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

Generally, the premiums are not tax deductible and benefits paid are not assessed as income.

This information is based on continuance of present tax laws and our interpretation of those laws.

Your individual situation may differ and tax laws may change. You should seek qualified professional advice in relation to your particular circumstances.

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. We will inform you in advance of your policy anniversary of the premium you'll need to pay for the following year.

In addition, there is an automatic indexation on your policy at each policy anniversary, which means that 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.

Medibank may, from time to time, review its premium rate schedule, which may result in changes to the premiums charged for all policies in that group. 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.

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. 

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.

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. Some exclusions include (but are not limited to) the below:

No payments will be made if your death is because of a self-inflicted injury or terminal illness within 13 months of:

• the policy commencement
• an increase to the policy (with regards to the increased portion); or
• the policy being reinstated.

We will also not pay any benefit where we have agreed with you a special term in respect of your cover that specifically excludes the event or condition leading to the claim. Any such provision will appear on your policy schedule.

We will not pay an Accidental injury benefit, a Permanently Unable to Work benefit or a Trauma benefit where the condition is a result of an intentional or deliberate self-inflicted injury.

For Trauma cover, we will not pay the Benefit Amount in the case of Cancer (excluding specified early stage cancers), Stroke, Coronary Artery Bypass Surgery or Severe Heart Attack if the condition was diagnosed, or the circumstances leading to diagnosis became apparent, after the Acceptance Date and within 90 days after:

• the Commencement Date; or
• the date that an increase in Benefit Amount is requested in respect of the Life Insured (but only in respect of the increase); or
• where we have agreed to reinstate the Policy after it was cancelled, the date on which we reinstate the Policy.

Depending on your answers to the health and lifestyle questions there may be other exclusions applied to the Policy which you will be advised of at the time of your application, and which will be listed on your Policy Schedule.

Please refer to the relevant PDS for further details.