RACV Life Insurance

Russell Cain Updated: 31 January 2020

You might have heard about the life insurance discount offered by RACV and wondered if they’ve expanded their services to include life cover. While RACV offers cover for your home, your car and even your boat, they do not offer life insurance. However, if you’re an RACV insurance member, you can save on newly purchased AMP Elevate life insurance policy.

RACV and AMP Elevate have combined forces to provide you more affordable life insurance. If you are an RACV member you are eligible for a 5% discount on new Life, TPD and Trauma insurance cover purchased through AMP Elevate Insurance.

RACV Life Insurance Member Discount

The discount offer is available to the owner of the policy and their spouse/partner. It lasts for the lifetime of your policy and is available for both stepped and level premiums, which could lead to substantial premium savings. The RACV insurance discount will only terminate if you are no longer an RACV member.

The lifetime savings of the 5% RACV Discount on your policy could be huge!

This case study is based on a male non-smoker taking out $1,000,000 life insurance holding the cover to age 75. In the projections, we have included both the stepped vs. level premium projections and a scenario with and without the RACV member discount.

If your insurance policy were to lapse and you then reinstate your policy, the RACV discount will remain intact.

If you already have existing AMP cover and you’re an RACV member, you will need to take out additional cover to qualify for the 5% discount on the new plan. Simply increasing your existing cover, adding options or replacing existing AMP insurance products will not qualify you for the discount.

How does the RACV member discount work?

To qualify for this life insurance discount, you must:

Reside in Victoria, Australia. Be an RACV Take out a new policy with AMP Elevate cover. Provide your current RACV member card to the broker setting up your new policy.

AMP Elevate is currently running a Take 5 Campaign which offers an additional 5% discount on new Life and TPD Insurance. Each of the packages displayed on the campaign list can be used individually (limited to 1) or in combination with any other campaign their running.

For RACV members this means that you would receive a combined 10% discount to Life, 10% discount to TPD and a 5% discount to Trauma cover.

However, AMP Elevate’s Take 5 Campaign will only be running until 29 April 2017.

We can provide you with a quote which includes the 5% discount, plus any others we can bundle along with it, and then compare said quote to the rates of 10 other insurance companies.