Enter your postcode to find your nearest store to have a face-to-face chat!
.
Updates from Medibank Life Insurance on Coronavirus (COVID-19): Find out more
Cover tailored to protect the life you've built
Whether it’s your partner, kids or parents, how long would they keep going if you suffered a heart attack, were diagnosed with cancer, or passed away in an accident? Medibank Life Insurance lets you tailor your cover based on your needs and lifestyle. This means you could ensure that the school fees get paid, the house stays with your family, and a tragic situation isn't made worse.
Cover for up to $2.5m
You could be covered for up to $2.5 million, depending on age and income.
Tailor your policy
Choose to tailor your policy with our optional benefits for Trauma cover and Permanently Unable to Work cover.
Fast approval
You could be covered in just one phone call, subject to approval.
Member discount
10% discount for Medibank health insurance members.
Guaranteed lifetime renewal
Even as your circumstances change, your Life Insurance policy will renew provided premiums are paid (optional Trauma and Unable to Work cover will expire at age 65).
Help on hand
Life Insurance policy holders can call our phone service to speak to a Medibank Nurse about their health concerns at any time of the day or night^.
Not sure how much life cover you need?
Answer a few questions and we'll help you work out the amount of life insurance cover you might require.
Cover for a range of scenarios
Accidental injury benefits
Designed to help you cope financially while you recover.
Early payment for terminal illness
Receive a lump sum benefit where a terminal illness is diagnosed and life expectancy is 12 months or less.
Major life events
Your benefit can be increased for some major life events such as when you get married or buy a house.
Cover options
Match the cover you want to the lifestyle you love. You can take out life cover and add any of the following options.
Trauma Cover
Apply for a benefit of up to $500,000 if you suffer a specified condition like cancer (excludes early stage cancers), a stroke, or a severe heart attack.
Permanently unable to work cover
Apply for a benefit of up to $1.25 million if an accident or medical condition means that you’ll be unable to work in an occupation you’re suited for.
Need some help?
Whatever your life stage or circumstance, check out our cover options for you and your family. Call us on 1300 766 085 we are open Monday to Friday from 8:00am to 8:00pm.
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.
Looking for something simpler?
We also have the option of Starter Life Insurance~. Life cover that can be bought immediately online.
Get simple and hassle free life insurance without a lengthy application process.
We’ve got your questions answered
Like all life insurance policies, the level of cover and the type of cover you have will affect your premium, or how much you pay. The age of each life insured at the time of application and policy anniversary will also be factored in.
Our Medibank Life Insurance product also calculates the premium based on the answers to the health and lifestyle questions we ask during the application process.
Medibank Starter Life Insurance will ask you to select a health and lifestyle statement to provide you with a premium. You also have the option to provide your height and weight details to see if you're eligible for a discount on this premium.
You need to be a permanent Australian resident to apply for any of our products. An Australian resident means a person who resides in Australia and:
- hold Australian or New Zealand citizenship; or
- holds an Australian permanent residency visa.
A medical examination is not required as insurability will be determined by your answers to the health and lifestyle questions. You must be aged between 16 and 60 years to also add Permanently Unable to Work cover, Children's Insurance cover and Trauma cover.
For Medibank Starter Life Insurance, you must be an Australian resident aged between 18 and 45 years. For our Medibank Life Insurance, you must be an Australian resident aged between 16 and 65 years at the time of application.
The relevant Life Insurance Policy Product Disclosure Statement (PDS) will provide the important information on how exclusions may affect your cover. It’s important to read the PDS for all exclusions that apply to your cover. Some exclusions include (but are not limited to) the below:
No payments will be made if your death is because of a self-inflicted injury or terminal illness within 13 months of:
- the policy beginning
- an increase to the policy (with regards to the increased portion); or
- the policy being reinstated.
We will also not pay any benefit where we have agreed with you a special term in respect of your cover that specifically excludes the event or condition leading to the claim. Any such provision will appear on your policy schedule.
We will not pay an Accidental injury benefit, a Permanently Unable to Work benefit or a Trauma benefit where the condition is a result, directly or indirectly, of an intentional or deliberate self-inflicted injury.
For Trauma cover, we will not pay the Benefit Amount in the case of Cancer, Stroke, Coronary Artery Bypass Surgery or Severe Heart Attack if the condition was diagnosed, or the circumstances leading to diagnosis became apparent, after the Acceptance Date and within 90 days after:
- the Commencement Date; or
- the date that an increase in Benefit Amount is requested in respect of the Life Insured (but only in respect of the increase); or
- where we have agreed to reinstate the Policy after it was cancelled, the date on which we reinstate the Policy.
Depending on your answers to the health and lifestyle questions there may be other exclusions applied to the Policy which you will be advised of at the time of your application and which will be listed on your Policy Schedule.
Please refer to the PDS for further details.
Your life 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.
In addition, you will be offered an automatic indexation on your policy at each policy anniversary, which means that your benefit amount and premium will both increase by 5%. You can opt-out of these automatic increases by contacting us.
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.
Life insurance will pay you or your chosen beneficiaries, a lump sum amount if you pass away or are diagnosed with a terminal illness and have 12 months or less to live.
You can also choose extra options like Trauma cover and Permanently Unable to Work cover with Medibank Life Insurance.
Things you should know
^ 24/7 Medibank Nurse Phone Service is offered by Medibank Health Solutions Pty Ltd who reserve the right to withdraw or change the service at its sole discretion.
~ Medibank Starter Life Insurance is able to be purchased online for applicants aged 18 to 45, to a maximum of $250,000 in cover.
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.
± Aus. res. 18+ only. Starts 15/6/20 9am AEST. Ends 30/8/20 11:59pm AEST. See T&Cs for entry limits. Draw: 2:30pm AEST, 1/7/20, 15/7/20, 29/7/20, 12/8/20, 26/8/20, 9/9/20, L4/411 Collins St, Melbourne VIC 3000. Prizes: 6 x $2,000 EFTPOS gift card (1 per draw). Winners published at https://plexus.co/docs/lifeinsurancewinners.pdf by 16/09/20. Promoter: Medibank Private Limited ABN 47 080 890 259, L 4, 720 Bourke St, Docklands VIC 3008. See https://www.plexus.co/terms/medibank-life-insurance-2k-gift-card-competition-june-2020 before Terms and Conditions. Permit No's: ACT TP20/00646, NSW LTPS/20/43616 & SA T20/553.
Have questions?
Our team of experts are ready to help!
Fill in the form below or get in touch by calling our dedicated line 1300 110
086.
We are open on Sundays.
In providing your telephone number, you consent to Medibank contacting you about health insurance.
We'll have someone call you soon to help with any questions you have.
Or, check out our FAQs and guides to help get you started.