3 ways life insurance can help protect your financial wellbeing

Having a life insurance policy can help protect you and your loved ones. And if you're a Medibank health member you could benefit from a discounted premium.

Life insurance can provide more than just cover for death – it can be viewed as a safeguard against unexpected circumstances and can make a difference in the lives of your loved ones.

Today, we're taking a look at some of the key features that you can get with a Medibank Life Insurance policy, including some additional benefits you can access if you're also a Medibank health member.

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1. Policy cover

It's important to consider the actual cover you receive under your life insurance policy. If the worst does occur, life insurance could be a valuable tool to help support your family. So it's important to look for a level of cover that suits your particular needs and lifestyle.

Medibank Life Insurance offers a death benefit of up to $2.5 million.

The exact amount of cover available to you will depend on your age and income. You can find out your own eligibility by getting a quote on the Medibank website.

2. Other types of insurance cover

Life insurance policies don't have to kick in after you're gone. In some circumstances – such as terminal illness, critical illness or total and permanent disablement – early payouts may be possible. This can help manage a range of costs and help protect your family's financial position.

All Medibank Life Insurance policies include a Terminal Illness Benefit; an advance payment of the Death Benefit cover amount if you're diagnosed with a terminal illness and your life expectancy is less than 12 months².

For example, for an additional premium you may also apply for additional optional cover to your life insurance policy including:

• Total and Permanent Disability (TPD) Cover: a lump sum payment up to $1.5million depending on your age and income if you become totally and permanently disabled as a result of illness or injury, and you're assessed to be permanently unlikely to work in any occupation you're suited for³.

• Critical Illness Cover: a lump sum amount if you suffer from one of the 12 specified critical illness events that is listed in the PDS⁴.
• Child cover: a one-off payment if an insured child dies or suffers a child critical illness event that is listed in the PDS. This can provide up to $200,000 in cover⁵.

3. Discounts and other products available when services are combined

When you have private health insurance with Medibank, you can actually receive an exclusive health member discount and save 10% on your Medibank Life Insurance premiums every year you remain a Medibank health member⁶.

Additionally, Medibank health members may be eligible for Medibank Recover Boost, which is a life insurance product linked to their private health insurance cover.

Medibank Recover Boost provides a $10,000 lump sum payment in cash to help with your recovery following an accident resulting in surgery or another specified critical illness event⁷.

Another benefit of Medibank health membership is Live Better Rewards⁸.

It's a health and wellbeing program designed to inspire, support, and reward you to eat, move, and feel better, all while enjoying the things you do every day like walking, sleeping, eating healthily and more. Medibank members with eligible hospital and/or extras cover could earn rewards each year by redeeming the points earned for taking healthy actions⁹. Plus, if you shop with Medibank's partner brands, you could earn even more points!

Features like these can help the recovery process.

Congratulations, Medibank Private Limited!

Medibank Private Limited was a big winner in the 2026 Finder Life Insurance Customer Satisfaction Awards.

• Winner, Most Trusted Life Insurance - Direct
• Winner, Top Value Life Insurance - Direct
• Winner, Legendary Service Life Insurance - Direct
• Winner, Most Recommended Life Insurance - Direct
• Highly commended, Most Loved Life Insurance - Direct

LEanr more about Medibank

Learn more about life insurance with Medibank

Terms and conditions

1. 2.5M Eligibility criteria apply. For the full details, please refer to the PDS.
2. Terminal illness benefit For the definition of terminal illness, please refer to the PDS.
3. TPD For details on the optional TPD Cover, including definitions and eligibility criteria, please refer to the PDS.
4. Critical Illness For details on the optional Critical Illness Cover, including definitions and eligibility criteria, please refer to the PDS.
5. Child Cover For details on the optional Child Cover, including definitions, qualifying periods and eligibility criteria, please refer to the PDS.
6. Health member discount Excludes Recover Boost.
7. Recover Boost Eligibility criteria apply. For the full details, please refer to the Recover Boost PDS.
8. Must be aged 16+ to register, but some partners require you to be 18+ to earn and redeem. Must hold eligible Medibank hospital and/or extras cover (excluding Overseas Student Health Cover and Ambulance only cover), be up-to-date with premium payments and have signed up in the My Medibank app to earn and redeem points. Live Better Management Pty Ltd ACN 003 457 289 may receive commissions from partners. Points earning activities and rewards may change and may be subject to availability. Additional terms may apply. See full Medibank Live Better rewards terms <hyperlink to https://www.medibank.com.au/livebetter/rewards/terms/>.
9. Medibank Live Better Challenges & Goals Earning Policy: The participant of a Medibank Live Better Challenge or Goal may not receive Live Better points or may have their already credited Live Better points reversed in accordance with the Medibank Live Better terms and conditions. To earn Live Better points, the participant needs to properly complete 100% of the eligible Challenge according to the instructions. The number of Live Better points available for Medibank Live Better Challenges and Goals is subject to change without prior notice. The maximum number of Live Better points that each Medibank Live Better member can earn from successfully completing health and wellbeing Challenges, Goals or any Onboarding action in a calendar year is 40,000 Live Better points. To the extent of any inconsistency between this Policy and the Medibank Live Better terms and conditions, the terms and conditions will take precedence.

Medibank Recover Boost

Medibank Recover Boost is a life insurance product issued by the insurer, Zurich Australia Limited ABN 92 000 010 195 AFSL 232510 (Zurich). NEOS Direct, a registered business name of NDLI Pty Ltd ABN 70 665 747 277 AFSL 547119, distributes and administers Medibank Recover Boost. Medibank Private Limited ABN 47 080 890 259 (AR No. 286089), trading as Medibank, is acting on behalf of and as the authorised representative of NEOS Direct in promoting, selling and providing customer service for this product.

Any advice provided is general only and doesn't consider your objectives, financial situation or needs. You should consider these factors, the appropriateness of the advice, and carefully read the relevant Product Disclosure Statement (which sets out the product terms, conditions and exclusions), Target Market Determination and Financial Services Guide available at https://www.medibank.com.au/recover-boost/useful-documents/ before making a decision to acquire, or continue to hold, the product.

Medibank Life Insurance & Income Protection

Medibank Life Insurance and Medibank Income Protection (collectively Medibank life insurance) are issued by the insurer, Zurich Australia Limited ABN 92 000 010 195 AFSL 232510 (Zurich). NEOS Direct, a registered business name of NDLI Pty Ltd ABN 70 665 747 277 AFSL 547119, distributes and services Medibank life insurance, which is promoted by NEOS Direct's authorised representative Medibank Private Limited ABN 47 080 890 259 (AR No. 286089) (Medibank).

Any advice provided is general only and doesn't consider your objectives, financial situation or needs. You should consider these factors, the appropriateness of the advice, and carefully read the relevant Product Disclosure Statement (which sets out the product terms, conditions and exclusions), Target Market Determination and Financial Services Guide before making a decision to acquire, or continue to hold, the product.

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