Medibank Life Insurance 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.

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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

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.

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Deal

Save 10% on your first year

Expires 31 Jul 2024

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

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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.

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:

Full methodology on how we chose the winners

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 application	Life Cover	Total 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	$500,000	N/A
61-70	$500,000	N/A	N/A

Am I eligible for Medibank life insurance products?

Type of life insurance	Age criteria	Other features
Medibank Life Insurance	18-70	Further terms apply if you add TPD and/or Trauma Cover (critical illness) to your policy.
Medibank Funeral Insurance	45 to 79 years (inclusive).	Simple application; no medical history required.

Why you can trust Finder's life insurance experts

Questions you've asked about Medibank, answered ✅

• How do I make a claim for Medibank life insurance products?

  There are 4 key points to keep in mind for the claims process, as follows:

  • • If you (or your legal representative) wish to make a claim under a Medibank life insurance policy, you must complete and lodge a claim online.
    • Medibank provides a dedicated claims consultant to assist you with the claims process.
    • It's important that you lodge your claim as soon as possible after the claimable event.
    • 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.

  Speak to Medibank directly for more detail on how the claims process works.

• What are some of Medibank's policy exclusions?

  All policies have exclusions. For example, Medibank won't pay out as a result of suicide occurring within 13 months of taking out a policy. Trauma insurance (also known as 'critical illness ' cover) won't pay out for cancer, strokes, open-heart surgery or heart attacks within 90 days of you taking out cover.

  Read Medibank's PDS (Product Disclosure Statement) for each policy so you understand the full list of exclusions.

• How many beneficiaries can I nominate under my Medibank Life Insurance policy?

  You can nominate up to 5 beneficiaries. Read more on the rules around life insurance beneficiaries.

• Is my Medibank Life Insurance sum insured protected against inflation?

  Yes. Benefit amounts automatically increase by 3% on each policy anniversary.

• What factors affect the cost of Medibank Life Insurance premiums?

  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.

• Who underwrites Medibank life insurance policies?

  Medibank life insurance policies are underwritten by Zurich Australia Limited