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 $1.5m
You could be covered for up to $1.5 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 $250,000 if you suffer a specified condition like cancer, a stroke, or a 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 length application process.
We’ve got your questions answered
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 Life Insurance policies on Swiss Re's behalf.
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.
Our Medibank Life Insurance product tailors the premium based on the answers to the health and lifestyle questions we ask during the application process.
Medibank Starter Life Insurance only asks you to select one health and lifestyle statement so the premium is less tailored to an individual health situation. Medibank Starter Life Insurance will ask you to select the statement which best describes your health and lifestyle 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.
Our products have different age ranges for who can apply. This age range only applies to when you start the policy, not when it ceases. Except where permitted by law, our life insurance policies only cease if you decide to cancel it, or we pay a claim (in case of death or terminal illness).
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.
Medibank Starter Life Insurance can be applied for immediately online, without lots of health questions. You can choose to be covered between $50,000 and $250,000. To apply, you need to be aged between 18 and 45 years and be an Australian resident. If you have a medical condition, this product may not be suitable for you.
As our Medibank Starter Life application process does not consider your personal circumstances, we recommend you obtain independent financial advice if you’re not sure whether this product is right for you.
Our standard Medibank Life Insurance product can provide you with cover tailored to your needs. The application process is therefore longer, but may be a more affordable option depending on our assessment. You can choose to be covered for up $1.5 million depending on your age at application. To apply, you need to be aged between 16 and 65 years and be an Australian resident. You can request a quote online or apply on the phone.
If you are unsure about any of our Medibank life insurance products or have any questions, call one of our specialists and we can talk you through our different product options.
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.
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.