Frequently Asked Questions

Medibank Life Insurance is designed to provide financial protection for you and your family.

You can apply for a life insurance benefit level from $100,000 up to $1.5 million (depending on your age). In addition if you were to suffer a terminal illness, or a serious disability in an accident, (these benefits are explained in the policy- you can refer to the PDS for details), once the required claim information is received your benefit will generally be paid to you – in full.

You can also apply to combine your Life Insurance with Permanently Unable to Work cover which pays your chosen benefit from $100,000 up to $1.25 million (depending on your age) as a lump sum if you are permanently unable to work due to sickness or injury, or suffer a major physical impairment - such as loss of limbs, eyesight, deafness or severe burns (these benefits are explained in the policy- you can refer to the PDS for details).

Even if you make a claim on your Permanently Unable to Work cover, the balance of your life insurance cover (if any) can continue.

Yes. With Medibank Life Insurance you can claim your full benefit if you are diagnosed as being terminally ill (these benefits are explained in the policy- you can refer to the PDS for details)This special Terminal Illness Benefit may help you get the best medical treatment available, put your personal affairs in order or settle other family needs.

A benefit is also payable if you suffer one of several severe disabilities in an accident.

Medibank Life Insurance also includes an advance payment of $15,000 which is normally paid as soon as the required claim information is received. This is designed to help with funeral and other expenses that may arise.

Please refer to the Product Disclosure Statement for full details of these advance payment benefits.

All Australian permanent residents and their partners aged between 16 and 65 are eligible to apply for cover. A medical examination is not required as insurability will be determined by your answers to a few health and lifestyle questions.

If you are applying for Permanently Unable to Work cover, you must be working on a permanent basis in an eligible occupation for at least 20 hours per week and aged between 16 and 60.

If you are an Australian Resident aged between 16 and 65 you can apply for Medibank Life Insurance. The minimum benefit amount you can apply for is $100,000.

Australian residents aged between 16 and 45 can apply for a life insurance benefit amount of up to $1,500,000, those aged between 46 and 55 can select up to $1,000,000 and those aged between 56 and 65 can select up to $500,000.

For Permanently Unable to Work cover, Australian residents aged between 16 and 45 can select up to $1,250,000, those aged between 46 and 55 can select up to $750,000, and those aged between 56 and 60 can select up to $200,000.

When you apply for a joint policy, you and your partner can select your individual benefit amounts based on the limits above.

If you are a Medibank Private member you will be rewarded with a 10% discount on the insurer’s standard premium rates that applies for as long as your policy continues. This can mean significant savings over the years.

Even if your partner is not a Medibank Private member they can still apply for Medibank Life Insurance. If they are covered under your policy, they will also benefit from the 10% discount for the life of the policy.

Yes, once your policy is active, you can apply to increase your cover or to add additional benefits. Your application will be subject to the insurer’s normal assessment process and eligibility criteria.

The Policy also includes Guaranteed Benefit increases which means you may increase the life cover sum insured without further assessment of your health, within 90 days of: marriage or divorce, birth or adoption of a child, you take out or increase your mortgage, or your salary increases by 20% or more. Conditions apply – please refer to the Product Disclosure Statement for details.

Please refer to the Product Disclosure Statement for full details.

To help ensure that your level of insurance cover keeps up with the cost of living the cover amounts for each life insured are automatically increased on each policy anniversary by 5%. You can decline this increase by writing to us if you wish.

The automatic increases stop at the policy anniversary after you reach age 65.

Yes. Once your application is accepted, you are covered 24/7, anywhere in the world.

As soon as your application is accepted you’ll be covered for death and terminal illness (other than if caused by self-inflicted injury in the first 13 months). If you have Permanently Unable to Work cover you will also be covered for the accidental injury benefit (except if caused directly or indirectly as a result of a self-inflicted injury). The PDS explains the benefits and when they are payable.

No benefits are paid if a Special Term has been agreed upon that specifically excludes the event or condition.

You select the level of cover you want to apply for and you’ll receive an indicative estimate. During the application process your information will be assessed and then you’ll receive advice if your application was successful, and if so, the terms and conditions of your cover. Get a quote now

You can pay for your policy premiums either by automatic debit from your bank, credit union or building society account or charge it to your credit card.

To make budgeting easier, you can choose the date of debit, and you can select fortnightly or monthly payments.

Your premium is calculated each year on the policy anniversary and is based on your age at that time, your chosen benefits, your amount of cover (and any increases), the insurance plan (single or joint) and various other factors which can affect your premium rating such as gender, smoking status, state of health, family history, occupation and participation in hazardous activities.

Premium rates are not guaranteed. However you personally can never be singled out for an increase – any variation will apply to all policies within a group or category of policyowners and not to an individual policy.

You may cancel your policy within 30 days of the policy commencement date, and provided you have not made a claim we will cancel the policy and refund any premiums you may have paid. This is known as the "cooling off period"

If you cancel your policy after the 30 day cooling off period you will not get anything back as this policy is designed purely for protection purposes and does not have a savings or investment component.

Generally the premiums are not tax deductible and benefits paid are not assessed as income. This information is based on continuance of present tax laws and our interpretation of those laws. Your individual situation may differ and you should seek qualified professional advice in relation to your particular circumstances.

Provided you pay your premiums on time you can keep your life insurance for life. Subject to employment-related conditions, you can keep your Permanently Unable to Work cover until age 65.

Medibank Life Insurance is issued by Swiss Re Life & Health Australia Limited, ABN 74 000 218 306; Australian Financial Services Licence No. 324908, Level 29, 363 George Street, Sydney NSW 2000 (Swiss Re), and is promoted and distributed by Medibank Private Limited, ABN 47 080 890 259 Authorised Representative No. 286089 of Level 17, 700 Collins Street, Docklands, VIC 3008 (Medibank Private). In doing so, Medibank Private is acting as the authorised representative of Hollard Financial Services Pty Ltd ABN 53 128 692 884, AFSL 343079; Level 38, 2 Park St, Sydney NSW 2000 who are providing distribution services.