Life Insurance

Save 10% on Medibank Life Insurance.* One more reason to help protect what you live for.

Cover up to $2.5m depending on your age and income, with advance payment for terminal illness.¹ Plus, Medibank health members save 10% every year.

Save 10% on Medibank Life Insurance

One more reason to help protect what you live for. Apply by 10 December to save 10% on your first year's premium.* Plus, Medibank health members enjoy an extra 10% off every year. Apply for cover up to $2.5m depending on age and income.

Get a quick quote Call 1300 152 271

Life insurance helps you protect the ones you love most

Life insurance is a way to help provide financial protection for your loved ones if you should fall terminally ill, or die.

Life insurance is based primarily around Life Cover, which provides a lump sum payment if you pass away or are diagnosed with a terminal illness, and are not expected to live for more than 12 months.1 If something should go wrong, you could have access to funds to pay for your cost of living, such as rent, mortgage and bills, along with short term expenses like funeral costs. 

There are additional covers to Life Cover, such as TPD Cover, Critical Illness Cover and Child Cover which can be added to your life insurance policy to provide more cover depending on your circumstances. 

Want award winning life insurance?

Looking for legendary service? Top value? Medibank Life Insurance is multi-award winning for a reason.

Winner of Top Value - 2024 Finder Awards for Life Insurance - Direct.
 

Winner of Most Loved - 2024 Finder Awards for Life Insurance - Direct.
 

Winner of Legendary Service - 2024 Finder Awards for Life Insurance - Direct.
 

Winner of 2023 Plan For Life Innovation - Customer Service Award.
 

Why choose Medibank Life Insurance?

Medibank Life Insurance policies let you tailor your cover and cover options to suit you and your circumstances.

Icon 24 by 7 Emergency

No medical tests required to apply

No medical examinations or blood tests required to apply.

display / finance / currency-40 Created with Sketch.

Flexible payment options

You can choose to pay your premium fortnightly, monthly, or annually.

Access to Medibank 24/7 Nurse

Medibank Life Insurance policy owners can speak to a registered nurse over the phone or online with 24/7 Medibank Nurse Support at no extra cost.# Call 1800 644 325 or chat online anytime of the day or night, 7 days a week.^

display / finance / currency-40 Created with Sketch.

Medibank health members save 10%

Medibank health members save 10% every year on premiums.

What does Medibank Life Insurance include?

For a full list of policy benefits, make sure to read the PDS.

Additional cover 

You can tailor your cover to meet your needs by adding additional cover options to your Life Cover.

Icon Cover

TPD Cover

Total and Permanent Disability Cover provides a lump sum payment if you become totally and permanently disabled. This can provide up to $1.5m in cover.8

Icon accident

Critical Illness Cover

Critical Illness Cover can pay a lump sum amount if you suffer a specified critical illness event that is listed in the PDS.9 

Icon Pregnancy

Child Cover

Child Cover is a one-off payment if an insured child dies or suffers a child critical illness event that is listed in the PDS. This can provide up to $200,000 in cover.10

How much life insurance can I apply for?

Document

Medibank Life Insurance lets you select life cover starting from $50,000, up to the maximum amount listed in the table below. The maximum sum insured amount depends on your age and income at the time of application. In addition, you may also be able to add optional covers, up to the maximum amount listed in the table below.11

Document

 

Age at Application Life Cover TPD Cover (optional) Critical Illness Cover (optional)
18 - 45 $2,500,000 $1,500,000
$1,000,000
46 - 55 $1,500,000
$1,000,000 $500,000
56 - 60 $750,000
$500,000
N/A
61 - 70
$500,000
N/A N/A

How to apply for Medibank Life Insurance?

Applying for Medibank Life Insurance is quick and easy. If you're an Australian resident aged between 18 and 70, you can apply for cover online or over the phone. The application process doesn't require medical or blood tests. 

1. Get a quick quote online

You can get a quick quote online or call our team on 1300 152 271 if you'd like to talk to us.

2. Add optional covers to your policy

Tailor your policy with our optional covers like Critical Illness,9 Total and Permanent Disability8 or Child Cover.10

3. Purchase online or over the phone

If your cover is approved, you can purchase Medibank Life Insurance on the same day.

Frequently asked questions

More about life insurance

Want to talk to us?

Whether you're looking for a new quote or have a question about life insurance, we're here to help. Call us Monday to Friday from 8:00am to 8:00pm AEST/AEDT.

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 10 December 2024 (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.

Life Insurance

Medibank Life Insurance and Medibank Income Protection (collectively Medibank life insurance) are issued by the insurer, Zurich Australia Limited ABN 92 000 010 195 AFSL 232510 (Zurich). NEOS Direct, a registered business name of NDLI Pty Ltd ABN 70 665 747 277 AFSL 547119, distributes and services Medibank life insurance, which is promoted by NEOS Direct's authorised representative Medibank Private Limited ABN 47 080 890 259 (AR No. 286089) (Medibank).  

Any advice provided is general only and doesn’t consider your objectives, financial situation or needs. You should consider these factors, the appropriateness of the advice, and carefully read the relevant Product Disclosure Statement (which sets out the product terms, conditions and exclusions), Target Market Determination and Financial Services Guide before making a decision to acquire, or continue to hold, the product.

Your personal information will be handled in accordance with the Privacy Policies of the parties involved. Click here for NEOS Direct's Privacy Policy, Medibank Private's Privacy Policy or Zurich's Privacy Policy