Life Insurance 21/12/2020

MediBank Life Insurance Review

Read Here for Our MediBank Life Insurance Review:

Many Australians choose insurance products from big-named providers. After all, they aren’t big for no reason. Australians are in luck because Medibank, an industry leader, offers complete insurance solutions.

Why Trust Medibank?

Medibank became a trusted brand because they care for the health and well-being of every customer. Australians trust the provider that pays billions of dollars of claims whilst also providing clinical services.

Getting a cover is easier when your provider knows and understands your needs and worries. Worried about high prices? Medibank uses its strength to keep their products affordable.

What are the Types of Cover Available?

As an industry leader, trust that you’ll have 24/7 cover – worldwide – and have up to 5 beneficiaries. Medibank health members enjoy a 10% discount. Medibank protects your well-being and your family’s future through these types of cover:

Life Insurance

Prepare for passing away or getting terminally ill with this cover. Medibank Life Insurance is available for all Australian residents aged 16-70. Depending on your age, you can get benefits up to $2.5M. These benefits increase every policy anniversary by 5%.

As expected of an industry leader, Medibank offers flexibility for Australians who need more than just a death cover. Working permanently for at least 20 hours a week? Add a Permanently Unable to Work Cover if you’re between 16 and 60 years old. Trauma cover is available for Australians aged 16-80.

Starter Life Insurance

Is this your first time getting a cover? Try Medibank’s basic cover. It’s easy to apply, and there are no medical and blood tests required. This is an automatic acceptance policy and renewable for life as long as you pay premiums.

This cover is perfect if you have no pre-existing conditions. Depending on your age and income, you can get benefits from $50,000 to $250,000, while an advanced benefit of $15,000 covers for funeral expenses.

Income Protection Insurance

No one knows when you’ll be ill or injured. This insurance cover replaces up to 75% of your monthly pre-tax income to a maximum of $7,500. Death benefits are thrice the monthly insured amount.

This cover is available to Australian residents aged 18-59 and expires after you turn 65.  The Standard Cover is available for working Australians in permanent paid employment or self-employment.

You can even tailor-made this cover for your needs. Select a waiting period of 30 or 90 days. You can also choose how long you’ll receive the benefits from 1 year, 2, or 5 years. Adding benefits for rehabilitation and total and permanent disability is also possible.

Funeral Insurance

Medibank accepts all Australian residents aged 18-79 for this policy. Your loved ones will receive a lump sum payment from $3,000 to $15,000 to cover funeral and other immediate expenses. Although a large provider, premiums never increase unless you change your cover. Premiums even decrease by 3% for holding the policy continuously for 5 years.

Benefits for terminal illness is the amount you chose. This benefit triples for accidental deaths within 90 days of the accident. Expect thrice the amount of benefit chosen for serious injuries diagnosed 12 months after the accident.

Benefits are available only for accidental deaths or accidental serious injuries for the first 12 months of the policy. Your loved ones will receive the higher of your chosen benefit amount or the premiums paid.

Making a Claim for Medibank Life Insurance Products

Contact Medibank within 120 days of the claimable event via phone or in writing. Complete, sign, and return the claim form given.

At times, treating doctors need to complete forms as proof of the insured event. Other proof required for your claim includes all relevant medical tests and lab results.

It Still Makes Sense to Compare!

A trusted name, affordable products, and many types of cover, what more can you ask for? Makes Cents already helped many Australians evaluate their choices and understand their needs. Whether you are considering a well-known provider or not, it still makes sense to compare!

Our MediBank Life Insurance Review is just one of many. You can also read reviews on many more Life Insurance Reviews at MakesCents.