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MLC Life Insurance Review
Looking for life insurance cover? Here's what we like about MLC Life Insurance.
Types
Your Needs
If you're considering life insurance then it's worth reviewing cover from MLC. Some of the standout features include:
- You can connect with over 50 0000 doctors worldwide to receive the best possible consultation for your condition.
- Maintain your policy for a period of time if you're suffering financial hardship due to disablement or retrenchment.
- Option to fund cover with super.
Get a quote for MLC Life Insurance
| Maximum cover amount | No general maximum (special terms may apply for amounts greater than $15 million) |
|---|---|
| Age of entry | 16-65 |
| How do I apply? | With an adviser over the phone |
Note: Conditions apply, always consult the Product Disclosure Statement (PDS)
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Note: Conditions apply, always consult the Product Disclosure Statement (PDS)
Awards Received by MLC Life Insurance
- 2017 Winner, Term and TPD Products - Adviser Choice Risk Awards
- 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
About the insurer
MLC Life Insurance is part of Nippon Life Insurance Group, one of the world’s leading providers of life insurance solutions. Having looked after the life insurance needs of Australians since 1886, MLC’s aim is to provide innovative, flexible and affordable life insurance products to suit the needs of a wide variety of customers.
Until recently, MLC Limited (MLC Life Insurance) was wholly owned by NAB. However, NAB sold 80% of its ownership share to Nippon Life on 3 October 2016 and retained the other 20% stake.
MLC Life Insurance has 1.4 million customers, while Nippon Life Group has 11 million customers around the world.
More info
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. MLC is also responsible for providing its customers with out-sourced investment, superannuation and employment benefit solutions.
What products are offered by MLC?
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.
- 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.
Can I get cover 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.
Types of cover available through 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.
- 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.
- 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.
Some of the changes that have been made by MLC to improve it's products
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.
- 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.
Does MLC have any rewards programs included with its cover?
MLC aims to encourage loyalty among customers through the MLC Member Rewards program. This allows MLC Life Insurance customers to access a wide range of benefits, including:
- 5% off Woolworths and Safeway gift cards
- 5% off Coles gift cards
- upto 40% off HOYTS
- 10% off endota spa
- 5% off JB HI FI
- Access to the MLC Member Rewards Shop, an online shopping store with categories such as health and beauty, home and garden, sports, and tools
- 15% off theme park entry tickets for Movie World, Sea World, Wet ‘n’ Wild and Australian Outback Spectacular
Discounts off NAB banking products
Discounts across an extensive range of NAB banking products and services, such as:
- 50% off the standard home loan application fee
- Waived application fee on unsecured personal loans
- 5% premium discount on car insurance
What are some of the key exclusions of the insurer
Your MLC Life Cover Insurance claim will not be paid if death or terminal illness arises due to suicide or attempted suicide within 13 months of:
- Cover starting
- Cover being reinstated
- Cover being increased
If you have Terminal Illness Support Insurance, no benefit will be paid for terminal illness caused by suicide or attempted suicide within 13 months of:
- Cover starting
- Cover being reinstated
- Cover being increased
How do I make a claim?
If you need to make a claim on your policy, contact MLC as soon as possible by phoning 1300 125 246. It’s preferable that you provide notice of your claim at least within 30 days, as any delays could potentially reduce the benefit payable under your policy.
Once you (or your legal representative) contact MLC, you will be sent any forms that must be completed before your claim can be processed. You may also be asked for further information to support your claim – if so, make sure to provide this information as soon as possible.
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.
Ask an Expert
Wanna know how much would it cost me monthly for a life insurance cover of 300,00. I am 46 years old and non-smoker.
Hi there,
You’ve come to finder.com.au and we are a comparison service, not an insurer. If you’d like to get a rough quote for life insurance, you can enter your life insurance details here. You can then compare policies in our panel.
I hope this helps,
Maurice
How do I find out if an older, Life Policy still exists.
Thank You
MB
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