Medibank Income Protection Insurance
Compare Medibank income protection
Considering Medibank’s income protection insurance? The table below displays a snapshot of Medibank income protection policies on Canstar’s database, sorted by star rating. These results are based on a 30-39-year-old non-smoking male in a medium blue-collar occupation, such as trades.
Click here to compare more policies based on your circumstances.
What income protection does Medibank offer?
At the time of writing Medibank offers 2 income protection insurance policies which covers a variety of conditions that may prevent you from working. The first is their Standard Cover policy which covers up to a $7,500 benefit per month. If you’re unable to be covered under the Standard policy due to health, lifestyle or occupation, you’ll be able to take out the Essential policy which covers a further $3,500 benefit per month.
What features does Medibank income protection offer?
Medibank’s Standard Cover policy offers the following features:
- The option of choosing a maximum benefit period of up to 5 years
- A maximum monthly benefit of $7,500, or $3,500 for certain occupations
- Phone-based support and an easy-to-apply online process
- Other features, such as a 10% discount for existing Medibank health members Option to add involuntary unemployment cover (up to $3,000)
- Flexible waiting periods – choose between 30 and 90 days
What does Medibank income protection cost?
The cost of your income protection insurance will vary depending on several different factors such as:
- Your age and gender
- Whether you’re a smoker or a non-smoker
- Benefit period and waiting period
You can customise your policy to suit your specific needs. Get a quote for Medibank income on its website before applying to see what you might need to pay.
In 2018, Canstar’s research team calculated the average monthly income protection premiums for non-smoking male and female workers aged 27 and 52. Click here to see how the premiums differed.
The ATO (Australian Taxation Office) states that you can claim the cost of premiums you pay that cover the loss of your income. You can’t, however, claim a deduction for premiums that compensate you for physical injury or are taken out through your super fund. Ask your tax accountant or financial adviser for more details on this.
Generally speaking, premiums for other forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible.
Lodging a claim for income protection with Medibank is a straightforward 3-step process.
1. Contact Medibank: Call Medibank on 1300 360 129 (Mon to Fri 8am to 8pm) and let one of their customer service representatives know you’d like to make a claim. Make sure you have your policy number, details of your diagnosis and the date you stopped working.
2. Submit claim: You can find all the information and forms you need to fill out to lodge a claim on the Medibank website. You can choose to either lodge it over the phone or mail your documents to:
Medibank Life Insurance
PO Box 6728
Baulkham Hills NSW 2153
3. Approval: Medibank will assess your claim and let you know of the outcome. Once the waiting period expires, and your claim has been approved, you’ll receive your benefit.
You can apply for Medibank income protection after comparing your options in Canstar’s comparison tables and generating a quote on Medibank’s website.
Medibank may ask you:
- Your name, date of birth and gender
- Your smoker status
- Your occupation details (salary, how many hours you work etc.)
Medibank’s PDS document states that you must satisfy the following criteria to be eligible for an income protection policy:
- You must be between 18 and 59 years old
- You must be an Australian Resident
- You must have worked at least 20 hours of gainful employment a week for the last 12 months
Medibank was founded by the Australian government in 1976 as a not-for-profit private health insurance provider. It was an instant hit, becoming the nation’s second-largest fund within the year; and it now has 3.8 million members in Australia (2017). It celebrated its 40th birthday in 2016.
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 also provides other health benefits for members and the general public:
- Health and Fitness Apps: Use the Medibank Mobile App to find a health care provider nearby, the Symptom Checker to find possible causes for symptoms and the Energy Balancer to track daily eating and exercise decisions and get easy-to-understand advice.
- Health Magazine: The online Be Magazine is available free for the general public, filled with tips for living a happy, healthy life. It includes delicious, healthy-eating recipes from the Stephanie Alexander Kitchen Garden Foundation, like this one for vegetable samosas for the lunchbox.
- YouTube: The Medibank channel is full of practical tips for healthy eating include “7 things better than an afternoon sugar hit” and “7 things better than a morning coffee”.