Medibank Life Insurance
Compare Medibank life insurance
Considering Medibank life insurance? See our comparison table below for a snapshot of its current market offerings. Please note that this table has been formulated based on a non-smoking, 30-year-old male in a professional-type occupation. To compare more direct life insurance products, please click here.
The inclusions mentioned represent a selection of what is covered at the time of writing. Additional terms and conditions may apply to different features. Additional fees may apply to the product. CANSTAR is not making any suggestion or recommendation to you about this product. Please ensure that you read the product disclosure statement (PDS) to determine all the current options and inclusions for the product you are considering.
How do I buy Medibank life insurance?
You can buy Medibank life insurance directly by clicking on a Medibank life insurance product in the Canstar direct life insurance comparison tables for your occupation and age, and confirming your choice of policy. You can apply for a quote by clicking on the link in our comparison tables. If you need help obtaining a quote, call Medibank on 1300 722 568 (open Mon-Fri).
How much does Medibank life insurance cost?
The cost of your life insurance will vary depending on several different factors such as your age, occupation and choice of insurer. You can get a quote for Medibank life insurance by comparing direct life insurance on our website, and compare the quoted premiums to the average premiums for direct life insurance on our database
How do I lodge a claim with Medibank life insurance?
You or your beneficiaries can claim with Medibank life insurance by calling Medibank on 1300 766 085 (open Mon-Sat). A claims consultant will discuss the process with you and organise to get you any paperwork that is needed.
In some cases, a phone call is all that is needed to start your claim. In other cases, Medibank may request that after phoning them, you fill in an insurance claim form and return it together with medical certificates or other documentation it may ask for.
If your insurance claim is approved, Medibank will arrange the payment of your benefit. If your claim for an income protection benefit is approved, this will involve ongoing payments while you are eligible to continue receiving a benefit, rather than one lump sum payment.
Generally speaking, premiums for forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible, according to ATO (Australian Taxation Office). Ask your tax accountant or financial adviser for more details on this.
The ATO however, states that you can claim the cost of premiums you pay that cover the loss of your income, such as income protection insurance. 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.
Medibank life insurance charges stepped premiums, which generally increase as you age.
When you apply for Medibank life insurance, your insurance premium is calculated based on your chosen benefits and level of cover, your age, your occupation, your gender, whether you smoke, your health, family history and whether you engage in hazardous activities. The cost of your policy is recalculated each year on your policy’s anniversary, so your policy may increase for your particular age bracket or your occupation category.
Premium rates are not guaranteed. For more information about stepped premiums versus level premiums.
At the time of writing, medical tests may not always be required to apply for Medibank life insurance; however, depending on your sum insured, age and health conditions, a medical examination may be required.
When you apply for cover, Medibank will contact you if a medical examination is required for this type of cover.
After buying a Medibank life insurance policy, you can apply to increase the amount of your cover at any time. Your application to increase your cover will be subject to the same eligibility criteria.
Medibank life insurance policies also include Guaranteed Benefit increases. This means you can increase the sum insured for your life insurance without further health assessments, within 90 days of marriage or divorce, birth or adoption of a child, taking out or increasing your mortgage or receiving a pay rise of 20% or more. Terms and conditions apply, read your product disclosure statement (PDS) for details.
Keep in mind that increasing your level of cover or adding your spouse or children to your policy is likely to mean you pay a higher insurance premium.
It depends on the condition. When applying for Medibank life insurance, you must disclose (tell Medibank about) any pre-existing medical conditions you have now or had in the past, as well as current medications and health issues. Find out more about pre-existing conditions for life insurance here.
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”. Check out its recent “How often should you…” health advice series:
Medibank supports the community through the Medibank Community Fund, established in 2010 to distribute community grants, and the Medibank Health Research Fund (MHRF). For example, Medibank is committed to fighting childhood obesity by partnering with the Stephanie Alexander Kitchen Garden Foundation National Program in schools. Medibank invests in Indigenous health and well-being by partnering with programs such as Ngurra Kujungka and Night Hoops.
Medibank is a major sponsor of events that promote health and fitness. Their sponsorships at the time of writing include the Australian Open (check out the hilarious WEPLAY video highlights), the Melbourne Marathon and other marathons, fun runs and walking events (hear from everyday Melbournites on “Why I Run”), and Wave Warriors Junior Surfing Challenge.
Medibank supports the environment by reducing its carbon footprint, and only working with and supporting organisations that share this commitment. It also partners with initiatives to protect the environment, such as the 202020 Vision to achieve a 20% increase in green space in Australia’s urban areas from 2013 to 2020.