4 situations where life insurance can offer assistance
You can get help when you need it with life insurance. We look at how Medibank's life insurance policies can work for you.
Sponsored by Medibank. Medibank Life Insurance can cover up to $2.5m depending on your age and income1 and provide advance payment if you are diagnosed with a terminal illness and your life expectancy is less than 12 months2. T&Cs apply. To learn more, visit the Medibank website.
With a Medibank Life Insurance policy, you can get cover up to $2.5m depending on your age and income, and get advance payment if you are diagnosed with a terminal illness and your life expectancy is less than 12 months.
You can also purchase additional cover like Total and Permanent Disability (TPD) Cover, Critical Illness Cover and Child Cover. There is also Medibank's Income Protection, which is another form of life insurance cover that can provide you with monthly payments if you're unable to work due to sickness or injury.
Together, these different types of cover can provide options which may support financial wellbeing for people at different stages of life. Let's take a closer look at some of the ways that life insurance with Medibank can help.
1. Buying a house
Buying a home is a situation that inherently comes with a range of variables.
Interest rates change over time. Extra costs can and will come about for repairs and maintenance. But it's also where you and your family live. Life insurance can be a way to help make sure funds are available to continue paying the mortgage if the unexpected occurs.
- Medibank Life Insurance Cover offers a payout of up to $2.5 million, depending on your age and income level1.
- In the event of death, an immediate Death Advancement Benefit of $15,000 of the Life Cover amount can be paid to help your family manage immediate costs such as costs associated with organising a funeral, while the larger claim is processed3.
- Optional Total and Permanent Disability (TPD) Cover can provide a lump sum payment of up to $1.5 million if you become totally and permanently disabled4.
- Another optional insurance called Critical illness cover can pay a lump sum amount if you suffer a specified critical illness event listed in the PDS5.
- There's also Medibank Income Protection insurance, designed to help cover your income if you can't work due to illness or injury. Choose a sum insured of up to 70% of your monthly pre-tax income (up to $12,500 per month, depending on your age). It can help you keep up with cost-of-living expenses, like paying your rent, mortgage repayments and everyday bills so you can focus on your recovery.
2. Having a baby
Many people opt to take out life insurance when they have a child. After all, they want to make sure that their child has the best possible start in life, even if they can't be around anymore. But there are other options too.
Although no-one likes to think about the possibility of anything happening to their child, illness can occur.
Medibank offers Child Cover as an optional benefit that can be added to Life Cover. It provides a one-off payment in the event of the child passing away, is diagnosed with a terminal illness with a life expectancy of less than 12 months or suffers a specified child critical illness event. This can be for amounts up to $200,000, which can be used for covering a range of expenses6.
Additionally, having a new baby can be tough.
If you have Medibank health insurance, you can access 24/7 Medibank Mental Health Support. Health members can chat to a mental health professional over the phone or online about how they feel and get guidance on what they can do next, at no extra cost~.
Medibank Private Limited was a big winner in the 2026 Finder Life Insurance Customer Satisfaction Awards. 
Congratulations, Medibank Private Limited!
3. Ageing
As you age, your living situation will evolve. Partners, spouses, children and grandchildren may come along, growing your family.
Even if you have life insurance, you may want to think about how much cover you have. That way, you can help ensure those left behind are looked after in the way you want.
Medibank Life Insurance includes an indexation benefit which means the amount you're insured for automatically increases by 3% every policy anniversary to help keep up with the costs of living7.
Your policy also has a future increase benefit feature to suit changing life circumstances. You may increase your Life Cover, TPD Cover and/or Critical Illness Cover sum insured after the occurrence of specified events without having to supply further medical evidence to Medibank6. Any increase to your cover will affect your premiums.
This means you're able to adjust your level of cover over the life of your policy.
4. Death of a loved one
The passing of a loved one is never easy for those left behind. Medibank Life Insurance provides a Grief Support Benefit as part of its life insurance policy8.
You (or your policy owner, if they are a different person) can use the benefit for counselling and support services if Medibank pays your Life Cover, Critical Illness Cover, or TPD Cover sum insured. Having resources like this available can help ease stress during a difficult period.
Learn more about life insurance with Medibank
Sponsored by Medibank. Medibank Life Insurance can cover up to $2.5m depending on your age and income1 and provide advance payment if you are diagnosed with a terminal illness and your life expectancy is less than 12 months2. T&Cs apply. To learn more, visit the Medibank website.
Terms and conditions
- $2.5M Eligibility criteria apply. For the full details, please refer to the PDS.
- Terminal illness benefit For the definition of terminal illness, please refer to the PDS.
- Subject to satisfactory evidence that the Death Benefit will be payable. The Life Cover sum insured will be reduced by the amount paid under this benefit. Please refer to the PDS.
- TPD For details on the optional TPD Cover, including definitions and eligibility criteria, please refer to the PDS.
- Critical Illness For details on the optional Critical Illness Cover, including definitions and eligibility criteria, please refer to the PDS.
- Child Cover For details on the optional Child Cover, including definitions, qualifying periods and eligibility criteria, please refer to the PDS.
- Premiums will increase in line with the increased level of insurance.
- Only payable if we have paid your Life Cover, Critical Illness Cover, or TPD Cover sum insured. Maximum reimbursement is up to $1,000 and must be claimed within 12 months of the payment of your sum insured. Other criteria apply, please refer to the PDS.
~ This service is being delivered by Amplar Health. Amplar Health is a business of Medibank Health Solutions Pty Limited (ABN 99 078 934 791), a member of the Medibank group of companies.
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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