Finder Exclusive Offers: 0% for up to 24 months on balance transfer cards
Compare & save
MLC life insurance

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

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. MLC is also responsible for providing its customers with out-sourced investment, superannuation and employment benefit solutions.

Get a quote for MLC Life Insurance and Income Protection

Please enter your full name
Please enter a valid email address
It's important to give us a valid phone number
Gender
Smoker
Date of Birth
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.
By submitting this form, you agree to the finder.com.au privacy policy
Get quotes

What are the key benefits offered by MLC Life Insurance

  • 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.
Maximum cover amountNo general maximum (special terms may apply for amounts greater than $15 million)
Age of entry16-65
How do I apply?With an adviser over the phone

Note: Conditions apply, always consult the Product Disclosure Statement (PDS)

ProsCons
  • Option to buy cover inside super.
  • Policy fee on top of the premium.
  • Access to Best Doctors support network for medical advice.
  • Standard premium rates can be changed at anytime (to all policyholders).
  • Award winning cover (Adviser Choice Risk Company of the Year).

Note: Conditions apply, always consult the Product Disclosure Statement (PDS)

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.

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.
  • 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.

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

There two key steps involved in making a claim with MLC.

  • Step 1. Notify MLC by calling its claims hotline on 13000 125 246.
  • Step 2. Complete a claim form. this will be sent through from MLC outlining what is required, as well as the specific terms / conditions of the benefit that you are claiming.

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.

Was this content helpful to you? No  Yes

Related Posts

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au 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, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

4 Responses

  1. Default Gravatar
    JoseOctober 10, 2016

    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.

    • Staff
      MauriceOctober 11, 2016Staff

      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

  2. Default Gravatar
    July 21, 2016

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

    MB

    • Staff
      RichardJuly 25, 2016Staff

      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

Ask a question
feedback