No. Redundancy cover is currently not an option that’s available as part of Medibank Income Protection. 

Sick leave is designed to provide for situations which are short in duration. Most employers provide 10 personal leave days per year. While these days can accumulate, they do not transfer between employers, so it is generally not a good idea to rely on this as the sole contingency in case of sickness or injury.

Medibank's Income Protection policy provides options for the waiting period (the time after ceasing work that you must serve before receiving a claim payment) of 30 or 90 days, which is designed to take into account the fact that most people have some leave available and/or some savings which they can draw upon in an emergency. If you don't have much leave or savings accumulated the 30 day waiting period is designed for you. Whereas, if you have a large amount of savings or leave accumulated, you may consider opting for the 90 day waiting period.

Income protection insurance is designed to help you get back on your feet, covering 75% of your monthly pre-tax income, or up to $7,500 (whichever amount is lower), if you're unable to work due to sickness or injury.

We’ll pay a monthly benefit into your bank account or credit card so you’re able to stay on top of bills and while focusing on your recovery. 

You can apply for Medibank Income Protection if you are aged between 18 and 59 years and an Australian resident.

To apply for Medibank Income Protection Standard Cover, you must be working at least 20 hours a week for the last 12 months in paid employment or self-employment to qualify.

Medibank Income Protection can be renewed up to age 65.  

If you have an Income Protection Insurance claim that is accepted, the monthly income benefit becomes payable from the end of the waiting period you choose - this is either 30 or 90 days.

Benefits are then paid monthly in arrears and continue until you are no longer disabled as defined under the policy, or you reach the end of your benefit period.

In order to pay your claim we also need time to assess your circumstances. Accordingly we encourage you to lodge your claim as early as possible in order to ensure there is a low chance of delays to your claim payments.

You’ll find more information about how benefits are paid in the Product Disclosure Statement. 

You may find that you can reduce the costs of your premiums by:

• varying your waiting period;
• choosing a lower benefit period;
• reducing your monthly benefit amount; or
• if you've stopped smoking for longer than 12 months (contact us and we may be able to apply a discount).

When deciding whether to adjust any of these aspects of your cover, you should consider your financial situation and the impact the change may have on you in the event you need to claim. 

Your income protection insurance premium is calculated on a stepped basis which means it will generally increase each year as you age. All premium changes will occur from the next anniversary date on your policy and we will inform you in advance of your policy anniversary of the premium we will charge you for the following year.

Medibank may, from time to time, review its premium rate schedule, which may result in changes to the premiums charged for all policies. Changes of this nature will be notified to you in advance of the change affecting you and you can never be singled out for an increase.

There are key differences you need to know about:

Workers compensation

Workers compensation steps in to protect employees when they suffer an injury at their workplace.

Income protection

Income protection insurance covers you for injuries suffered both at work and outside the workplace, which is very important when you consider that accidents can occur anywhere.

Income protection insurance also provides cover when you suffer from a wide range of illnesses.

In cases where you are eligible for both a Workers Compensation claim and income protection claim, your insurer will consider your circumstances and may offset any payments you receive from Workers Compensation from any claim they are liable to pay. This is because income protection is designed to indemnify you for loss of income, but if you are still earning an income through other means, you may not be entitled to a benefit or may be entitle to a reduced benefit. 

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 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 (GFS) ABN 53 128 692 884, AFSL 343079, of 58 Norwest Blvd, Bella Vista NSW2153. GFS is authorised to enter into Medibank Income Protection policies on Swiss Re's behalf.