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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.

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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

$2,500,000

Maximum Age

70

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
$2,500,000
70
$2,500,000
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.
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Get the latest deal from Medibank Life Insurance

Deal

10% off premiums for Medibank health members

Medibank health members save 10% every year. 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:

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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.

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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

$2,500,000


TPD Cover

Yes


Trauma Cover

Yes

NobleOak Life Insurance logo

NobleOak Life Insurance

1st place in Finder Awards

Get Quote


Maximum Cover

$25,000,000


TPD Cover

Yes


Trauma Cover

Yes

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

Yes


Trauma Cover

Yes

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 disability Critical illness cover
18-45$2,500,000$1.5 million$1,000,000
46-55$1.5 million$1 million$500,000
56-60$750,000$500,000N/A
61-70$500,000N/AN/A

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.

Why you can trust Finder's life insurance experts

free

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.
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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.
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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 ✅

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