Medibank Life Insurance
Written by: TJ Ryan
“For better health.”
Policy Options: What Medibank life insurance covers
The inclusions below represent a selection of what is covered. Additional conditions may apply to different features. CANSTAR is not making any suggestion or recommendation to you about this product. Please ensure that you read the product disclosure statement to determine all the current policy options and inclusions for the product you are considering.
Life Insurance Policy
Medibank life insurance policy is flexible, so you can choose which bits and pieces of cover you want:
- Life cover: Financial protection for your loved ones if you die or become terminally ill. Includes some accidental injury benefits. Paid in a lump sum. Early payment for funeral expenses and early payment in the case of terminal illness may be possible. Covers up to $1.5 million, depending on your age and needs.
- Trauma cover: Benefit from a payment if you are diagnosed with a specified medical condition such as a heart attack or stroke. Paid in a lump sum. Covers up to $250,000, which you can spend however you need to, including home modifications or living expenses.
- Permanently unable to work cover: Benefit from a payment if you were to have an accident or illness that means you become totally and permanently unable to work. Paid in a lump sum. Covers up to $1.25 million.
- Children’s insurance cover: Financial protection for your family’s needs if your child suffers a traumatic illness. Paid in a lump sum. Covers up to $50,000, which can be used however you need, including specialist medical expenses or allowing a parent to take time off from work to be a full-time carer.
- Medibank Private health fund members receive a 10% discount on their premium.
Income Protection Policy
- Provides you with a replacement income stream if you cannot work due to serious illness or injury.
- Includes cover for rehabilitation expenses.
- Includes Permanent and Total Disability cover for a lump sum benefit.
- Covers up to 75% of your gross income, from $1,000/month up to $7,500/month, for 1-5 years, renewable until age 65.
- Paid in an income stream of monthly payments.
- Tax-deductible premiums (conditions may apply).
- Medibank Private health fund members receive a 10% discount on their premium, plus an extra $200 bonus with each monthly benefit payment.
Medibank was founded by the Australian government in 1976 as a not-for-profit private health insurance providers. They were an instant hit, becoming the nation’s second-largest fund within the year, and in 2016 they’ll celebrate their 40th birthday.
At the time of writing, Medibank offers a 10% discount off life insurance policy premiums for anyone who is already a Medibank Private health fund member.
Medibank members receive an amazing range of benefits:
- Mobile Health and Fitness Apps: Medibank members can use the Medibank Mobile App to make claims and find a healthcare provider near them, Symptom Checker to find possible causes for their symptoms, and Energy Balancer to track their daily eating and exercise decisions and get easy-to-understand advice.
- Magazine: Available free online for everyone’s benefit, and filled with tips for living a happy, healthy life. Includes delicious, healthy-eating recipes from the Stephanie Alexander Kitchen Garden Foundation, like this one for vegetable samosas for the lunchbox. Their practical tips for healthy eating include “7 things better than an afternoon sugar hit” and “7 things better than a morning coffee“.
- GymBetter: At time of writing, Medibank members with hospital and extras cover get a 25% discount off each visit to any of the 600 gyms in the GymBetter Australia-wide network. You get flexible, pay-as-you-go access to gyms near you, and all the tips in the GymBetter app for Apple or Android. See how John and Jen do gym better on the Medibank YouTube channel.
- Better Health: Health information guides to help you eat healthy, get active, and maintain your well-being. At the time of writing, Medibank members collect 10,000 flybuys points when they reach 10,000 steps in one day with a linked Fitbit device, and collect triple flybuys points when they buy fresh fruit and veges and frozen veges at Coles supermarkets.
How Medibank supports the community
- Medibank Community Fund: Established in 2010, this fund distributes 1% (approximately $3 million per year) of Medibank’s pre-tax profit to community grants, the Medibank Health Research Fund (MHRF), fighting childhood obesity, and investment in Indigenous health and well-being.
- Promoting fit and active living: Medibank is a major sponsor of the Australian Open (check out the hilarious WEPLAY video highlights), the Melbourne Marathon (hear from everyday Melbournites on “Why I Run“), Little Athletics Queensland, Wave Warriors Junior Surfing Challenge, Icehouse Ice Skating Rink, and City to Surf Perth.
How Medibank supports the environment
- Committed to reducing own carbon footprint by setting annual carbon reduction targets, and only working with and supporting organisations that share this commitment.
- Partnering with initiatives to protect the environment, such as 202020 Vision to achieve a 20% increase in green space in Australia’s urban areas by 2020.