Save 10% on Medibank Life Insurance
One more reason to help protect what you live for. Apply by 3 March 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
What is Child Cover?
Child Cover is an add-on to Life Cover, and provides a one-off payment if an insured child on the policy dies, is diagnosed with a terminal illness, or suffers a specified critical illness.^ The payment can be put towards replacing lost income for parents caring for the child, medical expenses, or taking time to grieve.
Child Cover can provide up to $200,000 in cover, with a minimum amount insured of $10,000 per child on a Life Cover policy. Child Cover includes a Death Benefit, Critical Illness Benefit and a Terminal Illness Benefit.
You can add Child Cover at any point during your Life Cover policy.
What qualifies for Child Cover?
To apply for Child Cover, the child must be a minimum age of 2 years old and a maximum of 15 during time of application. You can add up to a maximum of 5 children under one Life Insurance policy.
Child Cover provides a lump sum if the child dies, is terminally ill or is diagnosed with a specified critical illness event that is listed in the PDS.
A child critical illness event, can include:
- Heart conditions
- Nervous system conditions
- Body organ disorders
- Blood conditions
- Other conditions (can include blindness, deafness, loss of independence, etc).
Some of these conditions are subject to a 90-day qualifying period. Read the PDS for more information.
You can add another insured child to your policy at any time as long as they meet the eligibility criteria.
Benefits of Child Cover
Indexation Benefit
The amount you're insured for will automatically increase by 3% on each policy anniversary to help your insurance keep up with the cost of living. Until you reach a maximum sum insured of $240,000.1
Interim Accident Cover
Interim Accident Cover provides limited cover if you die because of an accident while we're assessing your completed Life Insurance application. You can be paid up to the sum insured you applied for.
Premium and Cover Pause Benefit
A Medibank Life Insurance policy allows you to pause your cover for three months due to hardship, once you have held your cover for at least 12 continuous months.2
Why choose Medibank Child Cover
Add to your Life Cover
Child Cover helps provide financial protection for unforeseen medical events suffered by your child, on top of your Life Cover.
Apply how you want, when you want
You can apply for Medibank Life Cover with Child Cover over the phone or online. No medical examination required to apply. You can call 1300 152 271 Monday to Friday with any questions.
Medibank Health Members save 10% every year
Save 10% every year as a Medibank Health Member.
Important details of Child Cover
When will you not be able to claim?
We will not pay any benefit under Child Cover if the event causing the claim is caused or contributed to by an intentional, self-inflicted act, or attempted suicide within the first 13-months of the cover, increase to the policy cover, or the reinstatement of cover.
You will also not be able to claim, if a claim is caused or contributed to by a congenital condition, or injury/illness that became apparent before the policy started.
Any event caused by an illegal act by the parent or guardian will also prevent benefits being paid.
For critical illness events subject to the 90-day qualifying period, if any symptoms or diagnosis occur in the first 90 days of the policy, increase in sum insured or reinstatement of the policy, a benefit will not be paid.
For all exclusions, terms and conditions, check the PDS.
When does Child Cover end?
Child Cover will end on the policy anniversary immediately after the insured child turns 19.
If the Medibank Life Insurance policy with the Child Cover ends (unless due to a claim) then the Child Cover will end. If the Child Cover benefit is paid then it will also end.
If the Child Critical Illness Benefit is paid, it will reduce the sum insured for the Child Cover Death Benefit and Terminal Illness Benefit for that child. If the Child Cover Death Benefit or Terminal Illness Benefit is paid, it will reduce the sum insured to zero, and cover will end for that insured child.
For all circumstances that will end your Child Cover, read the PDS.
How to add Child Cover to Medibank Life Cover
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 Child Cover to your life insurance policy
Tailor your policy with our optional covers like Critical Illness3, Total and Permanent Disability4 or Child Cover.5
3. Purchase online or over the phone
If your cover is approved, you can purchase Medibank Life Insurance on the same day.
Life Insurance with Medibank
Medibank Life Insurance can include a range of covers that you can include in your life insurance plan.
Life Cover
Life Cover helps provide financial security for you and your loved ones if you pass away.
Income Protection
Income Protection is designed to help cover your income if you can't work due to illness or injury.
Critical Illness Cover
Critical Illness Cover can provide a benefit up to $1m if you suffer a critical illness.
TPD Cover
Total and Permanent Disability (TPD) Cover can provide up to $1.5m in cover, to help you focus on treatments and rehabilitation when you need it most.
Things you should know
^ With a specified critical illness event that is listed in the PDS.
1 Premiums will increase in line with the increased level of insurance.
2 To exercise this benefit, you must notify us at least 30 days before the premium due date (fortnightly, monthly or yearly) from which you wish to pause your cover; and you acknowledge that both premiums and cover will be paused. During this period no claims can be made.
3 For details on the optional Critical Illness Cover, including definitions and eligibility criteria, please refer to the PDS.
4 For details on the optional TPD Cover, including definitions and eligibility criteria, please refer to the PDS.
5 For details on the optional Child Cover, including definitions, qualifying periods and eligibility criteria, 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.
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.
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