Just got offered 25,000 flybuy points to sign up for Coles Life Insurance. T/C state I have to hold the policy for 30 days to get the points and they will be delivered after 75 days.
Plan to sign up, pay monthly premiums of around $11 and cancel as soon as I get the points.
What's the catch that I'm missing here? I don't need life insurance now but maybe in the future? Will signing up and then cancelling affect my chances of getting insurance/premium costs in the future?
Wow would be interesting to see if this works out. I'm guessing it does. Seems a little like those credit card deals where you can cancel the card after a few months and get over $500 worth of frequent flyer points. But this deal is for about $125 worth of points.
Pretty sure there was a deal posted last year for a $100 bonus on a life insurance policy and you could just cancel after the money came in. I didn't do it but I'm sure heaps of OzBargainers did.
Edit: maybe that deal I recall was for flybuys points anyway… https://www.ozbargain.com.au/node/183179
There was also one with a $100 eftpos card… https://www.ozbargain.com.au/node/187722
… so, yes, looks like you can do it.
Cheers, think I'll give it a go. Hopefully it won't come back to bite me in the future…
Speaking of such deals: https://www.topbargains.com.au/50-cashback-paybysuper-life-i…
$50 cashback when you use the coupon code listed.
You'll be fine. I've had life insurance policies from Coles, NAB and Westpac for the signup bonuses and cacelled every one as soon as the rewards came in. I'm always on the lookout for the next one.
Bym, when you cancel, do you get any premium you have paid back? If not, just wonder, why not keep it until the sign on deal arises for the insurance cover itself?
I doubt it, as the monthly premium would cover a month's insurance? I'll just pay monthly until the points arrive and then cancel…
It's a pay by the month and the premiums I've paid have varied between insurers. They were all around the $5-11 mark and it's paid in advance so no refunds were given. Didn't bother me because all the rewards have come in before the second months premium so the most I've been put out for a $100 gift card is $11.
Ok, I hope to get on to this, but for one thing I don't have a Coles M/C. I did get a sign-on bonus for income insurance once about 2/3 years ago, but nothing since.
I signed up last night and have kept the email with the full terms and conditions. Will reply here if/when my points arrive :)
Yep, cause normally if sold through advisors they have to pay around the first year premium in commission!