Medibank’s policies are issued by Zurich (read one of the world’s biggest insurers) which means they come with a lot of experience. Compared to others, it’s a pretty clear and easy to understand policy, which we like – though there are more flexible policies out there.
Medibank income protection review
- Maximum % of income Covered
- 70%
- Maximum Monthly Benefit
- $12,500
- Maximum Entry Age
- 55
- Maximum Benefit Period
- 5 years
Our verdict
Yes, Medibank does income protection too. You can get up to $12,500 a month.
Medibank's policies are issued by Zurich (read one of the world's biggest insurers) which means they come with a lot of experience. Compared to others, it's a pretty clear and easy to understand policy, which we like – though there are more flexible policies out there.
Pros
- Get up to $12,500 a month. Many insurers cap at $10,000
- Covers 70% of your monthly pre-tax income. This is standard among most brands.
- Good for Medibank health customers. You get 10% off every year.
Cons
- Benefit limit of up to 5 years. Some insurers can cover you up to the age of 65.
- 30 or 90 days waiting periods. Lots of insurers have more options.
Details
Product details
| Maximum Monthly Benefit | $12,500 |
| Maximum % of income covered | Up to 70% |
| Maximum Benefit Period | 5 years |
| Minimum entry age | 18 |
| Tax-deductible Premiums | |
| Maximum Entry Age | 55 |
| Benefit Period Options | 2 or 5 years |
| Minimum Waiting Period | 30 days |
| Expiry Age | 65 |
| Minimum Hours Eligibility | 20 |
| Cooling-off (days) | 30 |
| Children's Insurance Option | |
| Death Cover | |
| Redundancy Cover | |
| Online quote offered? | |
| Premium Structures Offered | Stepped |
| Underwriter | Zurich Australia Limited |
| Seller | NEOS Direct |
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Finder's verdict
Medibank income protection could be good for you if you're also a Medibank health insurance member. You get 10% off though its policies can be more expensive than some brands, according to our research. If you want a longer benefit limit or more waiting period options though, it's worth looking at other options.Your reviews
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Gary Ross Finder
Editor, Insurance
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