Medibank health insurance members save 10%.
Lump sum benefits
You could receive a lump sum payout if you suffer a permanent and total disability.
Premiums are generally tax deductible- check with your accountant for advice.
No medical or blood tests needed to apply.
Choose your benefit amount
Receive up to 75% of your pre-tax earnings, up to a total of $7,500 per month.
Choose your benefit period
Nominate how long you want your monthly benefits paid for, up to a maximum of 5 years.
Choose your waiting period
Choose between a 30 or 90 day waiting period, being the period following a claim that no benefit is payable.
Life Insurance Code of Practice
The Life Insurance Code of Practice is the life insurance industry’s commitment to customer service standards and it’s designed to protect you, the customer.
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.
There are key differences you need to know about:
Workers compensation steps in to protect employees when they suffer an injury at their workplace.
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.
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.
No. Redundancy cover is currently not an option that’s available as part of Medibank Income Protection.
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.
Your personal information will be handled in accordance with our Privacy Collection Notice.
^ - Depending on your income, you can apply for up to 75% of your pre-tax earnings. Minimum cover of $1,000 and a maximum of $7,500 per month.