Save with Insurance Policy Discounts

When you’re shopping for life insurance for the first time or looking for more affordable options, you might want to take advantage of the discounts and life insurance promotions on offer. Life insurance discounts can be easy to qualify for, so be on the lookout for great deals. Use the below list of insurance policy discounts to help you save some serious money, while also protecting your financial future.

Published October 15, 2019

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What are life insurance discounts?

Generally, life insurance discounts are an easy way to lower your premiums and are especially useful when you’re on a tight budget. However, not all life insurance companies offer discounts, or might not implement it in the same way as terms and conditions vary from insurer to insurer.

It’s essential that you carefully review the company’s product disclosure statement (PDS) and ask your insurance broker if and how you can access the specific savings opportunity.

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Initial discounts

Insurance brand Initial discounts Apply
AIA Initial selection discount for the first two years of your policy when purchasing a stepped premium type policy Get a Quote
ClearView A 10% New Cover Reward when joining ClearView LifeSolutions Get a Quote
MLC Discounts when taking out multiple life insurance policies Get a Quote
NEOS Cover discount for new customers Get a Quote

Multi-policy discounts

Insurance brand Multi-policy Apply
AIA Up to 12.5% Get a Quote
BT A discount of 5% on all Protection Plan premiums Get a Quote
MLC Discounts when taking out multiple life insurance policies Get a Quote
NEOS Multi-cover discounts of up to 10% Get a Quote
Zurich Multi-policy discount when you have more than one eligible policy. 5% for 2 plans and a 7.5 discount for 3 or more policies. Get a Quote

Multi-life discounts

Insurance brand Multi-life Apply
OnePath Multiple life discounts of up to 10% Get a Quote
Zurich Receive a family discount of up to 10% when members of the same family take out Zurich life insurance Get a Quote

Large sum discounts

Insurance brand Large sum discounts Apply
AIA A large sum insured discount of up to 30% Get a Quote
BT Save up to 30% on large sum insured policies Get a Quote
ClearView Up to 25.5% discount on large benefit amounts Get a Quote
NEOS Large sum insured discounts Get a Quote
OnePath Large sum insured discounts Get a Quote
Zurich Business discount when employees/partners in the same business take cover through Zurich Get a Quote

Healthy lifestyle discounts

Insurance brand Healthy lifestyle Apply
AIA AIA Vitality membership discount Get a Quote
BT BT My Wellbeing Rewards Get a Quote
ClearView ClearView Health Maintenance rewards Get a Quote
MLC MLC OnTrack Get a Quote
NEOS NEOS Preferred Lives Discount Get a Quote
TAL TAL Health Sense Get a Quote
Zurich Zurich LiveWell Get a Quote

More discounts

Insurance brand More discounts Apply
AIA
  • Up to 5% loyalty discount for term level premiums
  • A bundled discount of up to 12.5%
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BT
  • Policy fee waiver
  • Gain an extra 5% on your sum insured when holding your policy for 3 years
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CommInsure
  • Receive a 10% discount on Business Overheads Cover premiums when combing it with an acceptable Income Protection policy
  • Automatically receive a 5% increase on your Life Care or Terminal Illness benefit when holding cover for 5 years
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MLC
  • Receive a 2-year policy discount (10% in the first year and 5% in the second year) when your broker submits your application through the MLC digital underwriting platform
  • Access Best Doctors and be connected with medical specialists around the world
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OnePath
  • 5% discount when combining income protection with another eligible policy type
  • Earn 1 Qantas point for every dollar spent on eligible premiums
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TAL
  • Premium discounts when paying half-yearly or yearly
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Zurich
  • Your policy fee will be waived when you apply for more than one policy at the same time
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Source: Information was gathered from the brand’s product disclosure statement on 14 October 2019.

Take note: Life insurance discounts are not guaranteed and can change at any time. How discounts are implemented varies from insurer to insurer. Please review your product disclosure statement (PDS) for terms and conditions.

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Buy with confidence today for peace of mind tomorrow.

The different types of insurance policy discounts

Initial discounts for new policyholders

Some life insurance companies offer reduced premiums to new members purchasing an eligible policy.

Policy fee waiver

Certain companies won’t charge you for the administrative costs of setting up and maintaining your insurance policy.

Multi-policy discount

When you take out different types of cover, for example, TPD, life insurance and trauma, from the same insurer, you might receive a multi-policy premium discount.

Multiple life discount

Select insurers offer packaging discounts of 5% to 10% when eligible family members or business partners take out cover under the same application. However, some companies increase the discount as you add more people to the group.

Bundle insurance and save

If you take out a combination of eligible policies from the same insurer, for example, bundling life insurance with TPD and trauma cover, you might qualify for a premium discount.

Large sum insured discounts

When applying for a significant benefit amount, life insurance companies may offer you a discount on your premiums. A large sum discount is generally built into the price of the policy. For example, receive a 20% discount when applying for $1 million or more life insurance coverage.

Loyalty benefits

Select insurers will reward you for remaining a loyal customer. After you’ve held your policy for a specified period, your premiums could be reduced, or your sum insured might increase without you having to pay more.

Savings when paying premiums annually

You could save when paying you premiums annually, as many insurers apply a frequency charge, for example, you might pay 6% to 9% more when paying premiums monthly.

Healthy lifestyle discounts

Receive premium discounts and rewards when participating in an insurer’s health and wellness program.

Factors affecting how much you’ll pay for life insurance

Each insurer has its own underwriting guidelines by which they’ll assess your application. However, the factors they review will generally include your:

How to get the best life insurance deals?

Shop around for the most affordable life insurance policy that includes the benefits and features you require. Compare quotes and tell an insurance specialist that you are looking to save a little extra money. Your broker will generally get to work to find the best available discounts for you.

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