What is Critical Illness Cover?
Critical Illness Cover, (also known as trauma insurance) provides a lump sum payment if you suffer a specified critical illness,^ to help you in your time of need. This benefit can be used to access medical treatment, pay for rehabilitation and to support you while you're off work to focus on your recovery.
Critical Illness Cover is an add-on to Life Cover. Cover starts from $50,000 and the maximum amount is $1m for individuals aged between 18 and 45 at time of application, while the maximum amount of cover is $500,000 for those aged between 46 and 55 at time of application. The maximum age you can apply for Critical Illness Cover is 55. This cover is in addition to your Life Cover, or other policies you may hold.
You can add Critical Illness Cover at any point during your Life Cover policy.
What is a specified critical illness event?
A specified critical illness event is serious health event which is defined in the PDS. Experiencing one of these events means you're eligible to claim on your Critical Illness Cover. A specified critical illness event can include things such as:
- Acute stroke (requiring specified impairment lasting more than 24 hours and excluding the retina)#
- Cancer (excluding early stage cancers)#
- Heart attack (with evidence of heart muscle damage)#
- Major head trauma (with significant permanent neurological impairment).
# These conditions are subject to a 90-day qualifying period.
Check the PDS for a full list of events that qualify.
Benefits of Critical Illness Insurance
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 $1.2m.1
Future Increase Benefit
The Future Increase Benefit allows you to increase your Critical Illness Cover amount without having to supply further medical evidence when specified events in your life happen, this can include having a child, or getting married.2
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.3
Why choose Medibank Critical Illness Cover
Add to your Life Cover
Critical Illness Cover provides financial protection for unforeseen medical events that are listed in the PDS, on top of your Life Cover.
Apply how you want, when you want
You can apply for Medibank Life Cover with Critical Illness 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
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Important details of Critical Illness Cover
When will you not be able to claim?
You will not be able to claim a benefit for Critical Illness Cover:
- If the claim is caused or contributed to by attempted suicide, or any intentional self-inflicted act.
- For the specified critical illness events with a 90-day qualifying period, if the critical illness event first occurred, was diagnosed or became apparent within 90 days of:
o the start of, or a change in your cover
o a voluntary increase in cover#
o a reinstatement of cover.
# the 90-day qualifying period only applies in respect of the increased amount.
For all exclusions, terms and conditions, read the PDS.
When does Critical Illness Cover end?
Being part of your Life Insurance, Critical Illness Cover will end if your benefit is paid, or on the policy anniversary immediately after your 65th birthday. If you cancel your policy, this will also end your cover.
When Life Cover ends, all TPD and Critical Illness Cover will also end. Your Critical Illness Cover will end on whichever event happens earlier.
If your Critical Illness Cover benefit is paid, it will reduce your sum insured for your Life Cover, Critical Illness Cover and if applicable, TPD Cover by the amount paid. If the sum insured reduces to zero, then the cover ends. This will not impact any Child Cover policies under your Life Cover.
For all circumstances that will end your Critical Illness Cover, read the PDS.
How to add Critical Illness 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 optional covers to your policy
Tailor your policy with our optional covers like Critical Illness,4 Total and Permanent Disability5 or Child Cover.6
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.
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.
Child Cover
Child Cover can provide up to $200,000 to help protect your loved ones if they were to suffer a traumatic illness or event.
Things you should know
^ A specified critical illness event that is listed in the PDS.
1 Premiums will increase in line with the increased level of insurance.
2 Minimum increase in sum insured is $10,000. Maximum sum insured increase depends on circumstances. You may only apply to increase the sum insured under this benefit once in any 12 month period, and the application to increase must be made within 90 days of the occurrence of the event. Evidence must be supplied to demonstrate an event has occurred.
3 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.
4 For details on the optional Critical Illness Cover, including definitions and eligibility criteria, please refer to the PDS.
5 For details on the optional TPD Cover, including definitions and eligibility criteria, please refer to the PDS.
6 For details on the optional Child Cover, including definitions, qualifying periods and eligibility criteria, please refer to the PDS.
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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