Life insurance deals, discounts and offers in April 2021

Deputy Editor · 1 April 2021
If you’re considering taking out life insurance for the first time, or are shopping around for a new policy, we’ve rounded up a selection of the sign-up deals, offers and discounts currently available from insurers on Canstar’s database.

To help entice customers, insurers sometimes offer discounts and other special offers on their life insurance products. The aim is generally to make their products appear more attractive relative to their competitors and to nudge potential customers towards signing up.

For consumers, getting a deal on a product you’re considering can be a good way to save money, but it’s important not to lose sight of the other important considerations for a product like life insurance.

For example, is the product you’re considering suitable for your specific needs? Is the cover on offer sufficient? Are there any important exclusions under the policy? Do the premiums represent good value, even with a discount applied?

If you’re confident the policy is right for you, and you can also get a deal such as a family discount, some money off for paying your premiums annually instead of monthly, or a loyalty bonus for keeping your policy for a certain amount of time, then you might simply see this as a nice added benefit.

Life insurance offers, deals and discounts

Here’s a round-up of some of the offers, deals and discounts available at the time of writing from a range of direct life insurers on Canstar’s database (arranged alphabetically A-Z by provider name), according to information sourced from the providers’ websites. For more information, including the terms and conditions on any of these offers, please check with the insurer directly. Where a provider is offering multiple discounts or bonuses, check whether these can be applied at the same time.


AAMI says it offers the following incentives to its life insurance customers:

  • A 5% discount if you take out a multi-life policy for two adults. The discount applies to the youngest life insured.
  • 12 months of cover for the price of 11 months, when you pay annually.
  • A 5% discount for existing AAMI customers (such as home or car insurance customers).

Check with AAMI for T&Cs.


ahm says it offers 10% off its life insurance premiums to customers who also have an ahm or Medibank health insurance policy. The discount applies for the life of the policy, ahm says.

Check with ahm for T&Cs.


At the time of writing, HBF says it offers:

  • A ‘multi-life’ discount of 10% on the second policy where HBF receives two applications at the same time (from you and your partner, for instance).
  • To waive the first month’s premium for new customers.
  • A 5.7% discount on your total yearly premium if you pay annually.

Check with HBF for T&Cs.


According to Insuranceline, the following offers apply to its life insurance product:

  • Receive a bonus gift (a $100 Coles eGift card, a $100 Visa gift card or a Lenovo tablet) once you’ve held your life insurance, income protection or funeral insurance policy for two consecutive months. Offer available until 30 September 2021, for policies taken out on or before that date with a commencement date before 1 November 2021.
  • 12 months of cover for the price of 11 months’ premiums when you choose to pay your premiums annually.
  • A 5% family discount applies if you add another adult to your policy. The youngest person will receive the 5% discount.
  • A 10% premium discount on eligible policies for life cover amounts from $200,001 to $400,000, and a 15% discount for eligible cover over $400,000.

Check with Insuranceline for T&Cs.


Medibank says its health insurance members are eligible to receive a 10% premium discount on their life insurance policy. When you get a Medibank life insurance quote for a new policy, you will also go in the draw to win one of three $2,500 EFTPOS gift cards. Offer ends 27 April 2021.

Check with Medibank for T&Cs.


Qantas says you can also get a 10% discount on your premium for life if your BMI is in the healthy range of 18.5 to 25. Qantas says policyholders will earn 1 Qantas Point per $1 spent on premiums and can earn up to 20,000 Qantas Points per year through the Qantas Wellbeing App.

Check with Qantas for T&Cs.


The Western Australian-based insurer says it offers the following to eligible life insurance customers:

  • A discount of 10% when you buy your policy online. The discount applies for the life of your policy.
  • A joint policy discount of 5% if you and your partner take out cover on the same RAC life insurance policy.
  • Up to 10% off your renewal premium if you achieve or maintain your AIA Vitality Status (Silver, Gold or Platinum).

Check with RAC for T&Cs.


RACQ says it offers the following discounts to eligible life insurance customers:

  • A 5% discount applies to joint policies for you and your partner.
  • Up to 10% off when you take out a life insurance policy online as an RACQ member.
  • A 5% ongoing discount on your life insurance premium from RACQ when you also hold a health insurance policy from AIA.
  • Up to 10% off your renewal premium if you achieve or maintain an AIA Vitality Status of Silver, Gold or Platinum.

Check with RACQ for T&Cs.

Real Insurance

Real Insurance says it offers a 10% refund on the total premiums paid when you reach your first 12-month policy anniversary.

Check with Real Insurance for T&Cs.


Suncorp says it offers the following to its life insurance customers:

  • A 5% discount if you add another adult to your policy. The youngest life insured will receive the 5% premium discount.
  • A 5% discount for the life of the policy if you have another Suncorp insurance policy, such as home or car insurance.
  • Get 12 months of cover for the price of 11 months if you pay annually.

Check with Suncorp for full T&Cs.


Woolworths says it offers a 10% discount on its life insurance premiums for the life of the policy for Everyday Rewards members. Life insurance customers can also get 10% off their grocery shop once a month.

Check with Woolworths for T&Cs.


Zurich says it offers the following to its life insurance customers:

  • A 10% discount on your partner’s policy if you both take out cover with Zurich at the same time.
  • The first month’s premium for free.
  • A discount of 5.7% if you choose to pay your premium annually.

Check with Zurich for T&Cs.

Some of the top-rated life insurance policies on Canstar’s database

If you’re comparing life insurance policies, the comparison table below displays some of the policies currently available on Canstar’s database for a 30-39 year old non-smoking male working in a professional occupation. Please note the table is sorted by Star Rating (highest to lowest) followed by provider name (alphabetical) and features links direct to the providers’ websites. Use Canstar’s life insurance comparison selector to view a wider range of policies.

What should I look out for when considering a life insurance deal or discount?

To help you shop with confidence when you’re assessing any life insurance deals out there, below are some questions that could be worth asking yourself.

In addition, if you are thinking of switching from one insurer or policy to another to take advantage of a deal, bear in mind any potential implications of switching, such as the benefits you might lose by cancelling the existing policy, or any waiting periods you might have to serve under the new one.

Family/multi-life discounts

Is being with the same insurer or even sharing a policy the most suitable option given your individual circumstances?

Online discount

Would it be beneficial to speak to the insurer over the phone or in person before committing to the policy to check any of the policy details? (You could always clarify any questions you have and then make the actual purchase online to receive the discount, if the provider allows this).

Discounts for higher cover amounts

Do you really need that much cover? Or alternatively, are you underestimating how much your family may need should you pass away? Consider calculating your insurance requirements first so you are aware of what cover amount may be suitable.

Loyalty discounts

Is staying with the same insurer for a set period of time what’s best for you and your family’s needs? Or could you still get better value for money by moving to another insurer, even when any loyalty discounts from your current provider are factored in?

Multi-policy discounts

Where a provider offers a discount if an individual takes out two separate cover types (life insurance and health insurance, for example), is it in your best interests to have these policies from the same provider? Or could you still get better value by splitting them up across multiple insurers?

Discounts for paying annually

Are you okay with being locked in for a full 12 months? Bear in mind that depending on the policy and insurer you choose, even if you are paying monthly you may still need to commit to a minimum coverage period that’s longer than one month.

Compare other insurance and banking deals

Cover image source: Dragana Gordic/

Additional reporting by Tamika Seeto.

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