Cashback terms

LifeDirect will give you a cashback of 20% of your first year's premiums!

In addition to our standard terms and conditions – once your policy has been in place for at least 13 months, we'll send you a lump sum of 20% of your first years' premium. The cashback needs to be claimed via your MyLifeDirect login (MyLifeDirect is set up once your policy is underway). The payment will be processed in the following calendar month of the eligiblity criteria being met, provided you have claimed your cashback via MyLifeDirect login within 13 months of your policy getting underway. Please note, there may be situations where payment is late that is out of our control. If this is the case the payment will be made as soon as practicable and without delay.

As an example, a policy issued on the 1st of January 2024 would be eligible for a cashback after the 1st of February 2025 if it is still in force, not in arrears and LifeDirect is still the servicing adviser, this would be paid in the month of March 2025.

The cashback will consist of:

  • 20% of your first year's premiums for Life Insurance, Mortgage Repayment Insurance, Trauma Insurance, Income Protection Insurance (please note: Health Insurance is not eligible for a cashback)

For all eligible policies, the cashback is calculated on the first 12 months' premium, not in subsequent years (excluding any policy fees).

The cashback is paid to you by LifeDirect as a one–off lump sum and does not affect the regular premium you pay to your insurer.

Cashback conditions:

To be eligible to receive a cashback, you must take out an eligible insurance policy through LifeDirect 2020 Limited.

You must register for and log in to MyLifeDirect using the link we provide you when your policy gets underway and use the "claim my cashback" function. This will ask you to provide account details for the cashback to be paid into.

No cashback is payable if:

  • You are taking out an additional policy, or replacing an existing policy started through LifeDirect.
  • You take out a policy through an independent financial adviser we have connected you with.
  • You request another Adviser outside of LifeDirect to be your Financial Adviser

Also, if you are replacing an existing policy with a policy from the same insurer, LifeDirect will only pay a cashback on any increase in premium on your new policy.

The cashback payment will not be processed if your policy is currently in arrears or has been in arrears within the last month at the time of payment processing. Once the policy is no longer in arrears for at least one month, the payment will be processed.

You must have an active policy when you claim your cashback and it must be claimed within 13 months of your policy commencement date. If you cancel your policy, or it lapses through non–payment, or you change your servicing adviser within 24 months of your policy commencement date, you must return in full any cashback payment received to LifeDirect.

If you decrease the cover amount of your policy within 24 months and LifeDirect have paid you a cashback, LifeDirect may request you pay back the component of your cashback covering the decrease. This will be on a case by case basis depending on the circumstances.

Cashback and other promotional offers:

LifeDirect reserves the right to take action against you, including (without limitation) the use of collection services, to recover outstanding debts. You are liable for all expenses (including legal fees) that LifeDirect incurs when collecting that debt.

  1. Acceptance of terms: By taking out an insurance policy which has a Cashback or Special Offer applying to it (an “Eligible Policy”), you agree to these terms and conditions (“Terms”) which are between LifeDirect 2020 Limited (“LifeDirect”) and you. LifeDirect may update these terms at any time without notice to you, but will adhere to the percentage of cashback that applied at the time you took out the eligible policy.

  2. Cashback: A “Cashback” is where LifeDirect offers to make a cash payment to you, calculated on the basis of the first year’s total annual premium amount payable under your Eligible Policy. The cash amount payable may be indicated as a percentage, fraction, or a cash value. Where a Cashback is offered to you, LifeDirect will pay you a Cashback in accordance with the percentage, fraction, or cash value indicated to you, provided you comply with these Terms.

  3. Special Offer: LifeDirect may also make a “Special Offer” in addition to, or as a substitute for a Cashback, which may comprise an offer to provide goods, services, or credit or vouchers that may be exchanged for goods or services (subject to any additional and/or third party terms and conditions specific to the use of such credit or vouchers). Where LifeDirect does make a Special Offer, these Terms and any additional terms and conditions communicated by LifeDirect to you will apply.

  4. Other requirements for Cashback and Special Offer: From time to time, LifeDirect may offer a Cashback or Special Offer to you in accordance with these Terms. Any other terms, conditions or requirements applicable to an offer of a Cashback or Special Offer which are made known to you (for example, via email, in the application process or in any advertising) apply in addition to these Terms. A Cashback or Special Offer may be made available only to specific persons (determined at LifeDirect’s sole discretion). In addition, any Cashback or Special Offer will only:

    1. be available to you if you submit an application for an Eligible Policy and have that policy issued during the period(s) specified by LifeDirect to you, or if not specified, for a limited time (which may be determined by LifeDirect at its reasonable discretion and without notice to you);

    2. apply in relation to the policies, categories of insurance or to the specific insurers, notified to you by LifeDirect; and

    3. be payable where your policy is active and has been out of arrears for at least one month with no outstanding payments; and

    4. be available to be claimed no more than 13 months since your policy commencement date.

  5. Exclusions: You are not eligible to receive a Cashback or Special Offer if you:

    1. have previously taken out a policy through LifeDirect (unless you are taking out additional cover);

    2. take out a policy through a financial adviser we have connected you with.

    3. you request another Adviser outside of LifeDirect to be your Finanical Adviser

  6. Other fees still apply: If you take out an Eligible Policy, unless LifeDirect notifies you otherwise, you will remain liable to pay:

    1. the applicable premiums, at the amount(s) and interval(s) agreed between you and your chosen insurer; and

    2. any applicable policy set up fees, payable directly to your chosen insurer.

  7. Cancelled or lapsed policies: If you, within 24 months of your policy commencement date, do any of the following (a - d), you must return the Cashback in full to LifeDirect, or return a portion of the Cashback to LifeDirect, such portion to be pro-rated based on the amount your annual premium has been reduced by. This clause 7 applies where you:

    1. cancel your policy;

    2. allow your policy to lapse through non-payment; or

    3. reduce your level of cover.**

    4. request another Adviser outside of LifeDirect to be your Finanical Adviser

    ** reducing cover will pro-rata your cashback amount using the below calculation. This is an example only:

    If your premiums were originally $100 a fortnight

    $100 x 26 = $2,600

    $2,600 x 0.20 (cashback percentage) = $520 (total cashback amount)

    If your premiums are reduced to $75 a fortnight

    $75 x 26 = $1,950

    $1,950 x 0.2 = $390

    $520 - $390 = $130 (repayable cashback amount)

  8. Collection servicer: LifeDirect reserves the right to take action against you, including (without limitation) the use of collection services, to recover outstanding debts. You are liable for all expenses (including legal fees) that LifeDirect incurs when collecting that debt.

  9. Liability: To the fullest extent permitted by law, LifeDirect shall not be responsible for any loss, damage or injury whatsoever suffered by you in respect of the subject matter of these Terms (including but not limited to any direct, indirect, consequential, special, punitive or incidental loss or damages) and LifeDirect’s liability to you will in all circumstances be limited to the value of the Cashback or Special Offer. For the avoidance of doubt, nothing in these Terms is intended to modify or negate a consumer's rights under the Consumer Guarantees Act 1993.

  10. Privacy: Your information collected by LifeDirect for the purposes of these Terms is held and used by LifeDirect subject to its privacy policy.