Life Insurance

Things you should know

¹ Lump sum payable if you suffer a terminal illness and your life expectancy is 12 months or less. For the definition of terminal illness, please refer to the PDS.

^{^} 24/7 Medibank Nurse phone service is a separate service offered by Medibank Health Solutions Pty Ltd when you purchase Medibank Life Insurance. Medibank Health Solutions reserve the right to withdraw or change the service at its sole discretion at any time.

^# Some referred services may involve out of pocket costs and waiting periods may apply.

² Subject to satisfactory evidence that the Death Benefit will be payable. The Life Cover sum insured will be reduced by the amount paid under this benefit. Please refer to the PDS.

³ Only payable if we have paid your Life Cover, Critical Illness Cover, or TPD Cover sum insured. Reimbursement is up to $1,000 per insured person and must be claimed within 12 months of the payment of your sum insured. Other criteria apply, please refer to the PDS.

⁴ Premiums will increase in line with the increased level of insurance.

⁵ Subject to specified events and evidence demonstrating the event has occurred. Within the first six months of an increase to a sum insured under the Future Increase Benefit, the increased amount of the sum insured will only be payable for death, TPD or a critical illness which results from an accident. Other criteria apply, please refer to the PDS.

⁶ Only available after you have held cover for a continuous period of at least 12 months. Cover will be paused for three consecutive months and may only be exercised once in any 12 month period.  Other criteria apply, please refer to the PDS.

⁷ To be eligible, both the accident and death must have occurred while the Interim Accident Cover is in place. Other criteria apply, please refer to the PDS.

⁸ For details on the optional TPD Cover, including definitions and eligibility criteria, please refer to the PDS.

⁹ For details on the optional Critical Illness Cover, including  definitions and eligibility criteria, please refer to the PDS.

¹⁰ For details on the optional Child Cover, including definitions, qualifying periods and eligibility criteria, please refer to the PDS. 

¹¹ Eligibility criteria apply. Please refer to the PDS.

* First year discount Terms & conditions 

Offer starts 12.01am AEDT on 23 October 2024 and ends 11.59pm AEDT on 3 March 2025 (Promotion Period). Customers who purchase a Medibank Life Insurance or Medibank Income Protection policy for the first time (Eligible Policy), either online or over the phone during the Promotion Period will receive a 10% discount (Discount) on the premiums payable during the first 12 months their policy is in force. 

The Discount will also apply to any customers who start or resume their application of an Eligible Policy, during the Promotion Period, and then complete the purchase of the same application prior to that application expiring.

Where a customer purchased an Eligible Policy prior to or during the Promotion Period, and then adds additional cover types via a separate application during the Promotion Period (TPD Cover, Critical Illness Cover or Child Cover), the Discount will not apply to these additional cover types. 

Where a customer is a Medibank health member, the Discount is in addition to the standard 10% health member discount. The two discounts combined, amount to a total of 20% off the first year's premiums. Medibank health members continue to receive 10% off their premium every subsequent year, for so long as their health membership is maintained. All discounts are applied to the annualised premium amount and before the deduction of all applicable taxes. 

The Discount will end on the first policy anniversary date. The period that the Discount applies for will not change or extend despite the use of the Premium and Cover Pause Benefit, or the waiver of premiums in relation to an Income Protection claim (as outlined in the relevant PDS). 

All terms and conditions, waiting periods, limitations and exclusions will apply to all cover purchased in accordance with the relevant PDS. We reserve the right to change the Promotion Period of the Discount. The Discount only applies if it is shown on the quote provided when applying. Not available with any other offer except for the Medibank health member discount.