Finder makes money from featured partners, but editorial opinions are our own.

Medibank Life Insurance Review

Medibank life insurance can cover you for up to $2.5m, which should meet the needs of many. Plus, if you're a Medibank health insurance member, you'll save 10% on premiums each year.

No reviews yet. Write a review

Our verdict

  • You can be covered for up to $2,500,000 – the third highest of 10 insurers compared for the 2023 Finder Awards.
  • Increase the amount you're covered for after a big life event without taking a health or medical questionnaire.
  • Score a 10% discount if you're already an Medibank Health Insurance member.
  • You can't get level premiums, a cover type where the payout remains the same during the term of your policy.

Maximum Cover


Maximum Age


Total & Permanent Disability Cover

Trauma Cover

Compare key features of Medibank life insurance and get a quote today

Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
Medibank Life Insurance
Data not available
Data not available
Data not available
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Get a 10% discount if you're already a Medibank Health Insurance member.

⭐ Current offer: Save 10% on your first year of Medibank Life Insurance when you apply by 1 July 2024. T&Cs apply.

Get the latest deal from Medibank Life Insurance


10% off premiums for Medibank health members

Medibank health members save 10% every year. T&Cs apply.

Save 10% on your first year

Expires 1 Jul 2024
When you apply by 1 July 2024. T&Cs apply.

Why compare life insurance with Finder?

  • You pay the same price as buying directly from the life insurer.

  • We're not owned by an insurer (unlike other comparison sites).

  • We've done 100+ hours of policy research to help you understand what you're comparing.

Read a more detailed review on:

life insurance shield

Life Insurance

Key points of Medibank Life Insurance

Medibank Life Insurance is a product designed for Australian residents aged from 18 to 70 that meet Medibank's health and lifestyle requirements.

  • Get covered for up to $2,500,000 if you die or are diagnosed with a terminal illness. Your available cover will depend on your age. Medibank's maximum cover limit may be available to those aged 18-45.
  • Tailor your policy with optional cover such as TPD insurance (pays up to $1.5m), critical illness cover (up to $1m) and child cover (up to $200,000).
  • Indexation benefit. You benefit amount will automatically increase by 3% increase annually, in order to account for inflation.
  • Medibank's grief support benefit could help your family to cope during a challenging time.
  • You could be approved online or over the phone.

Note: Be sure to check the Product Disclosure Statement (PDS) for terms and conditions.

coverage icon

Cover perks

All Medibank cover types come with:

  • A 10% discount for Medibank health members.
  • Worldwide cover that applies 24 hours a day, 7 days a week.

Compare Medibank with the other 2023 Life Insurance award winners

Finder's data and insights experts created a rating algorithm to compare 10 life insurance policies in Australia across pricing and key features. Our 2023 winners are:

Medibank Life Insurance logo

Medibank Life Insurance

Get Quote

Maximum Cover


TPD Cover


Trauma Cover


TAL Accelerated Protection Life Insurance logo

TAL Accelerated Protection Life Insurance

2nd place in Finder Awards

Get Quote

Maximum Cover

No set limit

TPD Cover


Trauma Cover


NobleOak Life Insurance logo

NobleOak Life Insurance

1st place in Finder Awards

Get Quote

Maximum Cover


TPD Cover


Trauma Cover


How much cover can I get with Medibank?

The amount of cover you can apply for varies depending on your age and income, as shown in the table below:

Age at applicationLife CoverTotal and permanent disabilityCritical illness cover
18-45$2,500,000$1.5 million$1,000,000
46-55$1.5 million$1 million$500,000

Am I eligible for Medibank life insurance products?

Type of life insuranceAge criteriaOther features
Medibank Life Insurance18-70Further terms apply if you add TPD and/or Trauma Cover (critical illness) to your policy.
Medibank Funeral Insurance45 to 79 years (inclusive).Simple application; no medical history required.

Why you can trust Finder's life insurance experts


We're free

You pay the same as buying directly from the life insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
expert advice

We're experts

Our team of life insurance experts have researched and rated dozens of policies as part of our Finder Awards and published 250+ guides to make it easier for you to compare.

We're independent

Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of life insurance brands, making it easier for you to find a good deal.

We're here to help

Since 2016, we've helped 270,000+ people find life insurance by explaining your cover options, simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

Questions you've asked about Medibank, answered ✅

More guides on Finder

Go to site