MLC Life Insurance – Compare MLC Life Insurance and Income Protection cover

Information verified correct on September 29th, 2016

Read the finder.com.au review of MLC life insurance and receive a quote for cover

MLC Life Insurance is provided by MLC through a vast network of financial advisers. MLC being the wealth management division of the National Australia Bank (NAB), providing the NAB with a wide array of quality financial planning services. These services, along with MLC Life Insurance, are provided to both individual investors and the banks corporate customers throughout Australia who account for more than $85 billion of MLC's total fund management in Australia. MLC is also responsible for providing its customers with out-sourced investment, superannuation and employment benefit solutions.

A quick summary of the main benefits offered by MLC Life Insurance

  • Best Doctors Benefit
  • Connect with over 50 0000 doctors worldwide to receive the best possible consultation for your condition.
  • Premium Waiver
  • Maintain your policy for a period of time if you're suffering financial hardship due to disablement or retrenchment.

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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Awards Received by MLC Life Insurance

  • 2011 Winner Number one platform MLC Wrap and MLC Navigator - Investment Trends Annual Platform Benchmarking Report
  • 2011 5 Heron Quality Stars for MLC Employer Super, MLC MasterKey Business Super, MLC MasterKey Super, MLC MasterKey Super Fundamentals, and MLC Navigator Retirement Plan
  • 2010 Winner Life Insurance Company of the Year - Australian Banking + Finance Magazine Awards
  • 2010 Winner Innovation Excellence Award for Best Doctors - Canstar Cannex
  • 2009 Life Insurance Company of the Year - Australia and New Zealand Insurance Industry (ANZIIF) Awards
  • 2009 Winner Major Financial Advice Group of the Year (3rd year in a row) - CoreData
  • 2010 Industry Excellence Award - Financial Services Council

Different Types of MLC Life Insurance Plans

There are two different types of protective cover offered by MLC — MLC Personal Insurance and MLC Essentials. MLC Personal Insurance offers a range of comprehensive cover to protect the needs of you and your family, while MLC Essentials provides hassle-free and affordable life insurance products.

MLC Insurance for Comprehensive Protection Solution

MLC Insurance offers a flexible range of cover options to help protect your lifestyle, family and business. With several different types of cover available and the ability to tailor cover to your needs, MLC Insurance helps you avoid the impact illness and injury can have on your finances.

The main types of cover available through MLC Insurance are as follows:

  • Life Cover: This insurance pays a lump sum benefit if you die or are diagnosed with a terminal illness. It helps protect your family from the financial impact of your death. You can apply for as much Life Cover as you need, though special terms may apply for amounts above $15 million.
  • Critical Illness Insurance: This insurance pays out a lump sum if you become critically ill and helps protect your finances. Critical Illness Standard covers the most common critical conditions with fewer additional options, while Critical Illness Plus covers a more extensive range of conditions and includes more options. You can apply for Critical Illness Insurance up to $2 million.
  • Total and Permanent Disability Insurance: If you’re totally and permanently disabled due to illness or injury, this cover pays out a lump sum benefit to help you manage your finances. You can apply for TPD Insurance of $25,000 up to $5 million for certain professional occupations such as surgeons, accountants and solicitors. The limit is $3 million for other occupations.
  • Accidental Death Insurance: This pays a lump sum if you die due to an accident. You can apply for Accidental Death Insurance of $25,000 or more, while special terms may apply for amounts above $15 million.
  • Income Protection Insurance: If sickness or injury mean you can’t work, this insurance pays out a monthly benefit to replace your regular income. A monthly benefit of up to $30,000 is available for all occupations, while the limit rises to $60,000 for certain professional occupations such as surgeons, accountants and solicitors.
  • Business Expenses Insurance: If you’re unable to work due to sickness or injury, this insurance reimburses your fixed business expenses to help keep your business afloat. You can apply for Business Expenses Insurance up to $60,000 per month.

MLC Insurance also offers a number of additional insurance options:

  • Child Critical Illness Insurance: This insurance provides a lump sum payment if your child suffers a critical illness or dies. This type of cover is available from $10,000 up to $200,000 per child.
  • Occupationally acquired HIV or Hepatitis B and C Infection Insurance: This insurance helps medical professionals stay financially protected at work by paying a lump sum if you acquire HIV or Hepatitis B or C as part of your normal occupational duties in the health industry. You can apply for cover from $25,000 up to $1 million.
  • Premium Waiver Insurance: If you suffer total and permanent disability or are retrenched, this option will waive your insurance premiums.
  • Business Safeguard Option: Available with Life Cover, TPD and Critical Illness Insurances, this option lets you apply to increase your cover without further medical evidence when a business event happens. The maximum benefit increase allowed depends on your policy.

MLC Insurance through Superannuation

You can also purchase an MLC Insurance policy through your superannuation fund. This lets you package a broad range of insurances within one policy, allowing you to tailor cover to suit your needs.

This may also let you take advantage of a number of tax concessions which are usually not available when insuring outside super. Your premiums are considered super contributions and are reported to the ATO. While you can contribute as much as you like, you’ll have to pay extra tax if you exceed certain limits.

When you take out MLC Insurance (Super), you become a member of the Universal Super Scheme. The trustee of the scheme takes out insurance on your behalf and becomes the policyholder. In order for the trustee of the scheme to pass a benefit on to you, you need to pass a condition of release. These conditions differ between the types of MLC Insurance available through your super:

  • Life Cover: This pays a lump sum if you die or are diagnosed with a terminal illness, a lump sum benefit will be paid. You can apply for as much Life Cover as you need, though special terms may apply for amounts above $15 million.
  • Critical Illness Insurance: This insurance pays out a lump sum if you become critically ill. You can apply for Critical Illness Insurance up to $2 million.
  • Total and Permanent Disability Insurance: If you’re totally and permanently disabled due to illness or injury, this cover pays out a lump sum benefit to help you manage your finances. You can apply for TPD Insurance of $25,000 up to $5 million for certain professional occupations such as surgeons, accountants and solicitors. The limit is $3 million for other occupations.
  • Accidental Death Insurance: This pays a lump sum if you die due to an accident. You can apply for Accidental Death Insurance of $25,000 or more, while special terms may apply for amounts above $15 million.
  • Income Protection Insurance: If sickness or injury mean you can’t work, this insurance pays out a monthly benefit to replace your regular income. A monthly benefit of up to $30,000 is available for all occupations, while the limit rises to $60,000 for certain professional occupations such as surgeons, accountants and solicitors.

MLC Essentials Plan

MLC Essentials insurance is designed to be an easy and convenient way for you to protect you and your family’s lifestyle. It takes the hassle and stress out of life insurance and is offered at an affordable price. There are three MLC Essentials policies to choose from: Essential Life, Essential Critical Illness and Essential Injury.

MLC Essential Life

MLC Essential Life includes the following features:

  • Up to $1 million of cover.
  • A quick and easy over the phone application process.
  • No medical examinations required. You simply need to answer a few basic health questions.
  • 100% of the death benefit is payable on diagnosis of a terminal illness.
  • An advance payment of $10,000 in the event of your death can help your family cover funeral costs.
  • You’re protected 24 hours a day, seven days a week, anywhere in the world.
  • Access to Best Doctors, a specialist medical information service, at no extra cost.

MLC Essential Critical Illness

MLC Essential Critical Illness includes the following features:

  • A lump sum payment of up to $500,000 if you suffer a heart attack, stroke, cancer, major head trauma, severe burns, or undergo coronary artery bypass surgery.
  • A stress-free application process with no medical examinations, just simple questions.
  • An automatic annual increase in cover to protect against inflation.
  • Access to Best Doctors, a specialist medical information service, at no extra cost.

MLC Essential Injury Insurance

The range of features include in MLC Essential Injury Insurance includes:

  • Living Assist Benefit: You’ll receive daily benefits while you’re injured and unable to perform three Activities of Daily Living as a result of an accident.
  • Homecare Assist Benefit: Daily benefits to help cover your homecare expenses resulting from your Injury.
  • Transport Assist Benefit: This covers transport costs to and from medical appointments in Australia.
  • Fracture Benefit: A lump sum payment if you suffer a specified fracture as a result of an accident.
  • Other features: These include up to $200,000 cover for accidental injuries, increased benefits if injured overseas, cover against inflation, the ability to claim as often as you need and the option to include your partner on your policy.

History of MLC

The MLC parent body, NAB, was founded in Victoria in 1858 and was known at that time by the name of the National Bank of Australasia. It quickly become known in the community of the day as being a discreet banking institution. As the years moved on the National Bank of Australasia grew steadily in stature until it took a giant leap forward in 1981 when it merged with the Commercial Banking Company of Sydney. The new company that resulted from this merger became known as the National Australia Bank. In 2008 the named was changed to the NAB.

MLC, in 2009, reached the top position in Australia among other life insurance companies by obtaining 14.1 percent of market share according to DEXX&R Life Analysis. It was also reported by Plan for Life Quarterly Data System, in June 2009, as holding the second largest number of superannuation policies in the country, which amounted to 16.4 percent of market share. These figures meant MLC was the partner of choice for about 1,300 self employed aligned and salaried advisers throughout Australia, as well as it having sound professional relationships with over 3,000 licensed advisers who chose MLC's financial products superior to that of other companies in meeting the need of their clients.

MLC Life Insurance has been highly regarded in the Australian community over the last 120 years, having received numerous industry awards during that time when, in 2007 it first reached the milestone of providing more personal insurance to Australians than any other insurance company. It has held on to this lead ever since.

Claims Paid by MLC

  • Total Claims Paid by MLC in 2010 - Total $523 million

Breakdown on Claims in 2010

  • Life Cover - $186 million
  • Total and Permanent Disability (TPD) - $41 million
  • Critical Illness - $78 million
  • Income Protection - $217 million

MLC Continues to Improve its Insurance Offerings

The needs and demands of consumers when it comes to insurance products and services are always changing and usually becoming more of a challenge for insurance firms. Consumers no longer want to settle for what they can get - they want value for money on the cost of insurance and do not want to be left hanging around to get the coverage that they need.

This is something that MLC is addressing through some changes that it has made to its insurance offerings. A number of changes have been made in order to meet the rising demand for changes that will benefit the consumer. There are a number of products and services that have been enhanced by these changes and MLC believes that the changes reflect its ongoing commitment to its customers, both existing and new.

Some of the changes that have been made by MLC

There are several key changes that have been made to MLC insurance offerings in various areas in order to benefit customers in a number of different ways. This includes changes such as:

  • The introduction of RiskFirst rapid to MLC insurance, which is a feature that is designed to ensure that consumers are able to get their coverage sorted as quickly as possible.
  • Premium savings of 20 percent on income protection for customers who bundle their Life, Total Permanent Disability and Critical Illness cover together
  • The addition of MLC Insurance to the MLC Wrap and MLC Navigator investment platforms, which means that members can benefit from tax effective premiums payments from their super or self managed super accounts.
  • Products enhancements that have been made to Income Protection, Critical Illness, Life Cover and Total & Permanent Disability coverage.
  • MLC stated that it is committed to getting claims from insurance policyholders dealt with as quickly and efficiently as possible whilst also providing high quality services and products. The changes and enhancements that have been made are aimed at making this goal easier for the company to achieve as well as being aimed at improving products and services for consumers in an increasingly competitive marketplace.
  • The latest improvements and enhancements that have been made to products and services by MLC are part of a bigger picture, as the company has being making continuous improvements to meet customer demand for change, having already made changes and improvements back in March and in May.

The changes that have been made by MLC will undoubtedly be welcomed by many consumers who want to cut the hassle as well as the cost that is often associated with taking out insurance products. The reduction in premiums for customers who bundle plans as well as the greater speed with which consumers can arrange their coverage will prove beneficial for many consumers.

How do I Receive a Payout from MLC?

MLC prides itself on providing its customers with the best level of support when needed most. Like any other insurance company, MLC realises that its success is built on the reputation it has earned from its customer support. Payment of legitimate insurance claims are the foundation of any insurance company and MLC has worked hard to make its claim process as straightforward for its policyholders as possible.

Steps to a Successful Claim with MLC

MLC has developed a six step process for its customers to follow to ensure there are no unexpected delays in the event of an insurance claim being made.

  1. Claim Notification by Phone: In the event of a claim, policyholders should prepare the following details for MLC:
    1. Policy number
    2. Claimant's contact details
    3. Cause and date of policyholders death or disability
    4. Claims for Income Protection or Business Expenses Insurance will require the date that the policyholder stopped work and the expected duration of their disability
    5. Claims for Critical Illness will require information on the nature of the medical condition
  2. Claim Form Has Been Posted: Claim forms are posted to policyholder and must be completed by recognised claimant and a recognised medical practitioner.
    1. Claims for Death Benefit: Death certificate, proof of age, policy number
    2. Claims for TPD: Doctors reports from two certified treating medical practitioners, proof of age, copy of policy document
    3. Claims for Income Protection and Business Expenses: Doctors report from treating doctor, financial documents may be required in some circumstances
  3. Claim Assessment: MLC begins assessment of claim after receiving necessary documentation. Average turnaround after receipt of documentation usually 5 days.
  4. Assessment Decision Provided: Policy Owner advised on success of claim or whether further information is required. Income Protection and Business Expenses claims will require ongoing monthly review.
  5. Payment of Claim:
    1. Lump Sum: Made by cheque.
    2. Monthly Benefit Payment: Can be made by cheque or electronic funds transfer.

Applying for MLC Protective Cover

MLC Life Insurance has been providing protection to Australians for more than 120 years against financial devastation compounding on emotional loss, should a person die leaving their dependants without any means of continuing the lifestyle that have grown accustomed to. It will continue this service well into the future.

Contact an adviser and obtain a preliminary life insurance quote from MLC

Prefer to talk?

1300 743 254

Office hours: Monday to Thursday 8am - 6:30pm, Friday 8am - 5:30pm

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2 Responses to MLC Life Insurance – Compare MLC Life Insurance and Income Protection cover

  1. Default Gravatar
    | July 21, 2016

    How do I find out if an older, Life Policy still exists.
    Thank You

    MB

    • Staff
      Richard | July 25, 2016

      Hi Michel,

      Thanks for your question. finder.com.au is a comparison service and not an insurer. If you believe you may have a policy with MLC Life Insurance, you should contact them directly on 132 652. You may also find the ASIC unclaimed policy service useful.

      I hope this was helpful,
      Richard

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