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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.
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:
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
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.
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.
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.
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 ✅
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.
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.
Yes. Benefit amounts automatically increase by 3% 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.
Medibank life insurance policies are underwritten by Zurich Australia Limited
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).
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