Life, income & funeral insurance purchased prior to 1 July 2023

Premiums are a regular payment to cover the cost of your insurance policy. The cost of your cover is calculated based on personal risk factors such age, gender, and lifestyle habits such as smoking. The amount of cover you have and any optional extras influence the amount you need to pay.

Yes. Your life insurance premium is calculated on a stepped basis where premiums are recalculated each year based on your increase in age. This means your premium will increase each year as you get older to reflect your increased insurance risk.

In addition, Medibank Life Cover includes an automatic increase benefit to ensure your policy keeps up with the rising cost of living. Your benefit amount will increase by 5% and your premium will be adjusted accordingly. You can opt-out of these automatic increases by contacting us. For more information, please refer to your Product Disclosure Statement.

Medibank may, from time to time, review its premium base rates. Base rates are the starting point for calculating premiums. Each customer's personal risk circumstances such as gender, health and lifestyles factors are added on top of the base premium. Base premiums can be influenced by factors impacting the individual insurer or the industry as a whole such as changing mortality rates, inflation or interest rates, which can affect the cost of providing insurance. Insurers may increase base rates to maintain their ability to cover future claims. Insurers may also decrease their insurance premiums in some circumstance where it's possible to do so.

Premium changes happen on the next anniversary date of your insurance policy. We’ll get in touch with you before your policy anniversary to let you know your new premium for the following year. For more information, please refer to your Product Disclosure Statement.

Yes. Once your policy commences you may be eligible to increase the amount of your cover. An application to increase will be subject to eligibility criteria including age requirements, and underwriting assessment in the normal manner.

In some circumstances, depending on your policy, you may be entitled to an increase without the need for underwriting assessment. Your Product Disclosure Statement sets out the full details on how to increase your cover. 

Medibank life insurance is designed purely for protection (unlike some other types of life insurance that have savings and investment components) and there is no 'cash-out' feature.

You may cancel your life policy within 30 days from the commencement date, and provided you have not made a claim, we will cancel the policy and refund any premiums you may have paid. This is known as the "cooling off period".

If you cancel your policy after the 30 day cooling off period, you will not receive a refund. If you cancel outside the 30 day cooling off period, you won’t get a refund of all the premiums you’ve paid. If you paid your premium annually, a refund of premiums for any complete months remaining on your insurance policy will be made.

You can cancel your Life Insurance Policy by calling us on 1300 766 085 or by writing to:

Policyowner Services
Medibank Life Insurance
Reply Paid 6728
Baulkham Hills NSW 2153

A confirmation of cancellation will be sent to you.

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. 

Medibank cannot offer Life Insurance cover or Income Protection Insurance cover to individuals with a diagnosis of HIV or AIDS at the time of application, reinstatement, cover increase, or when applying for optional benefits or additional lives insured. That’s because we don’t use medical examinations as part of the application process, and so we are unable to assess the severity of the condition. However, you will not be excluded if you contract HIV or AIDS after you have purchased a policy. That means you may retain your policy, and we shall pay claims related to an HIV or AIDS illness, provided the claim meets the appropriate definitions of the policy.

Yes. Once your application is accepted, you are covered 24/7, anywhere in the world, provided you remain an Australian resident.

Medibank Funeral insurance is designed purely for protection (unlike some other types of life insurance that have savings and investment components) and there is no 'cash-out' feature. This means that, you won’t get a refund of the premiums you’ve paid. If you paid your premium annually, a refund of premiums for any complete months remaining on your Insurance Policy will be made.

Premiums are a regular payment to cover the cost of your insurance policy. The cost of your cover is calculated based on personal risk factors such your age at time of application lifestyle habits such as smoking and the amount of cover you have.

No, your total premium will never increase and the amount you pay for your policy is guaranteed to reduce by 3% after each continuous period of five years your policy is in force. 

When a life insured on the policy reaches the age of 90, premiums for that life insured are waived and no further premium payments are required for that life insured. Cover for Funeral Insurance continues after age 90 even when premiums are not payable. 

No. Where a benefit is payable for death or terminal illness, the amount payable will be the greater of the benefit amount, or the total premiums paid. Your payment will never be less than the amount you have paid in premiums.