In this guide

  • Our verdict
  • Details
    • Key Details
    • Eligibility
    • Add-ons
  • Frequently asked questions
  • Your reviews
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MLC Life Insurance Review

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MLC Life Insurance

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Maximum Cover
No limit
Maximum Entry Age
70
Terminal Illness Benefit

Our verdict

MLC Life Insurance could be ideal if you want access to a global network of medical specialists at no extra cost.

  • You can get access to the global Best Doctors support network for medical advice.
  • It lets you maintain your policy for a period of time if you're suffering financial hardship due to disablement or retrenchment.
  • It comes with an option to fund cover with super – but this option may not be the best value.

In this guide

  • Our verdict
  • Details
    • Key Details
    • Eligibility
    • Add-ons
  • Frequently asked questions
  • Your reviews

Details

Key Details

Product Name MLC Life Insurance
Maximum Cover No limit
Terminal Illness Benefit
Funeral Benefit $20,000
Guaranteed Renewability
Cooling-off (days) 14
Online Quote

Eligibility

Minimum Entry Age 11
Maximum Entry Age 70
Expiry Age 100
Medical Exam Depends on application assessment

Add-ons

TPD Option
Child Benefit Option
Trauma Option

Read a more detailed review on:

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Life Insurance

Key types of MLC Life Insurance

  • 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 $15,000,000.
  • 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 $2,000,000.
  • 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 $5,000,000 for certain professional occupations such as surgeons, accountants and solicitors. The limit is $3,000,000 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 $30,000is available for all occupations.
  • 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 $60,000per month.

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

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Optional cover

Key types of MLC optional cover

When you take out a Life insurance policy, you also have the option to add on the following:

  • 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 $1,000,000
  • 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.

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 $15,000,000.
  • 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 $5,000,000 for certain professional occupations such as surgeons, accountants and solicitors. The limit is $3,000,000 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 is available for all occupations.

MLC life insurance pros and cons

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

Pros

  • Option to buy cover inside super.
  • Access to Best Doctors support network for medical advice.
  • MLC On Track program offers discounts to healthy customers.

Cons

  • Policy fee on top of the premium.
  • No counselling benefit option.
  • No premium and cover suspension option.

How do I make a MLC life insurance claim?

If you need to make a claim on your policy, contact MLC as soon as possible by phoning . 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.

What are some of the key exclusions of MLC life insurance?

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

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

Compare other direct life insurance policies below

Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: Finder Life Insurance Award winner for the last 5 years in a row. Good value for money, simple application process and a high claims acceptance rate.
Medibank Life Insurance
$2,500,000
70
$2,500,000
Data not available
Data not available
Data not available
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Get a 10% discount if you're already a Medibank Health Insurance member.
TAL Accelerated Protection Life Insurance
No set limit
73
Not stated
Data not available
1 months
$249,285 million
Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).

⭐ Current offer: Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. Offer T&Cs on insurer website apply.
ahm Life Insurance
$1,500,000
55
$1,500,000
Data not available
Data not available
Data not available
Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests needed.
RACWA Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: RAC’s maximum death cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance. RAC is also WA-based but services all of Australia.
AAMI Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.

⭐ Current offer: Take out a new AAMI Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Suncorp Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Take out a new Suncorp Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Real Family Life Cover
$1,000,000
64
$1,000,000
88.90%
2.4 months
$53,238 million
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.
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