Medibank Funeral Insurance Review
- Maximum cover
- $15,000
- Maximum entry age
- 79
- Minimum sum insured
- $3,000
Our verdict
Medibank funeral insurance offers cover of up to $15,000 and you can also take advantage of perks with your Medibank health membership.
- Medibank offers capped premiums when you turn 90, which can help you get better value from your funeral policy.
- Figures from Moneysmart show that Medibank's underwriter Swiss Re Life and Health Australia Limited had just 3.9 policy disputes per 100k lives insured. This was almost twice as low as the industry average of 7.1.
- It's good for peace of mind – you get access to a 24/7 nurse phone service, which is ideal for when you have a health question or you're feeling unwell and want to chat to an expert.
- Four brands we reviewed have an early payout option – Medibank wasn't one of them.
- If you can afford life insurance, that may be the better value for money option.
Details
Key Details
| Product Name | Medibank Funeral Insurance |
| Maximum cover | $15,000 |
| Minimum sum insured | $3,000 |
| Premium discount offered | |
| Premiums capped at certain age | 90 |
| Premium won't increase with your age | |
| Terminal illness cover | |
| Cooling-off period | 30 days |
| Underwriter | Swiss Re Life and Health Australia Limited |
Eligibility
| Minimum entry age | 45 |
| Maximum entry age | 79 |
| Expiry age | No expiry age as long as premiums are paid |
Add-ons
| Early payout option |
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Read a more detailed review on:
Funeral insurance
Key points of Medibank funeral insurance
- Flexible cover options: Choose cover from $3,000 to $15,000.
- Premium cease at age 90: Premiums are waived from age 90.
- Accidental death. Your benefit triples (to up to $45,000) if your death is accidental.
Note: Be sure to check the Product Disclosure Statement (PDS) for terms and conditions.
Eligibility
Applying for Medibank funeral insurance cover
- You need to be an Australian resident to apply.
- The target market is Australian residents aged between 50 and 79.
- Australian residents aged between 45 and 50 are still eligible for cover but should consider carefully before buying.
- Medibank funeral insurance may be suitable for you if you expect to have end of life expenses when you die, become seriously ill or injured.
Medibank funeral insurance pros and cons
Still wondering if Medibank is right for you? Here are the main pros and cons summarised:
Pros
- It's good if you want your funeral expenses covered when you pass away.
- It didn't receive many complaints.
- Premiums are waived after you turn 90.
Cons
- It's not generally suitable for Australian residents under 50.
- You need to be an Australian resident to apply.
How do I make a Medibank funeral insurance claim?
You can make a Medibank funeral insurance claim in one of the following ways:
- Phone. Call 1300 766 085 to make a claim (available Monday to Friday, between 8:00am and 8:00pm AEST)
- Email. Send them an email at claims@life.medibank.com.au
- Write. You can write to them on: Claims Services, Medibank Life Insurance, PO Box 6728, Baulkham Hills NSW 2153
What are some of the key exclusions of Medibank funeral insurance?
If your policy is current, Medibank will pay you the appropriate funeral benefit amount if you die, suffer a serious accidental injury or are diagnosed with a terminal illness.
However, within the first 12 months of buying the policy or reinstating a lapsed one, you will be covered for death or injury-related to accidents only. That means you won't be covered for things like suicide or a newly-diagnosed terminal illnesses. However, after those 12 months months have passed, you will be covered for those situations including the re-confirmation of terminal illness diagnosis.
The accidental serious injury benefit also includes a number of exclusions. You will not be eligible for the accidental serious injury benefit if the injury happens due to the following:
- Self-harm or suicide
- Criminal activity
- Alcohol or drugs
- Professional sports
- Motorsports
- War
- Piloting or being a crew member on an aircraft
You'll also not be eligible to claim for a funeral or accidental death if you've already received an accidental injury payout for the same accident.
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