MLC income protection

Compare MLC income protection policies and receive a secure quote.

No reviews yet. Write a review

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

MLC Income Protection provides you a monthly benefit payment of up to 75% of your income if you are unable to work due to serious illness or injury. There are a range of cover options available with applicants given the chance to purchase cover both inside or outside of super. Whats more, cover can be tailored further with a range of additional features to ensure you're getting an adequate level of protection.

Enter your details and one of our partner brokers will call you. They will discuss your quote, options and available products.

Do you smoke?

An adviser can help you find cover from trusted life insurance brands.

  • Get competitive quotes from multiple brands
  • Lower rate of declined claims (according to ASIC)
  • Save time and effort

Lender Logos

Maximum cover amountUp to $40,000 per month for all occupations, or $60,000 for certain professional occupations (Up to 75% of your monthly income)
Age of entry19 to 60
Types of cover available
  • Income Protection Platinum
  • Income Protection Standard
  • Income Protection (Special Risk) - for certain occupations
How much can I expect to pay?For an annual income of $75,000:
  • $98.22 per month to cover 75% of your monthly income
How do I apply?With an adviser over the phone

Based on MLC Insurance Income Protection Standard. Age of entry varies with the type of premium you choose. Costs are an estimate based on a male, non-smoking office worker and was taken out on June 2021 using Finder's quote engine. Cost is subject to change at anytime.

  • High maximum cover amounts can help it replace more income for high earners.
  • Special risk occupations can only get 2 or 5 year waiting periods.
  • Cover can be extended up to the age of 70.
  • Some policy features may be restricted after the age of 65.
  • Average claims performance is better than the industry average (APRA)
  • Policies can be bought both inside and outside of superannuation.

Information last checked on June 2021. Always consult the Product Disclosure Statement (PDS).

This cover might be suitable if:

  • You are after something cheaper - our research suggests MLC is at the lower end in terms of price for a 35 year old male.
  • You are after an insurer that has performed better than the industry in terms of income protection insurance claims.
  • You are after a flexible choice of cover with the help of an adviser

Don't get this cover if:

  • You don't want to use an adviser

Information last checked on June 2021. Always consult the Product Disclosure Statement (PDS).

Note: The following is based on MLC Limited. MLC Limited is the company behind MLC Income Protection.

Claims dataMLC LimitedIndustry Average
Claims Accepted94.30%94.20%
Average claim time (months)1.101.60
Disputes per 100k lives121.9129.9

We looked at APRA data for claims over 2017-2018. The statistics above reflect 'income protection' claims.

About MLC

MLC is National Australia Bank’s wealth management business. This makes it well suited to help provide a useful range of life insurance options, along with the expertise to help adjust cover in useful ways. MLC also has more than 1,800 advisers around Australia.

What does MLC Income Protection Insurance cover?

MLC’s Income Protection policy offers a monthly benefit payment to replace up to 75 per cent of your income if you are unable to work due to illness or injury.

The maximum benefit available is $40,000 for all occupations, or $60,000 for professional occupations such as surgeons, accountants and solicitors.

You can use the benefit you receive just like you would your normal income – to pay off the mortgage and other debts, manage ongoing expenses and maintain your family’s standard of living.

What levels of cover are offered?

MLC Income Protection is offered at three levels:

  • Income Protection Platinum
  • Income Protection
  • Income Protection (Special Risk)
All three policies offer the following benefits:
  • Choice of waiting period. The Income Protection and Income Protection Platinum policies allow you to choose a waiting period of 14, 30, 90 days, one year or two years. The Special Risk policy offers a choice of 30 or 90 days.
  • Choice of benefit period. Income Protection Platinum is available with a two- or five-year benefit period, or benefits up to the age of 65 or 70. Income Protection offers a choice of two years, five years or up to the age of 65. Special Risk offers a choice of two or five years.
  • Child support income benefit. A maximum benefit of $25,000 is provided if your child dies or suffers a specified medical condition.

Additional options that are available

  • Extra benefits option. Paying an additional premium allows you to purchase a package of the following benefits: nursing care benefit, accommodation benefit, transportation benefit, home assistance, critical illness benefit and advanced payment benefit.
  • Indexed claim benefits. This additional option ensures that your benefits and earnings before disability are increased annually after you’ve been receiving benefits for a full year. This is designed to help your level of cover keep pace with inflation.
  • Short waiting period for accidental injury option. This option entitles you to benefits during the waiting period while you’re totally disabled, as long as your total disability was the result of an accident.
  • Premium saver option. Reduce the cost of your insurance by excluding any disability or condition arising from fibromyalgia, chronic fatigue syndrome, mental disorder, and alcohol or drug abuse.
  • Non-occupational cover option. Available with Special Risk policies only, this option allows you to exclude disabilities that happen at work or as a result of work, and for which you can claim under Workers’ Compensation or other similar legislation.

Exclusions to be aware of

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
Back to top

How much will MLC Income Protection cost?

There are multiple factors that can affect the cost of your policy, including:

  • The policy you choose. Because it offers a higher level of cover, Income Protection Platinum will cost more than Income Protection.
  • Your income. The higher the income you need your policy to replace when you’re disabled, the more you can expect to pay for cover.
  • Whether you choose an agreed value or indemnity value policy. An agreed value policy means you and your insurer agree upon the amount of your regular income when you apply for cover, while indemnity value policies require you to prove your income at the time you make a claim.

Premium types available

  • Stepped premiums: Your premiums are readjusted annually based on your current age and other factors like inflation adjustments.
  • Level premiums: Your premiums will stay the same, and will vary only with changes to MLC premium rates and your cover.

Payment options and frequency

You can pay your premiums with direct debit, credit card, cheque, BPAY and with direct deductions from eligible MLC accounts.

Premiums can be paid monthly (except with BPAY and cheque), half yearly and yearly, and premiums are considerably lower when paying annually.

Conditions for benefit payment

MLC’s Income Protection policy pays a benefit for each month you are totally or partially disabled. Under all three MLC policies, you will receive a total disability benefit if, as a result of sickness or injury, you meet all of the following conditions:

  • You’re unable to perform at least one of the duties of your regular occupation which is essential for you to earn an income
  • You’re not working for payment, earnings or profit
  • You’re being regularly treated or monitored by a qualified doctor.

Under an Income Protection or an Income Protection Platinum policy, you can also receive a benefit if your disability, sickness or injury means you are unable to perform the duties of any occupation you are qualified for by education, training or prior experience.

Under the Income Protection Platinum policy, you are also eligible for a total disability benefit if you are unable to perform the duties of your job required to produce earnings for more than 10 hours a week, with the end result being that your earnings are reduced to 20 per cent or less of your pre-disability earnings.

A partial disability benefit will be payable if you’re unable to fully perform the duties of your occupation and are working in a reduced capacity due to sickness or injury.

Benefits will continue to be paid until:

  • You are no longer disabled
  • Your benefit period ends
  • You unreasonably refuse to undergo medical treatment or rehabilitation
  • Your insurance ends

What is the age of eligibility for MLC Income Protection?

You’ll need to be between 19 and 60 years of age at your next birthday to be eligible to apply for MLC Income Protection. Cover then expires when you reach 65 years of age for Special Risk policyholders, or 70 for Income Protection and Income Protection Platinum policyholders.

Back to top

Some additional things to know

  • MLC Income Protection only pays one benefit at a time. However, some benefits are available at the same time as your total or partial disability benefit, including the rehabilitation expense benefit and the rehabilitation bonus.
  • Lump sum benefit option. If you take out the Income Protection Platinum policy, you can opt to receive your monthly benefit as a lump sum if you are totally and permanently disabled.
  • Super option available. MLC Income Protection can be taken out as a standalone policy or through your superannuation fund.

Ready to receive a quote for MLC Income Protection?

If the income cover policies available from MLC sound like a suitable option for you, you can receive a secure quote by entering your details in the enquiry form above. An insurance consultant will help you compare other options available, explain any of the features you aren't sure of and provide you with a quote for cover. If you are still interested in applying for cover, a consultant can walk you through the application.

More guides on Finder

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site