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 Finder Score Funeral Benefit Optional TPD Cover Optional Trauma Cover Maximum Cover
Medibank Life Insurance image
Finder Award
Best Rated Brand
Finder score
Funeral Benefit
$15,000
Optional TPD Cover
$1.5 million
(maximum cover)
Optional Trauma Cover
Maximum Cover
$2.5 million
Get QuoteView details
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. It also won Most Loved, Best Value and Legendary Service categories in the Finder 2024 customer

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

Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 30 products and gave each one a score between 1 and 10.

But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.

Read full Finder Score methodology

Get the latest deal from Medibank Life Insurance

Deal

Save 10% on your first year

Verified 2 days ago Expires 10 Dec 2024
When you apply by 10 December 2024. T&Cs apply.
Deal

10% off premiums for Medibank health members

Verified 2 days ago
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.

Finder Awards badge

Congratulations, Medibank!

Medibank won the following awards in the 2024 Customer Satisfaction Awards:

  • 'Life Insurance - Direct' - Most Loved Brand
  • 'Life Insurance - Direct' - Top Value Brand
  • 'Life Insurance - Direct' - Legendary Service Brand
Full list of 2024 winners

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

$2,500,000


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

NobleOak Life Insurance logo

NobleOak Life Insurance

1st place in Finder Awards


Maximum Cover

$25,000,000


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 disabilityCritical 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.
Medibank Funeral Insurance45 to 79 years (inclusive).Simple application; no medical history required.

Questions you've asked about Medibank, answered ✅

Compare other products from Medibank

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Editor

James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, WIN News, Insurance News, 7NEWS and The Guardian. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

James's expertise
James has written 205 Finder guides across topics including:
  • Car, home, life, health, travel and pet insurance
  • Managing the cost of living
  • Money-saving tips

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