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20K Points for Joining Amex Life Insurance Approx $6 Per Month. 6 Month Minimum

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20K Points for Joining Amex Life Insurance Approx $6 Per Month. 6 Month Minimum
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schmucky on 21/06/2017 - 09:51 files.ozbargain.com.au (5514 clicks)
Last edited 03/07/2017 - 21:42 by 3 other users

Just noticed this deal and thought I might do a post here to share. Credit to 'NoName' from the AFF forums.

Guess most Ozbargainers would have some sort of AMEX card. As title suggests 20,000 Bonus points for new life insurance policies. Points to be credited up to 8 weeks after the first premium is paid. AMEX reserve the right to reverse bonus points if you cancel within 6 months.

The points you get will depend on the card you choose to use.
If you use the Qantas cards, you will get 20,000 Qantas.
If you use the Explorer, you will get 20,000 Gateway which transfers out to 15,000 Airline Points for a range of partners.
If you use the Platinum Charge, you will get 20,000 Ascent.

As a data point, with min cover of $50,000, Mylife policy comes out to about $6 a month.

Over 6 months, the total cost is $36.

To apply, login to your AMEX account and click on the 'Insurance' tab and follow the prompts.

If you do not get either the email or the flyer in the mail, don't despair… the deal is not targeted.

It is available to new customers but if you are not comfortable feel free to confirm with it please call 1800 025 015 and ask about the promotion.

Referral Links

Business Explorer Card: random (4)

Referrer: 40,000 Reward Points

Centurion Personal Charge Card: random (7)

Referee gets 200,000 MR points. Referrer gets 150,000 MR points.

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closed Comments

  • lovetravellinginbiz on 21/06/2017 - 09:54

    Thanks OP.

    When you say new customers, is it new Amex customers or new Amex insurance customers?

    • schmucky on 21/06/2017 - 09:55
      +2

      It is new insurance customers as you can't access the Amex portal if you don't have a card with them.

  • frostee on 21/06/2017 - 09:58

    Past this deal, is the Amex life and TPD worth it? I've been considering pursuing insurance separately as I'm not sure that the insurance through my super fund is very good value? Seems like a good opportunity to bundle it with my Amex card.

    • carwashhair on 21/06/2017 - 11:09
      +18

      You buy for points silly, not for it to actually cover your life! This way you get to see a return without having to like, die.

      • frostee on 21/06/2017 - 11:18

        Are you suggesting life insurance all together is a waste of time/money?

        • carwashhair on 21/06/2017 - 11:21
          +6

          You gotta do the maths for yourself depending on how risk averse you are. For my mind it's a form of gambling, and looking at the profitability of insurance companies it seems like the house always wins.

        • scud70 on 21/06/2017 - 15:56
          +2

          @carwashhair: and how many companies selling life insurance would there be if the house didn't win.. :)

        • llanfachreth on 22/06/2017 - 09:09
          +2

          As a Financial Planner I see the impact life insurance has on those who have successfully claimed and those who have suffered an event but had no cover.

        • frostee on 22/06/2017 - 09:33

          @llanfachreth:
          Agreed I think it's important. Not sure what to make of this Amex (Zurich) life insurance though

        • llanfachreth on 22/06/2017 - 21:42

          @frostee:
          Generally advised Retail insurances are much more comprehensive than Direct insurances - and can be cheaper like-for-like.
          Obviously everyone's circumstances are different and it's best to get advice.

  • joeiwu on 21/06/2017 - 09:58

    I wonder if you can have 2 life insurances at once and just sign up to the AMEX one for the 6 months (unless the premium on the AMeX one is better off course)!

    • beeawwb on 21/06/2017 - 10:11
      +1

      Generally speaking you can have duplicate insurances. For something like Life there isn't an issue (e.g. if you wanted $500,000 cover you could get $200K from one company and another $300K from somebody else), the only real issues with dual insurance is when it's insuring a single tangible item. E.g. multiple motor insurance policies and the vehicle becomes a total loss.

      Any information regarding dual insurance should be in the PDS available from the insurer in question. Always remember to take in to account your personal circumstances before making any financial decisions.

      • timetoquit on 25/06/2017 - 23:11

        Definately have as many as you want.

        My mate, sadly diagnosed as terminal has recently organised his two life insurance policies fast tracked, and has physically received the monies most recently.

      • SomeGuyOnOzB on 06/07/2017 - 18:54

        When I was applying for the income protection with QANTAS they said, if you have more than one policy and make a claim, you only get 75% of the payout of one company.

        Doesn't that apply to life insurance?

        • Peck on 06/07/2017 - 19:07
          +1

          No. A Different kettle of fish.

        • SomeGuyOnOzB on 06/07/2017 - 19:07

          @Peck:
          Thank you :)

  • Turd on 21/06/2017 - 09:58
    +2

    Where is the link?

    • anna10 on 21/06/2017 - 10:05

      Should show a link from your AMEX.

  • haydent on 21/06/2017 - 09:59
    +2

    What's 20,000 Amex points worth? Can you convert to QFF?

    • CyberMurning on 21/06/2017 - 10:02

      this should be on the post so people can calculate worth to do or not

      • anna10 on 21/06/2017 - 10:07

        It will depend on what sort of AMEX you have. Some AMEX points convert to various airlines, depends on your card.

    • huey on 21/06/2017 - 10:06

      All my Amex point automatically convert to QFF

    • flyingmouse on 21/06/2017 - 10:14

      Most Amex reward program don't have QFF transfer options, you need to check yours specifically .
      13500 points = $100 supermarket gift card anyway.

    • inherentchoice on 21/06/2017 - 10:15
      +1

      20,000 Membership Rewards points is roughly $140 in gift cards. However I think they have other types of points too.

      Better use would be for Webjet or Hello World where it = $200 of travel.

      • ajdlinux on 21/06/2017 - 13:22

        Better use, in many but not all circumstances, would be transferring to a FF program and redeeming for >$200 worth of travel

        • inherentchoice on 21/06/2017 - 13:36

          What, for an upgrade? I'd rather fly Tigerair on a $10 sale fare and use the $200 for accommodation instead of a fraction of a business class seat for 90 minutes.

      • daveozsydney on 27/07/2017 - 11:19

        even better use would be to send to a frequent flyer program where you could get about $800-$1000 worth of travel

  • CDG on 21/06/2017 - 09:59
    +4

    $36 for 15000 asia miles/Krisflyer points, not bad!

    • kazlikesgreen on 21/06/2017 - 11:24

      I am thinking the exact same thing!

    • plentifoo on 21/06/2017 - 13:29

      Isn’t member reward points 1 to 1 with krisflyer? Has this changed?

      • donkcat on 21/06/2017 - 19:39
        +1

        I assume CDG is referring to the Gateway points that transfer at .75 from the explorer card and not the ascent points that transfer at 1 to 1 from cards like the edge.

  • Turd on 21/06/2017 - 10:02

    Do you need to enter a promo code?

  • ipac on 21/06/2017 - 10:02
    +4

    Is this targeted offer as I cannot see this page in my account…

    • Turd on 21/06/2017 - 10:03
      +1

      Insurance -> Life Insurance.

      But no info on the 20k points anywhere.

      hmmmmmmm

      • lovetravellinginbiz on 21/06/2017 - 10:06
        +1

        Yeah I can't see any confirmation of this. Logged on to all 6 Amex accounts. Could be targeted.

        • frostee on 21/06/2017 - 10:11
          +2

          6?! How's your credit rating?

        • Turd on 21/06/2017 - 10:15

          @frostee: He means supplimetry cards.

          You can only max have 2 amex credit cards, and max 2 amex charge cards. Thus 4 total.

          But max 5 supps per card, so technically you can have 20 amex's.

          Not including business AMEX, though most times they dont get offers/points/excluded.

        • Sydneyfishrocks on 21/06/2017 - 10:15

          Same here:(

        • Turd on 21/06/2017 - 10:16

          @frostee: His credit rating must be great, remember Credit rating only really started not long ago in Australia. Prior to this we had the banks own self assessment. Not "credit ratings" like in USA which have had it since BOB was your mother.

        • lovetravellinginbiz on 21/06/2017 - 10:33

          @frostee: amazing!

        • lovetravellinginbiz on 21/06/2017 - 10:34

          @Turd: correct! 2 amex issued, 2 supps on my wife's, and 2 bank issued.

        • Tiger on 21/06/2017 - 23:09

          @Turd: Not quite right. The "rating" part may be more recent, but Banks and other Lenders have been using centralised credit history agencies like Veda or Dun & Bradstreet for many years when assessing credit card applications (and other loan applications) in addition to their own assessment.

    • inherentchoice on 21/06/2017 - 10:10

      Me three. And I have a Platinum Edge card.

    • DaHuntz on 22/06/2017 - 11:23

      same here, no bonus points on my account :(

  • NotAMoodle on 21/06/2017 - 10:09
    +1

    Not available on Virgin Plat Amex by the looks

    • Tiggrrrrr on 21/06/2017 - 18:50

      Where did you see that?

      • NotAMoodle on 22/06/2017 - 08:03

        Logged into my AMEX account and went to insurance - no offer there for 20k points

  • tajid on 21/06/2017 - 10:32

    No love for banks issued Amex?

    • gezza90 on 21/06/2017 - 11:07

      Same question here. What about a Westpac AMEX card?

    • boomramada on 21/06/2017 - 11:21
      +2

      From next month bank issue amex belong in shredder :)

      • tajid on 21/06/2017 - 11:23

        I know they are reducing points, but belong in shredder is an exaggeration.

        • smith001122 on 21/06/2017 - 12:08

          My anz Amex belongs in the shredder from Aug 5th as they've stopped the partnership

        • tajid on 21/06/2017 - 12:11

          @smith001122: Yes for ANZ but my CBA and Westpac only reduced points.

        • smith001122 on 21/06/2017 - 12:13

          @tajid:

          Oh yeah not commenting about yours. Just replying that mine belongs in the shredder as it's anz (as you said it was an exaggeration)

        • gruso on 21/06/2017 - 12:14

          ANZ ones definitely go in the shredder though!

      • gezza90 on 21/06/2017 - 15:03

        Does that mean my Westpac Earth black AMEX which gives me 1.5 QFF points per $1 spent will no longer give me QFF points next month?

        I haven't been notified by Westpac.

        Edit: Just had a look online and apparently it's reducing from 1.5QFF to 1.25QFF.

        So can I still apply for this deal with Westpac AMEX?

  • anna10 on 21/06/2017 - 10:38

    Not usually

  • R1ngSt1nger on 21/06/2017 - 10:47

    Applied, we'll see what happens…

    • maverick1 on 21/06/2017 - 10:53

      what AMEX card? and what insurance service did you choose?

      • R1ngSt1nger on 21/06/2017 - 11:13

        Qantas AMEX card, and the basic insurance that costs $5.93 / month or whatever it is, can't remember the exact title.

  • maverick1 on 21/06/2017 - 10:52
    +1

    Damn! I saw it pop up on one of my cards when I logged in couple of days back but didn't care to do anything about it as it wasn't yet posted on OZBARG, so decided to wait and see and today I cant't see this offer anymore…hate it!

  • nightelves on 21/06/2017 - 10:54
    +19

    Ok guys for anyone interested in this deal you need to do a quote through this link. https://www.americanexpress.com/au/content/insurance/term-li…

    Sign up and pay for it using an Amex card and after the premium is debited from your credit card you'll be credited with 20k amex points. This offer is open to everyone and is not targeted.

    Points are only against the PRIMARY card under a new policy. So if you try to take out two policy against your name you will only be credited with 20k amex points instead of 40k.

    The workaround to this is if you have multiple Amex card under your name you can sign up a family member and pay with your second primary Amex card only then will you be able earn an additional 20k from it.

    Offer is till the end of the year and excludes the following Amex card e.g DJ Amex, any Qantas Amex and any Velocity Amex.

    Hope that helps.

    • ipac on 21/06/2017 - 11:02
      -5

      Just clicked through, seems no such offer for any of my account. Please revise the title as "Targeted".

    • R1ngSt1nger on 21/06/2017 - 11:14

      Really, it excludes any Qantas Amex? Where did you see that information?

    • lovetravellinginbiz on 21/06/2017 - 11:19

      How long till the points were credited to your account?

      • nightelves on 21/06/2017 - 11:22

        1 month. Waiting for my second one to credit this July.

    • jabroni on 21/06/2017 - 15:12

      this should have been the OP

      the current OP is an abomination and should be euthanised immediately

      BTW the application never asked for a QFF account number so not sure if they will credit to amex portal which will then pass over to QFF portal

      • bargainhunt21 on 21/06/2017 - 19:45

        I also would like to know how it gets credited as well

  • CDG on 21/06/2017 - 11:01

    looks like is targeted

  • ffhound on 21/06/2017 - 11:07

    Hi all

    I have a NAB Velocity Platinum and also a AMEX Velocity card. Would I get 20k points for either card and if so, which is the better card to use?

    • nightelves on 21/06/2017 - 11:22

      Only Amex issued cards are eligible

      • ffhound on 21/06/2017 - 12:26

        So I'm good to go with my Amex velocity?

  • carlJack on 21/06/2017 - 11:11

    I dont see it for Platinum edge

  • SydOzber on 21/06/2017 - 11:13

    there's an option for Promocode at the end of the Quote.
    not sure if there's a promo code associated.

    Cannot see about the 20000 points anywhere

    • nightelves on 21/06/2017 - 11:20

      Like I said the offer is not advertised but you do get the points. It's credited as 'Amex Life Insurance 20000 Bonus Points' when it hits your points statement

  • ChatCPT on 21/06/2017 - 11:19

    cannot see the attachment in my amex

  • unity1 on 21/06/2017 - 11:26

    Anything required to stop the cover? Just stop paying the premium?

    • nightelves on 21/06/2017 - 11:32
      +1

      You need to send them an email stating that you want to cancel.

      • unity1 on 21/06/2017 - 11:35

        Thanks, I thought I had better read the information before signing up.

    • lovetravellinginbiz on 21/06/2017 - 11:33

      Apparently can't stop before 6 months. And premium is dependent on age, etc. paid $5.25 for myself and $4.75 for my missus. $60 for 40k points is an awesome deal. Oh and tax deductible too!!

      Now to wait for points..

      • nightelves on 21/06/2017 - 11:34

        Oh shoot I might have to transfer out as I received the points in the first month and then cancelled the policy.

      • bluey47 on 21/06/2017 - 13:39
        +1

        I don't think Life Insurance is Tax Deductible, only Income Insurance for your primary wage. Read that somewhere in the Tax Questions AMA Nicole McMilllon was doing on OZBargain.

      • Jdog88 on 21/06/2017 - 14:13

        Not tax deductible

  • StoinkerDoink on 21/06/2017 - 11:29

    I have an American Express Velocity Escape Card, would that be eligible?

  • power71 on 21/06/2017 - 11:32
    -3

    looked everywhere on my 2 Amex logins. Deal not there. Targetted!

    • nightelves on 21/06/2017 - 11:43

      It's not targeted. I received the points even though I didn't have the promo in my login.

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