Before you take out life insurance, find out if there are offers that can help you get the most value for money while you meet your family's needs.
Up to 15% off your TAL Life, Critical Illness or TPD insurance policy
Get 12 months income protection for the price of 11
One month free
10% off premiums for Medibank health members
Save 10% on your first year
Save 10% on your first year
10% off for ahm health members
Get 10% of premiums back in the first 12 months
Save up to 10%
Get 12 months life insurance cover for the price of 11
Save up to 10%
Get 12 months life insurance cover for the price of 11
A multi-policy discount usually applies when you combine more than one type of cover (e.g. Income protection with life insurance) with the same provider.
| Provider | Multi-policy | Conditions | Apply |
|---|---|---|---|
| AIA | Up to 12.5% discount (17.5% for new applicants) |
| Speak to an adviser |
| BT | Up to 5% discount |
| Speak to an adviser |
| MLC | Yes |
| Speak to an adviser |
| OnePath | Up to 5% discount |
| Speak to an adviser |
Data taken from brand product disclosure statements on February 2022. Benefits, conditions and amounts are subject to change at anytime.
A joint policy discount usually applies when you apply for cover either with a spouse or another family member.
| Provider | Combined policy discount/Family discount | Conditions | Apply |
|---|---|---|---|
| Zurich Ezicover |
|
| Get quote |
| InsuranceLine |
| The younger adult receives a discount when you apply on the same policy | More info |
| AIA |
| Annual premiums for each must at least by $500 | Speak to an adviser |
| ClearView |
| Discount available at the time of application where there is a family group relationship or business relationship between the persons insured. | Speak to an adviser |
| OnePath |
| Available if you link your policy with an eligible family member, business partner or combination of family members and business partners | Speak to an adviser |
Data taken from brand product disclosure statements on March 2021. Benefits, conditions and amounts are subject to change at anytime.
A larger sum discount applies when you purchase cover for a sum over a set amount defined by the insurer.
| Provider | Higher cover discount | Conditions | Apply |
|---|---|---|---|
| InsuranceLine | Up to 15% discount | Size of discount depends on the amount of cover insured and the type of cover that's insured | More info |
| AIA | Up to 30% discount | Size of discount depends on the amount of cover insured and the type of cover that's insured. | Speak to adviser |
| BT | Up to 30% discount | Size of discount depends on the amount of cover insured and the type of cover that's insured | Speak to adviser |
| ClearView | Yes | Size of discount depends on the amount of cover insured and the type of cover that's insured | Speak to adviser |
| OnePath | Yes | Size of discount depends on the amount of cover insured and the type of cover that's insured. | Speak to adviser |
| TAL | Up to 34% discount | Size of discount depends on the amount of cover insured and the type of cover that's insured | Speak to adviser |
| Zurich Future Wise | Up to 24% discount | Size of discount depends on the amount of cover insured and the type of cover that's insured. | Speak to adviser |
Data taken from brand product disclosure statements on March 2021. Benefits, conditions and amounts are subject to change at anytime.
Loyalty discounts are offered by almost all insurers if you keep your insurance with the same provider for more than one year. Discounts start at 5% and can go up to about 15% when you stay for a significant period of time e.g. 25 years.
For joint policies, the discount is calculated based on the partner who has the longest existing relationship with the provider. Businesses are treated as a separate entity, so your personal insurance policies won't contribute to loyalty discounts for a business in your name.
Some life insurance products allow you to collect reward points. These programs allow you to accumulate discounts on life insurance payments or accumulate points towards other rewards programs e.g. frequent flyers.
Some insurers offer free life insurance cover for the first month. You still have the same level of cover during the premium-free period, but payments aren't taken until the second month. In some instances, you will be refunded a months worth of cover after holding the policy for 12 months.
If you purchase a large amount of cover, you may get a further discount. These can be up to 30% for amounts over $500,000. Discounts range from roughly 10% for $300,000 to 30% on an insured sum of $500,000. They can be combined with other discounts such as joint policy, loyalty and multi-policy if applicable.
Multi-policy discounts start at around 5% and increase to about 15% for 10 or more policies. Policies can be for the same or different types of cover for items such as cars, home, life and travel. To get the maximum discount you may need to hold policies for more than 25 years. Couples or families who take out a policy together may be able to get a joint cover discount as well.
Some life insurance policies give you access to health and wellness programs such as the AIA Vitality Program. Members are rewarded with discounts from commercial partners as they earn Vitality points as their health improves. Additionally, participation in the program can result in discounts on life insurance premiums.
Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 20 products and gave each one a score between 1 and 10.
But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.
Read full Finder Score methodology
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