YOUR LIFE IS ALL
ABOUT THEIR FUTURE
Protect your family
with Medibank Life Insurance
LIFE INSURANCE
In store
1300 722 568
medibank.com.au/life
1
Why life insurance?
There are some things in life you’d probably rather not think about,
even though you know they’re important – like life insurance.
But look at it this way, having life insurance
can help give you the peace of mind that even
if something unexpected happens to you,
your loved ones would be helped financially.
If you were to add up the cost of all the
things your partner or family would need
to maintain their lifestyle if you weren’t
around, how much would it be? Chances are
this sum will be far greater than you think,
and could be more than any life insurance
cover you may have.
The good news is life insurance doesn’t
have to be expensive or complicated.
So, whether you’re considering life insurance
for the first time or looking to top up an
existing policy, you can feel confident that
you’re getting a cover that’s great value too.
Getting a quote only takes a couple of
minutes. And if you decide to apply for a
policy, it’s a simple process – just answer
a few questions and there’s no medicals
or blood tests.
How much cover do you need?
It is estimated that an average Australian
couple aged 40 with children require life
insurance cover of approximately 10 times
their annual earnings simply to repay debts
and maintain current living standards.
Source: Rice Warner Actuaries, December 2013
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About Medibank
Life Insurance
Options to suit
your needs
Medibank Life Insurance can offer you life
cover benefits that make you feel secure
about your family’s future:
With Medibank Life Insurance you can
just take out life cover, or you can choose
to combine one or more of the following
options in one simple plan.
• Comprehensive Life cover
of up to $1.5 million
• An advance payment to help
with funeral expenses
• Early payment in the case
of terminal illness
• Accidental injury benefits
• Choose to add optional benefits
to your policy
• No medicals or blood tests to apply
• Guaranteed to be renewed for life
• Discounts on premiums for amounts
over $500,000
• 10% saving for members
with Medibank health cover
Get all this and the peace of mind that comes
from having affordable life insurance cover.
Trauma cover
Life is unpredictable and it’s impossible to
know in advance how certain events could
affect your future. Trauma cover can provide
some relief when you really need it most.
If you suffer one of the covered conditions,
including a heart attack or a stroke, you
could receive a lump sum payment of up
to $250,000.
Permanently Unable to Work cover
It’s a scary thought that an illness or injury
could permanently change your life. But
you’ll still want to enjoy the best life possible.
The Permanently Unable to Work cover option
can pay a lump sum benefit of up to $1.25
million if an accident or health condition
means you’ll never be able to work again.
Children’s Insurance cover
If you’re a parent you’ll find it reassuring
that you can get special insurance for your
kids too.
This cover option can provide a lump sum
benefit of up to $50,000 if your child suffers
a covered traumatic illness. This could be
invaluable to help pay for things like ongoing
specialist care or allowing a parent to take
extended time off work to care for the child.
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How much cover
could you get?
Not sure how much
cover you may need?
You can choose the level of cover that best
suits your lifestyle and budget. There are
upper limits to the cover, which vary
depending on your age when you take out
the policy.
Well, we’ve made it easy to help you work
this out. Just answer a few questions in
the online insurance cover calculator at
medibank.com.au/life
Age at
joining
Total
Maximum
Life cover
16-45
Total Life cover can
include these options
Maximum
Trauma cover
Maximum
Permanently
Unable to
Work cover
$1,500,000
$250,000
(from 18 yrs)
$1,250,000
46-55
$1,000,000
$100,000
$750,000
56-60
$500,000
$50,000
$200,000
61-65
$500,000
–
–
If you make a claim under the Trauma or Permanently Unable
to Work cover options, the Life cover amount will be reduced
accordingly and your premium will be adjusted.
Plus you can choose to cover the kids with
Children’s Insurance cover – for either
$50,000 or $25,000 per child. You can apply
for Children’s Insurance cover for children
aged 2 to 18 years and cover can continue
until they’re 21.
Once your application is accepted, you can relax
knowing that your life cover will be renewed
for the rest of your life. Even if your health
or lifestyle changes, you’ll still be covered
as long as you continue to pay your premiums.
Is your super cover enough?
For those in the age range 25 to 45,
default cover provides approximately
half the basic life insurance needs for
the average household but only about
one third of needs for households
with children.
Source: Rice Warner Actuaries, 2012
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Affordable
premiums
When your
needs change
For something that could help make
a big difference for you and your family,
Medibank Life Insurance could be more
affordable than you think. And it’s even more
affordable with a 10% discount on premiums
for members with Medibank health cover.
Over time, your lifestyle may change,
and the cost of living is likely to increase.
To protect the value of your cover, Medibank
Life Insurance includes an automatic 5%
annual increase to your life cover amount
until you are 75. We’ll tell you each year,
and if you don’t want your cover increased,
you can simply let us know.
In case you want a rough idea of the cost,
here are a few examples. The actual
cost for you will depend on your own
circumstances and certain health and
lifestyle factors.
Male
Age at joining
Life Cover
Fortnightly premium
30
$350,000
$14.78
35
$350,000
$15.23
40
$500,000
$22.97
45
$500,000
$31.88
Age at joining
Life Cover
Fortnightly premium
30
$350,000
$11.50
35
$350,000
$12.89
40
$500,000
$17.88
45
$500,000
$24.54
If you want to increase your life cover because
of certain life events, such as having a baby
or taking out your first mortgage, this can
be organised for you. Plus if you apply for
this within 90 days of the life event, this will
normally be done without asking you further
health questions.
Female
All premiums shown are for non-smokers. Premiums correct as
at 1 December 2011.
Medibank health cover members save 10% on our great rates.
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So who can apply?
What to do next?
You can apply for Medibank Life Insurance if
you are an Australian resident aged 16 to 65.
To apply for the Trauma Insurance option,
you must be aged 18 to 60 and you can apply
for Permanently Unable to Work cover if you
are 16 to 60.
We’ve made it simple for you to organise
your Medibank Life Insurance policy over
the phone or online. You don’t have to go
through a complicated process to apply,
and you don’t need to have a medical or
blood test. You’ll just have to answer a few
questions about your health and lifestyle.
And you don’t need to be a Medibank
health cover member to apply for
Medibank Life Insurance.
Get a quote!
It only takes a few minutes to see exactly
how affordable it could be. Simply get a
quick quote face-to-face in a Medibank
store, over the phone on 1300 722 568,
or online at medibank.com.au/life any time.
How much does it cost
to raise children?
The cost of raising two children at
Government schools to year 12 and then
3 years of university is around $812,000.
Source: AMP.NATSEM Income and Wealth Report Issue
May 2013
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You’ll generally get an answer straight away,
so you could be covered immediately.
And because Medibank Life Insurance is
all about peace of mind, you can sign up
today knowing you have a 30 day cooling
off period to think it over. So if you don’t
make a claim, you can change your mind
within 30 days and get a complete refund –
no questions asked.
Some other things you’ll want to know
We’ve made this guide as straight forward
as possible, but naturally there is some more
detail that you should look at before you take
out a Medibank Life Insurance policy.
The Product Disclosure Statement (PDS)
contains the full policy terms and conditions.
You also need to know about who provides
the insurance services. This can be found
below as well as in the combined Product
Disclosure Statement (PDS) and Financial
Services Guide (FSG).
The information in the brochure is general
in nature and does not take into account your
personal objectives, financial situation or
needs. You should read the PDS for further
details on Medibank Life Insurance in order
to determine whether the product suits your
personal needs before you purchase.
If you’d like a copy of the combined
PDS and FSG, please ask in a Medibank
store, phone 1300 722 568 or visit
medibank.com.au/life
Medibank Life Insurance is issued by Swiss Re Life & Health Australia Limited, (Swiss Re) ABN 74 000 218 306; Australian Financial
Services Licence (AFSL) No. 324908, Level 29, 363 George Street, Sydney NSW 2000. Medibank Private Limited (Medibank Private),
ABN 47 080 890 259, authorised representative number 286089, of Level 17, 700 Collins Street, Docklands, VIC 3008 acts as an
authorised representative of Greenstone Financial Services Pty Ltd (GFS) ABN 53 128 692 884, AFSL 343079 of 58 Norwest Blvd,
Bella Vista NSW 2153. GFS is providing distribution services and is not the insurer. This document contains general information only
and does not take into account your objectives, financial situation or needs and because of that you should, before acting on it, consider
the appropriateness of the information in this document having regard to those matters. You should obtain and consider the Product
Disclosure Statement, available at medibank.com.au/life, before deciding whether to acquire, or to continue to hold, this product. In
accordance with the Medibank Private Limited Privacy Policy, Medibank Private has not used your sensitive information to make
Medibank Life Insurance available to you. Acceptance of your application is not guaranteed and Medibank Private has not considered
your health status in sending you this communication. Neither Medibank Private nor any of its related entities, directors or officers
guarantees the assessment or payment of claims under any policy issued by Swiss Re.
11
You can also get travel, pet,
health and income protection
insurance through Medibank.
In store
1300 722 568
medibank.com.au/life
Medibank Private Limited ABN 47 080 890 259. MPL20740714