Insurance designed to support you and your loved ones
Insurance can be one way of protecting yourself, your family and loved ones when life changes unexpectedly. It can give you some peace of mind knowing that if the unexpected happens, there’s help to fall back on.
Products like life insurance and income protection are often grouped together under the umbrella of ‘life insurance’, but provide different coverage for a range of scenarios.
Life insurance can assist with the financial burden left behind to help you and your family meet living expenses if you suffer a terminal illness or in the event that you pass away.
Income protection can be your back-up plan if you fall ill or are injured and can’t continue your duties for work for an extended period of time. It can provide you with a monthly benefit as a percentage of your regular income to help you maintain your way of living.
Life insurance
Medibank Life Insurance helps support your family when you can't. Apply for life cover up to $2.5 million, depending on your age and income. You can also tailor your life cover with optional benefits.
Income protection
Medibank Income Protection provides regular payments during your benefit period to replace some of your income if you're unable to work due to illness or injury.*
Want award winning life insurance?
Looking for legendary service? Top value? Medibank Life Insurance is multi-award winning for a reason.
Winner of Top Value - 2025 Finder Awards for Life Insurance - Direct.
Winner of Most Loved - 2025 Finder Awards for Life Insurance - Direct.
Winner of Legendary Service - 2025 Finder Awards for Life Insurance - Direct.
Winners of the Roy Morgan Customer Satisfaction Award for Life Insurer of the Year 2024.
Life Insurance
- Apply for cover up to $2.5m depending on your age and income.
- Receive your Life Cover sum insured as a lump sum if you suffer a terminal illness and your life expectancy is 12 months or less.1
- A $15,000 benefit paid in advance to help your family with funeral costs while we assess your Death Benefit claim.2
- Grief support benefit reimburses the cost of grief counselling sessions up to $1,000.3
- Continuous cover even when circumstances change until policy expiry providing premiums are paid.
Income Insurance
- Choose a sum insured of up to 70% of your monthly pre-tax income (up to $12,500 per month, depending on your age).4
- Choose a benefit period and a waiting period from our options5 to suit your needs.
- Continuous cover even when circumstances change until policy expiry providing premiums are paid.
- We'll waive your premiums while you’re receiving monthly benefits.
- Income protection premiums are generally tax deductible - seek tax advice from your accountant to see if this applies to you.
Why choose Medibank Life and Income Protection Insurance?
Member discount
Medibank health members save 10% on life insurance & income protection insurance.
Easy application
Apply online or over the phone, no medicals or blood tests required.
Claims support
A dedicated claims consultant will be assigned to you by the insurer to support you through the claims process.
Want to talk to us?
Whether you're looking for a new quote or have a question about life insurance, we're here to help. Call us Monday to Friday from 8:00am to 8:00pm AEST/AEDT.
Things you should know
1 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.
2 Subject to satisfactory evidence that the Death Benefit will be payable. The Life Cover sum insured will be reduced by the amount paid under this benefit. Please refer to the PDS.
3 Only payable if we have paid your Life Cover, Critical Illness Cover, or TPD Cover sum insured. Reimbursement is up to $1,000 per insured person and must be claimed within 12 months of the payment of your sum insured. Other criteria apply, please refer to the PDS.
4 Eligibility criteria apply. Pre-tax income is defined in the PDS.
5 Choose a benefit period of 2 or 5 years and a waiting period of 30 or 90 days.
One month free terms & conditions
*Offer starts 12.01am AEDT on 2 December 2025 and ends 11.59pm AEDT on 2 February 2026 (Promotion Period). Offer provides new customers with one month free in their first policy year (Discount) when they purchase Medibank Life Insurance and/or Income Protection Insurance and provide the promo code MB1MF at the time of application to purchase (Eligible Policy), either on-line or over the phone, during the Promotion Period.
The Discount will also apply to any new customers who start a quote or resume their application of an Eligible Policy during the Promotion Period, provide the promo code MB1MF and then complete the purchase of the same quote or application prior the end of the Promotion Period. 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 or after the Promotion Period (Life, TPD Cover, Critical Illness Cover, Child Cover or Income Protection), 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. Medibank health members continue to receive 10% off their premium every subsequent year, for the period that their health membership is maintained. 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. Medibank Life Insurance reserves the right to withdraw, vary or extend the Discount at any time, without notice. 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.
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