)
- As part of the introduction of LiveWell Zurich is providing a staggered upfront discount to allow policyholders time to engage with the program – this discount is included in the quotes shown online.
- In the first year of all new policies a discount of 7.5% applies. This subsequently falls to a 5% discount in year two, a 2.5% discount in year three and 0% discount in year four.
- These discounts are only available for new customers.