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Australian residents aged between 18 and 79 years can apply, either solo or as a couple.
No, the premium you pay for your policy is guaranteed to reduce by 3% after each continuous period of five years your policy is in force.
When a life insured on the policy reaches the age of 90, cover for Funeral Insurance continues. However, premiums for that life insured are waived and no further premium payments are required for that life insured.
The premiums paid for funeral insurance are generally not tax deductible and tax will not generally be payable on any benefit paid to individuals under your insurance policy.
As individual circumstances vary, you should consult your professional tax adviser for advice regarding your personal circumstances.
Yes. Once your application is accepted, you are covered 24/7, anywhere in the world, provided you remain an Australian resident.
You may cancel your policy within 30 days of the first premium due 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 and not receive any of the premiums you have paid back.
Australian residents aged between 18 to 79 years can apply, either solo or as a couple.
Medibank Life Insurance is issued by Swiss Re Life & Health Australia Limited, ABN 74 000 218 306; Australian Financial Services Licence No. 324908, of Level 36, Tower Two, International Towers Sydney, 200 Barangaroo Avenue, Sydney NSW 2000, and is promoted and distributed by Medibank Private Limited, ABN 47 080 890 259 Authorised Representative No. 286089 of 720 BourkeStreet, Docklands, VIC 3008 (Medibank Private).
In doing so, Medibank Private is acting as the authorised representative of Greenstone Financial Services Pty Ltd (GFS) ABN 53 128 692 884, AFSL 343079, of 58 Norwest Blvd, Bella Vista NSW2153. GFS is authorised to enter into Medibank Funeral Insurance policies on Swiss Re's behalf.
Funeral insurance works in a similar way to other insurance policies you’re likely to already have.
You choose how much money you would like your policy to cover, and pay a series of regular premiums to cover that amount.
The person you choose as your nominated beneficiary will receive the sum insured (or, in our case, the amount you have paid in premiums if that is greater than the sum insured) in the event of your death.
The money paid out can then be used to pay for anything including your funeral and any other related expenses.
Pre-paid funeral plans
Pre-paid funeral plans work slightly differently. With a pre-paid plan, you’re effectively paying for your funeral in advance. You can choose what your funeral will involve too.
The costs of these plans are generally fixed and it can be difficult to change your plan after commencement. Terms and conditions vary and you should carefully consider the terms of your plan.
It can be difficult for families to find the amount of money needed for a funeral at short notice. Funeral insurance eases that burden. It means that your partner, children, or whomever your nominated beneficiary is, have fast access to the lump sum, usually within 2 business days of receiving all claims documents.
No. The benefit that we pay out on death will never be less than the total premiums paid. This means that we will pay the higher of the benefit amount or the total premiums paid for that person’s policy, as long as the policy is active when the life assured dies.
Things you should know
Any advice provided is general only and doesn’t consider your objectives, financial situation or needs. You should carefully read the relevant Product Disclosure Statement (which sets out the product terms, conditions and exclusions) and Financial Services Guide available here to ensure the product is right for you.
Medibank life insurance products are issued by the insurer, Swiss Re Life & Health Australia Limited ABN 74 000 218 306, AFSL 324908 (Swiss Re). Medibank life insurance products are distributed by Greenstone Financial Services Pty Ltd ABN 53 128 692 884, AFSL 343079 (GFS), and promoted by Medibank Private Limited ABN 47 080 890 259, AR 286089 (Medibank Private). Medibank Private is an authorised representative of GFS.
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