Frequently asked questions

Here are some Frequently Asked Questions about Medibank Life Insurance and Medibank Income Protection. If you have a question that is not answered here, please contact us on 1300 722 568.

Frequently Asked Questions about Medibank Life Insurance

Can I apply for Medibank Life Insurance?

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 applying for Trauma cover you must be aged between age 18 and 60.

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Can I get advance payment of the Medibank Life Insurance benefit?

Yes. With Medibank Life Insurance you can claim your full benefit if you are diagnosed as being terminally ill with less than 12 months to live (these benefits are explained in the policy - you should 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.

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What special benefits are there for Medibank Private members?

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 could mean significant savings over the years.

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What if my partner is not a Medibank Private member?

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.

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Can I apply to increase my level of cover from time to time?

Yes, once your policy commences, you can apply to increase the amount of your cover. 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.

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How does the automatic increase benefit work?

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.

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Am I covered if I am traveling overseas?

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

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What are my premium payment options?

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.

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Will my premium increase?

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.

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Will I get anything back if I cancel my 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.

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Are there any tax benefits?

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.

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How long can I keep my cover?

Provided you pay your premiums on time you can keep your life insurance for life. You can keep your Trauma cover until age 60 and, subject to employment-related conditions, you can keep your Permanently Unable to Work cover until age 65.

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Who is the insurer?

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 Greenstone Financial Services Pty Ltd ABN 53 128 692 884, AFSL 343079; 58 Norwest Blvd, Bella Vista NSW 2153 who are providing distribution services.

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Frequently Asked Questions about Medibank Income Protection

Can I apply for Medibank Income Protection?

You can apply for Medibank Income Protection if you are an Australian Residents aged between 18 and 59 years old (including temporary residents with a valid work visa). To apply for Standard Cover you have to have been working at least 20 hours a week for the last 12 months in paid employment to qualify. If you work less than 20 hours per week (paid or unpaid) you can apply for Essential Cover.

Medibank Income Protection can be renewed up to age 65.

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Is Medibank Income Protection available to the self-employed?

Yes, you can apply for Medibank Income Protection if you are self employed as long as you are an Australian resident aged 18 to 59.

You can apply for Standard Cover if you have been self-employed for at least 20 hours a week for the 12 months prior to the Commencement Date.

You can apply for Essential Cover if you work less than 20 hours per week (paid or unpaid).

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If I make a claim when would I start to receive benefit payments?

If you have a claim that is accepted, the monthly Income Benefit becomes payable from the end of the Waiting Period you chose - this is either 30 or 90 days. Benefits are then paid monthly in arrears and continue until you return to work or the end of your benefit period (whichever is shorter). For more information about how benefits are paid, please refer to the Product Disclosure Statement

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What special benefits are there for Medibank Private members?

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.

Medibank Private members also receive the Member Bonus, which is an additional $200 monthly benefit while a claim is being paid. The bonus payment can help pay for any costs that are incurred, such as private health insurance premiums.

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Can I apply to increase my level of cover from time to time?

Yes, once your policy commences, you can apply to increase the amount of your cover. Your application will be subject to the insurer’s normal assessment process and eligibility criteria.

Standard Cover also allows you to increase the benefit amount insured without further assessment of your health, if your salary increases by 20% or more. Conditions apply – please refer to the Product Disclosure Statement for details.

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Am I covered if I am travelling overseas?

Yes. Once your application is accepted, you are covered 24/7, anywhere in the world, provided you remain an Australian Resident.

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What are my premium payment options?

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.

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Will my premium increase?

Yes, your premium is calculated each year on the policy anniversary and is based on your age at that time, your chosen benefits, waiting period, benefit period 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.

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Will I get anything back if I cancel my 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.

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Are there any tax benefits?

The premiums paid for income protection are generally tax deductable. You should speak with your tax adviser to find out if the premiums would be tax deductable for you.

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How long can I keep my cover?

Provided you pay your premiums on time and continue to be an Australian Resident, you can keep your Medibank Income Protection until the policy anniversary after you reach age 65.

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Who is the Insurer?

Medibank Income Protection 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 Greenstone Financial Services Pty Ltd ABN 53 128 692 884, AFSL 343079; 58 Norwest Blvd, Bella Vista NSW 2153 who are providing distribution services.

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You should read the Medibank Life Insurance combined Product Disclosure Statement and Financial Services Guide, the Medibank Funeral Insurance combined Product Disclosure Statement and Financial Services Guide or the Medibank Income Protection combined Product Disclosure Statement and Financial Services Guide carefully before deciding whether or not to buy that product and base your decision on that document. Medibank Life Insurance, Medibank Funeral Insurance and Medibank Income Protection are issued by Swiss Re Life & Health Australia Ltd ABN 74 000 218 306 AFSL 324908. These products are promoted and distributed by Medibank Private Ltd, ABN 47 080 890 259 AR 286089. Medibank Private is acting as the authorised representative of Greenstone Financial Services Pty Ltd, ABN 53 128 692 884, AFSL 343079 of 58 Norwest Blvd, Bella Vista NSW 2153. Advice on this website is general only and does not consider your individual objectives or financial situation. Your personal information will be handled as outlined in the relevant combined Product Disclosure Statement and Financial Services Guide.