Why Medibank Income Protection

Why choose Medibank Income Protection?

Medibank Income Protection helps protect the life you're building.

Your income is more than just money, it provides you with a roof over your head, groceries in your fridge and can help fuel your future goals. Income protection insurance helps take the pressure off in your time of need, so you can focus on your recovery.

Medibank health members save 10%

Medibank health members save 10% every year on their income protection premiums.

Cover up to 70% of your income

Get cover for up to 70% of your monthly pre-tax income, up to $12,500 per month (depending on your age and income)^.1

Tailor your cover

Choose your benefit period and waiting period. Plus, include additional insurances like Life, Critical Illness, Total and Permanent Disability or Child Cover.

No medicals required to apply.

No medical examinations or blood tests required to apply. Apply online in under 15 minutes.

Get a quick quote Call 1300 152 271

Award-winning income protection. Proud to be winners of WeMoney's 2024 Award - Best for Value (Income Protection).

Frequently asked questions

What do I have to disclose when applying for income protection?

What does income protection not cover?

Each income protection policy is different. Income protection policies can have certain exclusions or conditions that may not be covered. In these circumstances, your benefit payment may be reduced, or you may be unable to claim on your policy.

Under Medibank Income Protection, the monthly benefit may be reduced for a number of reasons including, but not limited to:

If you’re receiving annual leave payments or sick leave payments during the period when monthly benefits are payable.
If you’re receiving any amounts under workers' compensation, any other income protection or similar insurance policies or any government payments relating to the illness or injury.

Under Medibank Income Protection, a benefit may not be paid for a number of reasons including, but not limited to:

A claim arises from participation in criminal activity.
A claim as a result of travel to an overseas location against the advice issued by the Australian Government.
Intentional self-inflicted injury, attempted suicide, or death as a result of suicide.
Normal and uncomplicated pregnancy, miscarriage or childbirth.

For more information and a full list of exclusions and benefit adjustments under Medibank Income Protection, please refer to the ‘Exclusions’, and ‘Benefit adjustments’ sections of the PDS.

Does income protection cover mental health?

What are Waiting Periods and Benefit Periods?

A Waiting Period is the length of time you need to be disabled and off work before benefit payments commence. The Waiting Period starts when you become totally or partially disabled. Under a Medibank Income Protection policy, you can select a Waiting Period of either 30 or 90 days.² You will not be paid any benefits during the Waiting Period.

The maximum period over which you’ll receive payments whilst you’re disabled is called the Benefit Period. Benefit payments are generally made monthly in arrears.

You can choose a Medibank Income Protection Benefit Period of either two or five years. Payments start only after your Waiting Period has ended.

Monthly benefit payments can stop for a number of reasons, including when the maximum Benefit Period has been reached or you’re no longer disabled. See the PDS for a complete list of reasons why benefit payments may cease.

How much cover can I apply for?

With Medibank Income Protection, if you’re aged between 18-50, you’re eligible to be insured for up to 70% of your pre-tax income, up to a maximum of $12,500 per month.¹

If you’re aged between 51-55, you’re eligible to be insured for up to 70% of your pre-tax income, up to a maximum of $10,000 per month.

You can choose a Benefit Period, the maximum period of time we’ll pay you whilst you’re disabled, of two or five years.

For more information on maximum benefits under Medibank Income Protection, refer to the PDS.

Want to add some extra cover to your income protection?

You can add additional cover beyond income protection, such as Life Cover, and add-ons like Total and Permanent Disability, Critical Illness or Child Cover. These additional covers can help tailor your insurance policy.

Life Cover

Life Cover helps provide financial security for you and your loved ones if you pass away or if you are diagnosed with a terminal illness.³ You can apply for up to $2.5m in cover, depending on your age and income.

Total Permanent Disability Cover

Total and Permanent Disability (TPD) Cover can provide up to $1.5m in cover, to help you focus on treatments and rehabilitation when you need it most.⁴

Critical Illness Cover

Critical Illness Cover can provide a benefit up to $1m if you suffer a critical illness.⁵

Child Cover

Child Cover can provide up to $200,000 to help protect your child if they were to suffer a traumatic illness or event.⁶

Want to talk to us?

Whether you're looking for a new quote or have a question about income protection, we're here to help. Call us Monday to Friday from 8:00am to 8:00pm AEST/AEDT.

Call 1300 152 271

Things you should know

¹ Eligibility criteria apply. Pre-tax income is defined in the PDS.

² Choose a benefit period of 2 or 5 years and a waiting period of 30 or 90 days.

³ Lump sum payable if you suffer a terminal illness and your life expectancy is 12 months or less. For the definition of terminal illness, please refer to the PDS.

⁴ For details on the optional TPD Cover, including definitions and eligibility criteria, please refer to the PDS.

⁵ For details on the optional Critical Illness Cover, including definitions, waiting periods and eligibility criteria, please refer to the PDS.

⁶ For details on the optional Child Cover, including definitions, waiting periods and eligibility criteria, please refer to the PDS.

* First year discount Terms & conditions

Offer starts 12.01am AEST on 19 May 2025 and ends 11.59pm AEST on 31 July 2025 (Promotion Period). Customers who purchase a Medibank Life Insurance or Medibank Income Protection policy for the first time (Eligible Policy), either online or over the phone during the Promotion Period will receive a 10% discount (Discount) on the premiums payable during the first 12 months their policy is in force.

The Discount will also apply to any customers who start a quote or resume their application of an Eligible Policy, during the Promotion Period, and then complete the purchase of the same quote or application prior to that quote or application expiring.

Where a customer purchased an Eligible Policy prior to or during the Promotion Period, and then adds additional cover types via a separate application during the Promotion Period (TPD Cover, Critical Illness Cover or Child Cover), the Discount will not apply to these additional cover types.

Where a customer is a Medibank health member, the Discount is in addition to the standard 10% health member discount. The two discounts combined, amount to a total of 20% off the first year’s premiums. Medibank health members continue to receive 10% off their premium every subsequent year, for so long as their health membership is maintained. All discounts are applied to the annualised premium amount and before the deduction of all applicable taxes.

The Discount will end on the first policy anniversary date. The period that the Discount applies for will not change or extend despite the use of the Premium and Cover Pause Benefit, or the waiver of premiums in relation to an Income Protection claim (as outlined in the relevant PDS).

All terms and conditions, waiting periods, limitations and exclusions will apply to all cover purchased in accordance with the relevant PDS. We reserve the right to change the Promotion Period of the Discount. The Discount only applies if it is shown on the quote and/or application provided when applying. Not available with any other offer except for the Medibank health member discount.

Life Insurance

Medibank Life Insurance and Medibank Income Protection (collectively Medibank life insurance) are issued by the insurer, Zurich Australia Limited ABN 92 000 010 195 AFSL 232510 (Zurich). NEOS Direct, a registered business name of NDLI Pty Ltd ABN 70 665 747 277 AFSL 547119, distributes and services Medibank life insurance, which is promoted by NEOS Direct's authorised representative Medibank Private Limited ABN 47 080 890 259 (AR No. 286089) (Medibank).

Any advice provided is general only and doesn’t consider your objectives, financial situation or needs. You should consider these factors, the appropriateness of the advice, and carefully read the relevant Product Disclosure Statement (which sets out the product terms, conditions and exclusions), Target Market Determination and Financial Services Guide before making a decision to acquire, or continue to hold, the product.

Your personal information will be handled in accordance with the Privacy Policies of the parties involved. Click here for NEOS Direct's Privacy Policy, Medibank Private's Privacy Policy or Zurich's Privacy Policy.

Apply by 31 July 2025 to receive 10% off your first year’s premium.

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Medibank Income Protection Insurance