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 wellbeing and your family into the future.
Up to $1.5 million, depending on your age and income
Age of entry
16 - 65
How do I apply?
Online with Medibank
Information based on the Life Insurance policy and last checked on April 2019. Always consult the Product Disclosure Statement (PDS).
Pros
Cons
Increase your life insurance sum without another health / medical questionnaire*
Level premiums are not offered
Add optional trauma insurance and/or permanently unable to work cover onto your policy
Cover is guaranteed to renew as long as premiums are paid
Runner up for Finder's 2019 Best Life Insurance Award
*Only for specific events e.g. marriage or having children. Information based on the Life Insurance policy and last checked on April 2019. Always consult the Product Disclosure Statement (PDS).
This cover might be suitable if:
You want the flexibility to increase your cover in the future if you need to (e.g. after having kids) - without another health / lifestyle questionnaire.
You are after additional cover (not just death cover).
You'd like to apply quickly for life insurance online.
Apply carefully if:
You have pre-existing conditions - make sure you can declare your condition during the application for assessment. Otherwise, they could be excluded at claim time.
Don't get this cover if:
You want 'level premiums' that don't increase with age.
You are over 65 years of age.
Information based on the Life Insurance policy and was last checked on April 2019. Always consult the Product Disclosure Statement (PDS).
Medibank as a company
Medibank Australia sets itself apart from other insurers by offering leading value in:
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
There a three main cover types: Life Insurance, 'Starter Life Insurance', Income Protection Insurance and Funeral Insurance. Note - all cover types offer:
10% discount for Medibank health members
Worldwide cover applies 24 hours a day, seven days a week
Life Insurance
Get covered for up to $1.5 million (depending on your age and income at time of application) when you die or are diagnosed with a terminal illness
Tailor your policy with options like trauma cover
You can be approved over the phone (subject to approval)
This is Medibank's basic cover. One thing to understand is that it's an 'automatic acceptance' policy which means it may not be suitable if you have a pre-existing medical condition.
Provides a lump sum payment of $50,000 up to $250,000 (depending on your age and income at time of application) when you die or are diagnosed with a terminal illness
$15,000 advance benefit payment to cover funeral cost or similar expenses
Easy application - no medical or blood tests required
Cover guaranteed renewable for life provided premiums are always paid
Maximum monthly benefit of $7,500 (on Standard Cover) and replace up to 75% of your pre-tax earnings
Choice of benefit periods: one, two or five years (on Standard Cover)
Choice of waiting periods: 30 or 90 days
Lump sum Death Benefit of three times the monthly insured amount
Easy application - no medical or blood tests
Premiums are usually tax-deductible
Cover renewable until 65 years of age
Cover also available for applicants who work less than 20 hours per week
Additional benefits if you take out Standard Cover
Rehabilitation benefit of up to 50 per cent of the monthly sum insured for up to six months (on Standard Cover), is available to help you return to work
Depending on the level of cover, receive a Lump sum benefit if you suffer total and permanent disability (on Standard Cover)
Guaranteed acceptance if you are an Australian resident and aged from 18 to 79 years inclusive at time of application
Lump sum payment from $3,000 up to $15,000 to help your loved ones pay for funeral expenses when you die, or cover other immediate expenses and debts
Terminal illness benefit equal to benefit amount chosen if you are diagnosed
Accidental death benefit triples the benefit amount chosen if payable (if death occurs within 90 days of accident)
Accidental serious injury benefit triples the benefit amount chosen if payable (if injury is diagnosed within 12 months of accident)
Premiums will never increase unless you change your cover
Premiums decrease by 3% every continuous 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
Cover guaranteed renewable for life provided premiums are always paid
Who is eligible for Medibank life insurance products?
Medibank Life Insurance
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.
The amount of cover you can apply for varies depending on your age and income, 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
Medibank Income Protection Insurance offers a benefit of 75% of your monthly Pre-Tax Income up to a maximum of $7,500 and is available to Australian residents aged from 18 to 59 years inclusive
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
Medibank Funeral Insurance is available to any Australian resident aged from 18 to 79 years inclusive.
It offers a benefit from $3,000 up to $15,000 and cover continues for life
How do I make a claim for Medibank life insurance products?
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 products
Standard Cover is available to people who work more than 20 hours per week in permanent paid employment or self-employment. It offers a benefit of 75% of your monthly Pre-Tax Income up to a maximum of $7,500 (or $3,500 for some occupations). Essential Cover is available to people who work less than 20 hours per week and it offers a maximum monthly benefit of $3,500.
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.
No. Claims arising due to mental disorders or mental illness are excluded from cover.
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.
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.
You can nominate up to five beneficiaries.
Yes. Benefit amounts automatically increase by 5 per cent on each policy anniversary.
Your premium amount is determined based on your age, 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.
Will Eve is the lead publisher of the global team at Finder. He was previously the group publisher for insurance for Finder Australia. Will has a Bachelor of Communications from the University of Technology Sydney. He loves the challenge of launching Finder into new markets while helping grow Finder’s global team.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.
Products marked as 'Promoted' or "Advertisement" are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options and find the best option for you.
The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.
We try to take an open and transparent approach and provide a broad based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use for more information about our services and our approach to privacy.
