Receive life, income or funeral cover with Medibank
When you compare life insurance providers, it is easy to automatically just opt for one of the big names, assuming they must be doing something right. However, choosing your life insurance provider is as important as choosing the policy, the inclusions and the variables of the policy, but luckily, in choosing Medibank life insurance you are getting one of the big names who really does deserve the reputation as an industry leader.
Medibank Private is not just one of the biggest insurers in Australia, they are the country's largest provider of private health insurance and solutions. In addition to the billions of dollars of claims paid each year and the hundreds of thousands of clinical services provided each year, Medibank are protecting your well being and your family into the future.
By offering leading value and service, Medibank Australia sets itself apart from other insurers by:
- Extensive, comprehensive services: Medibank has been seeing to the health and insurance needs of Australians since 1976 and currently provide coverage to more than 3.7 million people. Medibank also offers travel insurance, life and trauma insurance, as well as pet insurance. Medibank policies are also easy to manage, with Mi Health, which is a telephone based nurse and personal support service, online health hub and smart phone app, all available 24/7.
- Sustainability program and corporate responsibility: Allows Medibank to focus on the environment, and the social and economic issues which are impacting Australians the most. Medibank also uses its community fund to spread preventative health messages and enact long term changes in the positive health of all Australians, which is a 1% donation of the company's pre tax profits.
- Strong and relatable company values: It is always easier to work with someone who understands you, and thinks in the same way you do, which is why Medibank has a strong values system, which sees them: treat their customers as they would like to be treated, commit to services and deliver what is promised, provide open, honest and transparent services, and celebrate each others differences and engage as equals.
- Large company, small prices: Some businesses will inflate their prices as they grow in order to maintain a certain price point image. However, while Medibank has customers and offers services in health and insurance around Australia and New Zealand, it uses this reach and strength to maintain affordability and relevance for every customer.
Cover Options Available from Medibank
Life Insurance
- Provides a lump sum payment of up to $1.5 million when you die or are diagnosed with a terminal illness
- $15,000 advance benefit payment to cover funeral costs
- Accidental Injury Benefit payable if you suffer loss of limbs, paralysis or loss of sight
- Flexibility to add the following optional covers to tailor a policy to suit your needs:
- Up to $250,000 Trauma Cover if you suffer a serious specified condition, for example a heart attack or stroke
- Up to $1.25 million Permanently Unable to Work Cover if an accident or health condition means you will never be able to work again
- Up to $50,000 Children’s Insurance Cover if your child suffers a traumatic illness
- Easy application - no medical or blood tests required
- Cover guaranteed renewable for life
- 10 per cent discount for Medibank members
Income Protection Insurance
- Provides a replacement income when you are unable to work due to illness or injury
- Maximum monthly benefit of $7,500 to replace up to 75 per cent of your pre-tax earnings
- Choice of benefit periods: one, two or five years
- Choice of waiting periods: 30 or 90 days
- Rehabilitation Benefit of up to 50 per cent of the monthly sum insured to help you return to work
- Lump sum benefit if you suffer total and permanent disability
- Lump sum Death Benefit of three times the monthly insured amount
- Easy to apply - no medical or blood tests
- Premiums are usually tax deductible
- Cover renewable until 65 years of age
- 10 per cent discount for Medibank members
- Cover also available for applicants who work less than 20 hours per week
- Worldwide cover applies 24 hours a day, seven days a week
Funeral Insurance
- Lump sum payment of between $3,000 and $15,000 to help your loved ones pay for funeral expenses when you die
- Can also be used to help cover other immediate expenses and debts
- Benefits usually paid within 48 hours of claim documentation being submitted
- Premiums will never increase unless you change your cover
- Premiums decrease by 3 per cent every five years you hold your policy
- Benefit amount will never be less than the total premiums paid - your family receive either the chosen benefit amount or the total premiums paid, whichever is greater
- Pays an Accidental Death Benefit of three times your Funeral Insurance benefit amount
- 10 per cent discount for Medibank members
What are the key benefits of the Medibank policies?
Medibank has applied its core values of affordability and flexibility to its life insurance policy offering, which includes:
- A discount for existing customers: If you have Medibank cover, you qualify for a 10% discount off of your life insurance premiums.
- Up to $1.5 million of inclusive coverage: Your choice of benefit amount can be paid to your family if you die or are diagnosed with a terminal illness. Your benefit also includes an early payment to help your family with immediate costs such as funeral expenses, and can also pay out for accidental injury. Your policy is guaranteed renewable, and the application is simple, without the need for medical or blood tests.
- Serious illness coverage: If you suffer from one of the conditions specified in your Medibank life insurance policy, such as heart attack or stroke, you can receive a lump sum benefit payout of up to $250,000. This money can help you pay medical bills, ongoing household expenses, or cover modifications you need to make to your home to accommodate your condition.
- Coverage if you're permanently unable to work: An accident or illness could see you unable to return to work, and up to $1.25 million of coverage can help your family maintain important lifestyle and financial security.
- Coverage for children: Medibank also includes up to $50,000 of coverage for your children under your life insurance policy, in case of a traumatic illness. Your child benefit can pay for specialist care, or expenses associated with a parent needing to take a leave from work to care for the child.
- Worldwide coverage: Your Medibank life insurance can go anywhere in the world with you, so you don't have to worry where you are when you need to make a claim, you and your family will be taken care of.
- Income protection: Add income protection to your Medibank life insurance package, and receive a monthly benefit of up to 75% of your monthly income up to $7,500 per month, if you are unable to work because of illness or injury. You can choose a benefit period of one, two or five years, and a waiting period of 30 or 90 days.
Medibank has extensive expertise in catering to and protecting the health and well being needs of Australians, and life insurance is a natural extension of that protection. Your ability to provide for and look after your family is dependent on a number of factors, so make sure you are protected for every eventuality with a leading insurer like Medibank.
Who is eligible for Medibank Policies?
- Medibank Life Insurance is available to Australian residents between 16 and 65 years of age and is guaranteed renewable for life
- If you want to add Permanently Unable to Work Cover to your policy, you must be aged between 16 and 60 and working on a permanent basis for at least 20 hours per week
- Optional Trauma Cover is available to applicants aged between 18 and 60.
- If you want to add Children’s Insurance to your Medibank Life Insurance policy, any insured child will need to be:
- An Australian resident
- A natural child, stepchild or adopted child of yours (or your partner)
- Aged between 2 and 18
- The amount of cover you can apply for varies depending on your age, as shown in the table below:
| Age at application | Life Cover | Permanently Unable to Work Cover | Trauma Cover |
|---|---|---|---|
| 16-45 | $1.5 million | $1.25 million | $250,000 (from age 18) |
| 46-55 | $1 million | $750,000 | $100,000 |
| 56-60 | $500,000 | $200,000 | $50,000 |
| 61-65 | $500,000 | N/A | N/A |
- Medibank Income Protection Insurance offers a maximum monthly benefit of $7,500 and is available to Australian residents between 18 and 59 years of age
- Standard Cover is available to people who work more than 20 hours per week in permanent paid employment or self-employment, while Essential Cover is available to people who work less than 20 hours per week
- Cover expires on the policy anniversary following your 65th birthday
- Medibank Funeral Insurance is available to any Australian resident from 18 to 79 years of age. It offers a maximum lump sum benefit of $15,000 and cover continues for life.
How do I make a claim for Medibank Life Insurance?
- If you (or your legal representative) wish to make a claim under a Medibank Life Insurance policy, you must phone or write to the insurer to provide notification of your intent to claim
- You will be sent a claim form that you must complete, sign and return, while the treating doctor or specialist may also have to complete a form at your expense
- It’s important that you lodge your claim as soon as possible after the claimable event. If you do not notify Medibank within 120 days of the claimable event, your claim may be reduced or refused
- You will also need to provide proof that the insured event occurred. The proof required varies depending on the nature of your claim, but includes all relevant test, examination and laboratory results
Questions you might have about Medibank Life Insurance
Q. What is the difference between Standard Medibank Income Protection Insurance and Essential Medibank Income Protection Insurance?
- Standard Cover is available to people who work more than 20 hours per week in permanent paid employment or self-employment. It offers a maximum monthly benefit of $7,500. Essential Cover is available to people who work less than 20 hours per week and it offers a maximum monthly benefit of $3,500.
Q. What is the Death Benefit amount under a Medibank Income Protection policy?
- A. If you die while the Income Benefit is payable, your policy will offer a lump sum Death Benefit equal to three times your insured monthly benefit amount.
Q. Does Medibank Income Protection Insurance pay a benefit if I am unable to work due to mental illness?
- A. No. Claims arising due to mental disorders or mental illness are excluded from cover.
Q. Will my Medibank Funeral Insurance premium payments ever exceed the benefit amount I receive?
- A. No. Your loved ones will receive a lump sum benefit which is the greater of the insured amount or the total premiums paid over the life of the policy.
Q. What causes of death are covered in the first 12 months of a Medibank Funeral Insurance policy?
- A. During the first 12 months of cover, a benefit will only be paid for Accidental Death or Accidental Serious Injury. No benefit will be paid if you die as a result of any other cause during this period.
Q. How many beneficiaries can I nominate under my Medibank Life Insurance policy?
- A. You can nominate up to five beneficiaries.
Q. Is my Medibank Life Insurance sum insured protected against inflation?
- A. Yes. Benefit amounts automatically increase by 5 per cent on each policy anniversary.
Q. What factors affect the cost of Medibank Life Insurance premiums?
- A. Your premium amount is determined based on your sum insured, any additional options you add to your policy, your gender, your smoking status, your health, family history, occupation and any hazardous activities you participate in.
