Medibank Life Insurance
Summary
Medibank Life Insurance offers flexible cover backed by a trusted health brand, with a focus on digital convenience, wellness rewards, and fast, supportive claims.
Company Overview
Medibank Life Insurance Company Overview
Medibank Life Insurance offers a suite of life insurance solutions designed to provide financial protection to Australians. The product range includes:
- Life Cover: Providing a lump sum payment in the event of death or terminal illness.
- Total and Permanent Disability (TPD) Cover: Offering a lump sum payment if the insured becomes totally and permanently disabled.
- Critical Illness Cover: Paying a lump sum upon the diagnosis of specified critical illnesses.
- Child Cover: Providing financial support in the unfortunate event of a child's death, terminal illness, or specified critical illness.
While Medibank Private Limited, a prominent Australian health fund, promotes these insurance products to its members, the policies are issued and underwritten by Zuirch Life Australia Limited. Zurich Life holds the responsibility for the Product Disclosure Statement (PDS) and the management of the policies. NEOS Direct, a business specializing in the distribution and administration of life insurance products, acts as the distributor and administrator for Medibank Life Insurance. This arrangement allows Medibank Private to offer a wider range of financial security options to its customers while partnering with specialist providers for the insurance underwriting and administration.
Key Information
Key Information – Medibank Life Insurance
- Company Name: Medibank Life Insurance (promoted by Medibank Private Limited
- ABN: 47 080 890 259
- AR No: 286089
- Underwriter: Zurich Australia Limited (AFSL No. 2232510)
- Maximum Sum Insured (cash payout):
- Life Cover: Varies by age, from $2,500,000 (18-45) to $500,000 (61-70)
- TPD Cover: Varies by age, up to $1,500,000 (18-45) to $500,000 (56-60), Not available for 61-70
- Critical Illness Cover: Varies by age, up to $1,000,000 (18-45) to $500,000 (46-55), Not available for 56-60 and above
- Child Cover: Up to $200,000
- Types of Cover Generally Offered:
- Life Cover (Death and Terminal Illness Benefit)
- Total and Permanent Disability (TPD) Cover (optional)
- Critical Illness Cover (optional)
- Child Cover (optional)
- Advance Payout Option:
- Yes, a Death Advancement Benefit is available to assist with funeral costs (up to $15,000 for Life Cover, $10,000 for Child Cover)
- Terminal Illness Benefit is also available under Life Cover and Child Cover
- Inflation Protection:
- Yes, an Indexation Benefit is available, with the sum insured for all cover types automatically increasing by 3% each policy anniversary
- Family & Multi-Policy:
- The Medibank Life Insurance PDS does not explicitly mention family or multi-policy discounts.
- Waiting Periods:
- 90-day qualifying period applies to certain Critical Illness Cover and Child Critical Illness Cover events
- Life Cover has a 13-month exclusion for suicide
- Medical Requirements:
- The application process involves questions about the person to be insured's age, gender, occupation and health information
- Health information will determine what cover types are available and whether any special terms, including exclusions and/or loadings, will apply
- Application Process:
- The application process can be done online or over the phone
- Cooling-Off Period:
- Yes, 30 days from the policy commencement date
- Life Insurance Code of Practice:
- Integrity Life is a signatory to the Financial Services Council's Life Insurance Code of Practice
- Offers life insurance policies to:
- Australian residents
- Age eligibility varies by cover type (e.g., Life Cover 18-70, TPD Cover 18-60, Child Cover 2-15)
- Early payout:
- Includes a Terminal Illness Benefit under Life Cover and Child Cover
- Includes Death Advancement Benefit to assist with funeral expenses
- Claims process:
- Offers a claims process where they encourage you to contact them as soon as possible
- Additional features:
- Grief Support Benefit: reimbursement for grief counselling sessions (up to $1,000) under certain conditions
- Future Increase Benefit: ability to increase cover after specified life events without medical evidence, subject to conditions
History and Milestones
Medibank – History and Milestones
Medibank Life Insurance is a life insurance product promoted by Medibank Private Limited, one of Australia's largest and most accessible health funds. While Medibank Private promotes the product, it is issued by Integrity Life Australia Limited, and distributed and administered by NEOS Direct.
Key Milestones:
- 1975: Medibank was established by the Australian government, providing universal health insurance to all Australians.
- 1975: Launch of Medibank on 1 July, originally providing free universal health insurance.
- 1976: Medibank extended to include a private health insurance arm.
- 1981: Changes to Medibank with the introduction of a new Medicare levy.
- 2014: Medibank Private Limited was privatized and listed on the Australian Securities Exchange (ASX).
- 2023: Medibank Private continues to be a major health fund in Australia, with its offerings including Medibank Life Insurance, underwritten by Integrity Life Australia Limited and distributed by NEOS Direct.
- b The underwriting responsibilities transitioned from Integrity Life to Zuirch Australia Limited
- Present day: Today, Medibank Private operates in collaboration with Zuirch and NEOS Direct.
Medibank Private has evolved from a government initiative to a leading private health insurer, now offering a range of health-related products, including life insurance, to meet the diverse needs of Australians.
Key Strengths
Key Strengths of Medibank Life Insurance
Medibank Life Insurance offers several key strengths that make it an attractive option for those seeking financial protection:
- Comprehensive Cover Options: The product provides a range of cover options, including Life Cover, TPD Cover, Critical Illness Cover, and Child Cover, allowing customers to tailor their policies to their specific needs. This flexibility ensures that individuals can obtain coverage for various life events and potential risks.
- Indexation Benefit: The inclusion of an automatic 3% annual increase to the sum insured across all cover types through the Indexation Benefit helps protect the real value of the coverage against inflation over time. This is a significant advantage for long-term financial planning.
- Financial Assistance at Critical Times: The Death Advancement Benefit provides quick access to funds for funeral expenses, easing the financial burden on families during bereavement. Additionally, the Terminal Illness Benefit offers a lump sum payment upon diagnosis of a terminal illness, providing financial support when it's needed most.
- Support Beyond Financial Payouts: The Grief Support Benefit, which reimburses the costs of grief counselling, demonstrates a commitment to the well-being of beneficiaries, acknowledging the emotional challenges that can accompany a claim.
- Flexibility for Life Changes: The Future Increase Benefit allows policyholders to increase their coverage without further medical evidence following specific life events, offering valuable flexibility as circumstances change.
- Reputable Providers: While promoted by Medibank Private, a well-known and trusted health fund, the policies are underwritten by Zurich a specialist life insurer, and distributed by NEOS Direct, providing a combination of a strong brand and specialist expertise.
- Cooling-Off Period: The 30-day cooling-off period provides customers with the opportunity to review their policy and make sure it meets their needs, offering peace of mind and the option to cancel if necessary.
- Adherence to Industry Standards: Zuirch Insurance commitment to the Life Insurance Code of Practice ensures adherence to high standards of service and ethical conduct, providing policyholders with confidence in their dealings with the insurer.
These strengths collectively position Medibank Life Insurance as a product that prioritizes comprehensive coverage, financial security, and customer support.
Awards and Recognition
Medibank – Awards and Recognitions
Medibank is one of Australia’s most recognised health and life insurers, known for its commitment to customer well-being, digital innovation, and quality service. Over the years, Medibank Life Insurance has been acknowledged through a range of industry awards that highlight its excellence in service, customer experience, and product innovation.
2024 – Customer Satisfaction Awards
- Most Loved Life Insurer – Based on thousands of real customer reviews, Medibank scored highly for service, value, and ease of application.
- Top Value Award – Recognised for delivering affordable life insurance solutions with competitive features.
- Legendary Service Award – Awarded for outstanding customer support and service quality, with a satisfaction score of 4.29/5.
2023 – Plan For Life Direct Life Insurance Awards
- Innovation – Customer Service – Recognised for initiatives such as Medibank’s 24/7 Nurse On Call service, enhancing customer access to health guidance.
- Innovation – Underwriting – Awarded for its Optimised Underwriting Engine, improving speed and accuracy in application processing.
- Innovation – Distribution – Acknowledged for collaboration with NEOS Direct in expanding customer access through adviser-supported distribution.
2025 – Customer Contact Week (CCW) Excellence Awards
- Best Employee Engagement & Retention Award – Recognising Medibank’s internal culture and staff satisfaction, contributing to better customer experience.
ADN Access & Inclusion Awards
- Best in Class for Employee Experience – Commended for inclusive hiring practices and workplace support for employees with disabilities.
Historical Industry Recognition
Medibank has built a strong presence in both the health and life insurance sectors by consistently delivering:
- Highly rated customer support
- Innovative digital services
- Inclusive and forward-thinking workplace practices
- Recognition for delivering accessible life cover to a wide customer base
Why These Awards Matter
These awards affirm Medibank Life Insurance’s commitment to quality, innovation, and putting the customer first. Whether it’s ease of application, digital claims support, or trusted service, Medibank continues to be recognised as a leader in the evolving Australian life insurance landscape.
Why Choose Medibank Life Insurance
✓ Trusted Australian Brand
Medibank is one of Australia's most recognised and trusted health brands, with a long-standing reputation for supporting the health and wellbeing of millions of Australians.
✓ Fast, online application
Apply for life insurance quickly and easily online, with no lengthy paperwork or in-person appointments. In many cases, there's no need for medical tests or exams.
✓ 24/7 Nurse support
Access Medibank’s 24/7 Nurse on Call service with eligible cover — providing health advice and reassurance when you need it most.
✓ Flexible cover to suit your needs
Choose the cover amount that works for you, with options up to $2.5 million depending on your age and circumstances. Adjust your policy as your life changes.
✓ Award-winning customer satisfaction
Medibank has been recognised for multiple Awards and other industry rankings for excellent customer service, product value, and innovation.
✓ Backed by TAL
Medibank Life Insurance policies are issued by TAL Life Limited, one of Australia’s leading life insurers, giving you added peace of mind and security.
Features and Benefits
Cover up to $2.5 Million
Medibank Life Insurance offers flexible benefit amounts, with cover available from $100,000 up to $2.5 million (depending on your age and eligibility), allowing you to tailor protection to your financial needs
Terminal Illness Benefit
If you're diagnosed with a terminal illness and have less than 12 months to live, the full benefit amount is paid early — giving you financial support during a critical time.
30-Day Cooling-Off Period
Changed your mind? Cancel within 30 days of starting your policy and receive a full refund of any premiums paid, provided no claim has been made.
Stepped premium structure
Medibank uses a stepped premium model, meaning premiums are initially lower and increase with age — ideal for customers seeking affordability in earlier years.
Optional inflation protection
To help your cover keep pace with the cost of living, you can choose to have your benefit amount increase automatically each year in line with inflation.
Australian-based support
Medibank provides dedicated Australian-based claims support, ensuring fast, compassionate service when your family needs it most
Special Promotions & Discounts
Life Insurance Compare Australia
Medibank does not currently have any special promotions with Life Insurance Compare, however you can use the comparison tool to compare Medibank Life Insurance policies with other providers.
Pros and cons of Medibank Life Insurance
| Pros | Cons |
|---|---|
| Trusted Australian brand – Backed by Medibank and issued by TAL Life, a leading insurer | No TPD or trauma add-ons – Only life and terminal illness cover is available |
| Quick and simple online application – No medical exams required for most applicants | Stepped premiums only – Premiums increase with age, which may become costly over time |
| Cover up to $2.5 million – Higher benefit amounts than many other direct insurers | No cover past age 79 – Cover ends at 79, which may not suit customers seeking lifelong cover |
| Includes terminal illness benefit – Full payout for terminal diagnosis | No adviser support – Direct product with no personalised financial advice |
| 24/7 Nurse on Call access – Health support included with eligible policies | Basic policy options – Limited flexibility compared to fully advised policies |
| Award-winning customer service – Recognised for customer satisfaction and innovation | Premiums may increase annually – No level premium option to lock in long-term cost |
Sustainability and Corporate Responsibility
Sustainability & Corporate Responsibility – Medibank
Medibank is committed to improving the health and wellbeing of Australians not just through its products, but through ethical, environmental, and socially responsible business practices. As one of Australia’s largest health insurers, Medibank takes a proactive role in sustainability and corporate citizenship.
Net Zero by 2040 - Medibank has committed to achieving net zero emissions across its full value chain by 2040. This includes emissions from operations, suppliers, investments, and customer-related activities.
Ethical Investment Strategy - Medibank does not invest in tobacco, alcohol, or firearms. It continues to implement responsible investment practices and works with fund managers to ensure alignment with its Environmental, Social, and Governance (ESG) principles.
Reconciliation Action Plan (RAP) - Medibank has implemented a RAP to strengthen relationships with Aboriginal and Torres Strait Islander peoples, create inclusive employment pathways, and improve healthcare outcomes for Indigenous Australians.
Accessibility & Inclusion - Recognised for inclusive workplace practices, Medibank has received awards for employee experience, including its support for people living with disability and its inclusive hiring policies.
Technology and Innovation
Technology & Innovation – Medibank Life Insurance
Medibank is leading the way in digital transformation within Australia’s life insurance and health sectors. With a strong focus on innovation, Medibank Life Insurance combines smart technology, personalised wellness programs, and virtual care solutions to create a more convenient and customer-focused insurance experience.
Digital Tools That Simplify Life Insurance: Medibank continues to enhance its life insurance offering with easy-to-use digital tools. From mobile apps that let you manage policies and track health benefits, to 24/7 telehealth access and faster claims processing, Medibank is making life insurance simpler and more accessible. These digital platforms improve convenience, save time, and help customers stay informed and supported wherever they are.
Wellness Programs That Reward Healthy Living: Medibank Life Insurance doesn’t just offer protection—it also promotes better living. Through wellness initiatives that reward healthy behaviours like regular check-ups, fitness, and healthy eating, Medibank helps members take control of their health while earning rewards. These wellness programs can lead to lower premiums and other financial benefits, encouraging long-term wellbeing.
Innovation Through Strategic Partnerships: Medibank partners with top digital health companies to expand its virtual care services. By working with health technology providers, Medibank delivers integrated digital healthcare, including preventative health tools, mental health support, and personalised care plans. These partnerships strengthen Medibank’s life insurance ecosystem and provide members with a more complete and future-ready experience.
Driving the Future of Life Insurance: As healthcare trends evolve, Medibank is focused on staying ahead. Its commitment to digital health innovation, customer experience, and preventative care ensures it remains a leader in the Australian life insurance market. By integrating technology across every touchpoint—from wellness apps to claims processing—Medibank is building a smarter, more connected insurance experience for today’s customers.
Claims Process
Notify Medibank of the Claim
Start by contacting Medibank to let them know you need to make a claim. You can do this by phone or online. A dedicated claims consultant will be assigned to guide you through the process.
Receive a Claims Pack
Medibank will provide a tailored claims pack based on the type of policy and claim. This pack will outline the required documents, including identification and any supporting medical or legal information.
Submit the Required Documentation
Complete all necessary forms and gather the supporting documents as outlined in your claims pack. These typically include: A completed claim form, proof of identity, medical or death certificates (where applicable) and your policy number and relevant beneficiary details. Documents can usually be submitted via email or post.
Claims assessment
Once received, Medibank’s claims team will assess your submission. During this time, they may contact you or third parties (such as medical practitioners) for additional information. Medibank aims to assess claims quickly and fairly, keeping you updated throughout the process.
Outcome and payment
Once the assessment is complete, Medibank will inform you of the decision. If the claim is approved, the benefit will be paid promptly to the nominated beneficiary or account. If further clarification is needed, the claims team will assist to resolve any outstanding issues.
Product Disclosure Statement
Medibank Life Insurance - Product Disclosure Statement
The Medibank Life Insurance Product Disclosure Statement (PDS) is designed to help you understand the main considerations you need to know when deciding whether to purchase a Medibank Life Insurance policy and determining if it is right for you. It sets out the key features, benefits, terms, conditions, risks and exclusions of the policy. It also includes information about premium payments, the complaints process and how to make a claim.
Key Information:
- Product Name: Medibank Life Insurance
- Issue Date: 6th July 2023
- Insurer: Zurich Australia Limited (ABN 92 000 010 195, AFSL 232510
- Distributor: NEOS Direct (a registered business name of NDLI Pty Limited ABN 70 665 747 277 AFSL No. 547119)
What’s Included:
- Life Cover provides a lump sum payment if the insured person dies or is diagnosed with a terminal illness.
- Optional Total and Permanent Disability (TPD) Cover provides a lump sum payment if the insured person suffers a total and permanent disability.
- Optional Critical Illness Cover provides a lump sum payment if the insured person suffers a specified critical illness event that is listed in this PDS.
- Optional Child Cover provides a lump sum payment if the insured child dies, is diagnosed with a terminal illness or suffers a specified child critical illness event that is listed in this PDS.
- Minimum sum insured for Life Cover, TPD Cover and Critical Illness Cover is $50,000, and for Child Cover is $10,000.
- Maximum sum insured varies based on age at application and cover type selected
- Age eligibility varies depending on the type of cover, with Life Cover having a minimum age of 18 and a maximum age of 70.
Important Notes:
- Specific exclusions apply to each cover type.
- For example, Life Cover has a suicide exclusion within 13 months of the commencement date.
- Premiums and other costs are detailed in the PDS.
- You can cancel your policy within 30 days of the policy commencement date (cooling-off period).
To access the full PDS visit our PDS page.
IMPORTANT NOTE: This information is general information only, which means it doesn't consider your individual objectives, financial situation or needs. You should consider the appropriateness of this information to your situation before acting on it
Contact Details
Contact Details – Medibank Life Insurance
Name: Medibank Life Insurance (promoted by Medibank Private Limited
General Enquiries Phone: 1300 152
Claims Enquiries Phone: 1300 865 210
Postal Address: GPO Box 239, Sydney NSW 2001
Operating Hours: Monday to Friday, 8:00 AM – 8:00 PM (AEST/AEDT)