Life Insurance

Life insurance helps provide financial security to you and your loved ones if you pass away.

Having life insurance means your loved ones can be supported in meeting their financial obligations after you’re gone. This can include everyday expenses like paying the bills, rent or mortgage.

Life insurance cover usually provides a lump sum payment if you pass away or are diagnosed as terminally ill with a certified life expectancy of less than 12 months.¹ You can typically add additional types of cover onto your life insurance policy to cover total and permanent disability, cover for children or traumatic events.

You have the option to add the following types of cover onto Medibank Life Insurance policies:

Total and Permanent Disability (TPD) Cover provides a lump sum benefit if you’re totally and permanently disabled due to an illness or injury.⁹

Critical Illness Cover also commonly called trauma insurance, provides a lump sum benefit if you’re diagnosed with one of the critical illness events listed in the policy. For example, cancer, heart attack and stroke. Please refer to the PDS for the full list of critical illness events covered under the policy.¹⁰

Child Cover provides a lump sum benefit if an insured child is diagnosed with one of the child critical illness events listed in the policy, is certified as terminally ill with a life expectancy of less than 12 months or if they pass away.¹¹

The amount of cover you may need depends largely on your personal circumstances. When determining the appropriate amount and types of cover for you and your loved ones, you should take into consideration financial commitments such as a mortgage, rent, car or personal loans, along with day to day living expenses such as groceries, power bills or school fees. With Medibank Life Insurance, you can always adjust your cover as your needs change. For advice specific to your situation, speak to a financial adviser.

You should consider taking out life insurance based on your personal circumstances, your life stage and how you and/or your loved ones would be impacted financially if you weren’t providing an income. For example, many people consider life insurance if they have or are about to take out a mortgage or have a child. Speak to a financial adviser if you’re unsure. 

There are some situations where a benefit may not be paid, which are set out in the Medibank Life Insurance PDS.

Additionally, specific exclusions may be applied to your cover based on the information you provide to us when you apply for cover.

Having a pre-existing health condition doesn’t necessarily mean you can’t get life cover. During the application process, you’ll be asked questions about your health and you may have special conditions included in your policy based on the information you provide.¹²

Some life insurance policies can advance a sum to assist with the costs of a funeral. Medibank Life Insurance may advance $15,000 of the Life Cover sum insured to assist with the costs associated with a funeral or other similar expenses upon confirmation of your death.³

You may have life insurance in your superannuation fund, but it’s important you check the level of cover you have within super to make sure it meets your needs. If it doesn’t, you may wish to take out additional life insurance cover outside of super. For advice specific to your situation, talk to a financial adviser.