Cheapest Way to Buy Life Insurance in Australia?
10 Feb 2026 • Keep Insurance
When you buy life insurance through Keep, you get the same high-quality retail cover you'd find through a financial adviser - but with one major difference: we give you back half the commissions.
Thanks to our low-overhead business model and industry-leading cashback offer, we believe we're the most affordable way for Australians to access retail life insurance.
And if you find an advertised rebate or cashback that's better? Let us know - we want to beat it.
Why We Created Keep: A Fairer Way to Do Life Insurance
At Keep, our mission is simple: to make life insurance fairer, more accessible, and more affordable for everyday Australians. We're challenging how life insurance has traditionally worked.
Why Life Insurance Needs a Rethink
Life insurance is vital - but outdated sales models leave many people feeling frustrated, confused, or priced out. That's especially true today, with the number of financial advisers writing life insurance dropping significantly in recent years.
This has had a significant impact on the ability for everyday people to access high quality retail life insurance at a price which suits their budget.
💰 The Commission Problem
Here's something not everyone knows: Retail life insurance often includes a 20-30% commission to advisers. That's a big chunk of your premium going elsewhere - not toward your actual cover.
When you work with a financial adviser providing full personal advice, that commission makes sense. A good adviser helps you navigate complex choices and get the right policy for your needs.
But what if:
- You already know what product you want?
- You're buying online or through a comparison site?
- You don't need or want full personal advice right now?
In those cases, the commission still gets charged - but you get none of the value.
That's Where Keep Stands Out
We built Keep to solve this exact issue. Our model is lean, efficient, and tech-powered. Here's how we're different:
- We rebate at least half the commissions back to you through cashback.
- We rebate on new and transferred policies.
- Our cashback is standard. No negotiation. No special treatment. Everyone gets it.
Let's Talk Numbers
We recently reviewed the major ways Australians can buy retail life insurance - including death cover, TPD, trauma, and income protection - and checked how they approach rebates and cashbacks.
Spoiler: We found only one competitor that advertised a cashback.
Direct from big insurers
Example: TAL
we couldn't find any reference to them providing discounts, cashbacks or rebates. And certainly there is no “price comparison”.
Comparison or Aggregator sites
Examples: Canstar, Finder, Compare the Market
These offer high-level product info, but typically redirect you to the insurer's site to apply, so no price comparison.
Again, no mention of discounts or cashbacks.
General advice / brokers
Examples: Life Insurance Direct, Insurance Watch, Life Broker, and Keep Insurance
These do offer pricing comparison across insurers, but often only after you speak to a sales rep.
Of the ones we reviewed, only one (Insurance Watch) advertised a cashback: 10% of first-year premiums or 5% ongoing (compared to Keep's 12.5% of every premium).
| Distribution Type | Examples | Application online? | Compare quotes from different insurers? | Compare Insurers / Products? | Give a Rebate / Cashback? | Ongoing support (e.g., at renewal or claim)? |
|---|---|---|---|---|---|---|
| Direct from insurers | TAL, Zurich, etc | ❌ Call required | ❌ No | ❌ No | ❌ None | ✅ Yes |
| Aggregators | Canstar | ❌ Call required | ❌ No, redirected to individual insurer sites | ✅ Yes - own methodology | ❌ None | ❌ No |
| Finder | ❌ Call required | ❌ No, redirected to individual insurer sites | ✅ Yes - own methodology | ❌ None | ❌ No | |
| Compare the Market | ❌ Call required | ❌ No, redirected to individual insurer sites | ❌ No | ❌ None | ❌ No | |
| Brokers / General Advice | Life Insurance Direct | ❌ Call required | ✅ Yes - after providing details, call needed for full comparison | ✅ Yes for products ❌ No for insurers | ❌ None | ✅ Yes |
| Insurance Watch | ❌ Call required | ✅ Yes - after providing email & mobile | ✅ Yes, based on reviews | ✅ 10% year 1 OR 5% every premium | ✅ Yes | |
| Life Broker (part of TAL) | ❌ Call required | ✅ Yes - after providing email/phone | ✅ Yes for products ❌ No for insurers | ❌ None | ✅ Yes | |
| Keep Insurance | ✅ Fully online, optional call | ✅ Yes | ✅ Yes - insurer stats + Omnium rating | ✅ 12.5% every premium | ✅ Yes |
💡 And Here's Why This Matters
Life insurance premiums are rising, adviser numbers are falling, and more people are going without protection - not due to lack of desire, but due to affordability and confusion.
At Keep, we aim to change that:
- ✅Access to adviser-quality insurance products.
- ✅No payment for advice you're not using.
- ✅No sales pitch.
- ✅You get a fair share of your premium back.
Frequently Asked Questions
Is Keep the cheapest way to buy retail life insurance in Australia? +
Based on our review of advertised rebates and cashbacks across insurers, brokers, and comparison sites, Keep offers the most generous standard cashback-12.5% of every premium-making us one of the most affordable ways to access high-quality retail life insurance.
How does Keep offer cheaper life insurance without reducing the quality of cover? +
We partner with leading retail insurers, just like financial advisers do, but run a lean, tech-driven business. That means we don't keep the standard 25-30% commission - instead, we pass it back to you as a cashback, without compromising on cover quality.
What types of life insurance policies does Keep offer cashback on? +
We offer cashback on both new and transferred policies, including Life (Death) cover, Total and Permanent Disability (TPD), Trauma/Critical Illness, and Income Protection (IP).
Do I need to negotiate to receive Keep's cashback offer? +
No. At Keep, our cashback is standard and automatic - 12.5% of every premium. No haggling, no special terms, no fine print. It's our way of making life insurance fair for everyone.
How does Keep compare to other life insurance platforms or brokers? +
Most other platforms and brokers either don't offer rebates at all, or offer lower ones. Keep offers 12.5% cashback on every premium - no matter the policy duration.
Can I still get support from Keep if I need help with my policy? +
Yes. While Keep is fully online for ease and efficiency, we also offer optional phone and email support - including help at application, renewal, or claim time.
What if I find a better cashback offer than Keep's? +
Tell us! We're committed to leading the market on affordability and would love the opportunity to beat any advertised cashback or rebate you find elsewhere for the same policy.
Is it safe to buy life insurance online with Keep? +
Absolutely. Our secure platform gives you access to the same high-quality retail insurance you'd get through an adviser - but with zero sales pressure.
Who is Keep Insurance best suited for? +
Keep is perfect for Australians who want retail life insurance without paying for full personal advice. If you already know what cover you need and value fairness and affordability, we're for you.
Final Word: Fair Is a Standard, Not a Sales Pitch
If you find another advertised cashback or rebate that beats ours, let us know. We'd genuinely love the chance to beat it. Because our goal isn't just to compete - it's here to lead on fairness, transparency, and affordability.
👉 Get Started Now