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Why do I need income protection?

Why choose Medibank Income Protection?

Medibank Income Protection can help you maintain your lifestyle when the unexpected happens. 

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Choose your benefit amount

Receive up to 75% of your pre-tax earnings, up to a total of $7,500 per month.

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Choose your benefit period

Nominate how long you want your monthly benefits paid for up to 1, 2 or 5 years.

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Choose your waiting period

Choose between a 30 or 90 day waiting period, being the period following a claim that no benefit is payable.

If you suddenly couldn't work due to injury or illness, what would happen to your way of life?

Do you have enough savings and sick leave to meet your regular living costs? If so, how long would they last for?

Everyone’s reason for taking out income protection insurance is different. You could have a tight financial situation or dependants that rely on your income.

Medibank Income Protection can help you maintain your lifestyle when the unexpected happens. You might insure things like your car or your home, but have you considered insuring the income that pays for those things?

Income Protection can provide you with regular monthly payments to help with your finances when you should be focused on recovering.

Here are just a few examples of when you might want to consider income protection insurance.

Young couple carrying son and daughter in field

Dependants

Do members of your family rely on your income? Would your partner, parents or dependents be able to cover your expenses if you couldn't? Income protection could help support your family if you’re unable to work.

Financial Commitments

Do you have a mortgage or other living expenses? Would you find yourself under financial stress if you were no longer able to work due to injury or illness? Medibank Income Protection can provide you with peace of mind with cover up to 75% of your pre-tax income.

Self-employed

If you're self-employed, would a personal injury or illness disrupt your ability to earn an income?

Close up of broken arm with cast and plaster speckled fingers

Manual jobs

Will you be able to continue working after an injury or illness (even a minor one)?

Homemaker or working less than 20 hours a week

If you run your household but couldn’t continue with your domestic duties due to injury or illness, how would you cope? Would you need to hire help or have a loved one take time off work? Medibank Essential Income Protection could cover up to $3,500 if you can’t continue with your domestic duties.

Benefits of Medibank Income Protection

  • Monthly benefit - you could receive a monthly payment to replace a portion of your income.
  • Member discount - Medibank health insurance members save 10%.
  • Member’s bonus - Medibank health insurance members receive an additional $200 per month while a claim is payable.
  • Lump sum benefits - you could receive an additional $200 per month while a claim is payable.
  • Claims indexation – we may increase the benefit payable to stay in line with current inflation rates.
  • Tax-deductible - premiums are generally tax deductible. Check with your accountant for advice.
  • Simple application - no medical or blood tests needed to apply.
  • Household duties cover – we have a level of cover suitable to homemakers and those working less than 20 hours per week.
  • Cover for business owners or self-employed.
  • Worldwide cover – you're protected 24 hours a day, 7 days a week, worldwide, provided you remain an Australian Resident.
  • Waiver of premiums – you won't need to pay your premiums if you're receiving an income benefit payment from us.
  • Rehabilitation Benefit – this additional monthly payment could help with rehabilitation expenses to help get you back to work.

Need some help?

Whatever your life stage or circumstance, check out our cover options for you and your family.

If our Medibank Income Protection option isn't the right fit, we have great alternatives like Medibank Life Insurance or Medibank Funeral Insurance. 

Call us on 1300 766 085 and one of our specialists can talk you through our product options.

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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