Will Vaccinated Australians Be Given Discounts And Better Deals On Their Insurance Policies?


Australia is beginning to look forward to a future of COVID normal. With the vaccination rates increasing across the country every day, citizens are beginning to feel hope for the future. However, discussions have begun circulating into how vaccination will be changing many sectors, including healthcare and insurance.

Insurers in particular have been in the spotlight for whether or not the COVID-19 vaccine will have an impact on insurance offerings and premiums. In fact, Australian life insurance companies have recently been looking at whether or not discounts can be given on premiums for customers who are vaccinated against COVID-19. While health insurers are looking to offer rewards to those who have been vaccinated.

However, in actuality, there are some laws preventing certain discounts in regard to insurance. Australian laws prevent health insurers from discounting premiums based on a member’s health. Though they can offer other rewards, which is what they are doing in order to encourage their customers to get vaccinated.



Just because health insurers have laws that are preventing them from discounting their premiums, life & general insurers don’t have the same obstruction. They are more than free to discount premiums based on their customer’s health and preventive behaviours, including whether they have chosen to be vaccinated or not against COVID-19.

Big insurance companies including life insurer Zurich, and health insurer Medibank have publicly discussed offering rewards and discounts to their customers as a result of being fully vaccinated.

When this was first announced it was only in the early days of the roll-out so that the public had time to see what benefits they could reap as a result of choosing to be vaccinated. Luckily for the public, the vaccine roll-out is now in full swing. This was made much easier over the last week when new Moderna and more Pfizer vaccines touched down in Australia. Over 60% of the entire Australian population now has at least one dose of the COVID-19 vaccine.

There is the entire possibility that as the public becomes fully vaccinated, life, general and health insurers will offer rewards and discounts on premiums. This just might be another common denominator found in our new normal.

The most important aspect to keep in mind here is just because an insurer is offering discounts or rewards, doesn’t mean you should run straight to them.



When looking for an insurer, it can be better to look towards a general insurer, one who is trustworthy and offers tailored solutions for a range of insurance offerings.

Aspect Underwriting offers tailored insurance solutions, and bespoke accident and health insurance services. With over 40 years of collective experience in accident & health insurance, Aspect Underwriting can provide well-priced insurance solutions. This way you can be covered by an insurer you can trust.

The best part is that you can easily get an online quote within minutes, and then you can also purchase a policy, without having to go through any meetings or unnecessary phone calls. If this sounds like exactly what you need, then get in touch with Aspect UW today.

Mike Wallis

Mike has over 25 years experience, having spent his first seven years working as a Broker at Jardine Lloyd Thomson in Melbourne and in 2002 was transferred to JLT’s Accident and Health Department in London. For four years (2002 – 2005) Mike was a specialist A&H Lloyd’s Broker and during this time developed excellent relationships with the Lloyd’s A&H underwriting fraternity. In 2006 he returned to Australia in a senior broking position with overall responsibility for Placement Strategy, including the implementation of underwriting facilities and the various authorities granted by Lloyd’s. Mike was the underwriter at two specialist Underwriting Agencies prior to founding Aspect Underwriting in 2016.