MLC Income Protection Review

MLC income protection is good for flexible cover options and offers a monthly benefit of up to $30,000

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MLC income protection: Our verdict

  • It's recently launched a new income protection range with Income Assure and Income Assure +.
  • It comes with a monthly benefit of up to $30,000 – that's more than most insurers available on Finder.

  • It comes with a shorter waiting period (14 or 30 days) option for accidental injuries but you need to pay extra for it.
  • It's fairly affordable but you could get cheaper - our research suggests MLC ranks in the middle for its prices for a 35 year old.

Read a more detailed review on:

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Income protection

Key points of MLC income protection options

  • Income Assure: MLC's standard level of insurance, this can provides a ratio of up to 70% with tiering for income above $150,000.
  • Income Assure+: MLC's highest level of insurance, this provides a ratio of up to 90% for six months post claim (if customers select the 'booster' option).

To apply, you must be an Australian permanent resident aged between 19 and 60 and employed. You must also meet the health and lifestyle requirements in the underwriting process to start receiving cover.

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Standard inclusions

Key standard features of MLC income policies

When you take out an MLC income insurance policy, you also have the following included:

  • Monthly benefit of up to $30,000.
  • MLC will automatically waive your premium while you're receiving payments.
  • It comes with a recurring disability benefit if your disability recurs.
  • Waiting period options of 14 days, 30 days, 90 days, one year or two years.
  • You can get 12 times your Monthly Benefit for rehabilitation expenses for up to 12 months.
  • It also comes with a death benefit of up to $30,000.

Note: Make sure you check the Product Disclosure Statement (PDS) for terms and conditions.

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Additional add ons

Additional options

  • Super Guarantee Benefit. This allows you to have contributions to super made on your behalf while receiving a Total Disability Benefit or a Partial Disability Benefit.
  • Indexed Claim Benefit: This allows you to keep your benefits in line with the rising costs of living and inflation.
  • Short Waiting Period for Accidental Injury and Critical Illness: This lets you receive benefits sooner.
  • Booster Option (Income Assure+ only): This adds 20% to the percentage used to calculate your Income Replacement Ratio amount.
  • Severe Disability Terms Removal Option (Income Assure only): This means that after two years on a claim, the definitions of Total Disability and Partial Disability won't require you to be Severely Disabled.
  • Age 70 Benefit Period Option (Income Assure+ only): This can cover you for Total Disability and Partial Disability up to the age of 70.

MLC income protection pros and cons

Still wondering if MLC is right for you? Here are the main pros and cons summarised:


  • It comes with more than one income protection option.
  • It's good if you're a high-earner.
  • It comes with lots of additional options.


  • You need to pay extra for many benefits.
  • There may be cheaper policies on the market.

How do I make a MLC income protection claim?

To make an MLC income protection claim, follow these steps:

    1. Call them. You can do this on 1300 125 246 between 8:30am and 6pm, (AEST/AEDT) Monday to Friday.
    2. They'll get in touch. MLC will let you know what type of claim you need to make.
    3. Information regarding your claim. You'll need to gather copies of medical reports and any investigations conducted.
    4. Assessment. MLC will put you in touch with one of its claims consultants.
    5. Outcome. Once your claim has been assessed, MLC will notify you of the outcome.

    What are some of the key exclusions of MLC income protection?

    Your MLC Income Protection claim will not be paid if:

    • It is caused by an intentional self-inflicted injury or your attempted suicide
    • It relates to normal and uncomplicated pregnancy or childbirth
    • It is for a sickness or injury that was first diagnosed or occurred before your insurance started
    • It arises due to war or warlike actions
    • You fail to follow the advice of your doctor and undergo any recommended treatment or rehabilitation

    Read the PDS for more information on the general exclusions that apply to your policy.

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    2 Responses

      Default Gravatar
      SteveSeptember 18, 2021

      My wife currently receives an MLC income protection due to not being able to work. She is currently on Leave Without Pay and MLC is paying her the required monthly installment. If by chance she is terminated or made redundant, what happens to her income protection?

        Avatarfinder Customer Care
        JamesSeptember 22, 2021Staff

        Hi Steve,

        The answer will depend on the specific details of your wife’s policy with MLC. We’d encourage you to get in touch with them through this number: 13 65 25.

        Some income protection policies do include cover against your involuntary redundancy. This could be worth keeping in mind if you’re seeking a new policy at some point in the future.


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