What is MLC Critical Illness Insurance?
A serious illness or injury is not something that we can foretell the coming of – we all hope that we will live long and relatively healthy lives but the fact is that anyone can find themselves falling victim to an illness such as this. Whilst there is little that we can do to stop this, one thing that we can do is take measures to minimise on the impact that it can have on us and our family in terms of finances.
With protective cover in place, such as MLC Critical Illness Insurance cover, you have the peace of mind that if you do become critically ill you and your family will not be left with the stress of money problems and having to cope with this in addition to the stress of the illness itself.
Protect Yourself and Your Loved Ones with MLC Critical Illness Insurance
|Critical Illness at a glance||Personal Protection Portfolio||Personal Protection Portfolio owned by an SMSF|
|When your critical Illness firs commenced:||at any time||up to June 2014||after 30 June 2014|
|How can you structure this insurance?|
|Critical Illness as a part of Life Cover||Not Available|
|Critical Illness as a connected Benefit (not available with decreasing cover)|
|Critical Illness as a stand-alone Insurance|
|What are you covered for?|
|A range of critical conditions||Limited||Wide||Limited||Wide||Not Available|
|Critical conditions and definitions of renewal||May change||Can't be changed||May change||Can't be changed|
|What features are built in?|
|Financial Planning Benefit||Not Available|
|Continuation Option for level premium|
|Increases without Medical Evidence|
|Child Support Benefit|
|What Options can you choose at an additional cost|
|Any Occupation Total and Permanent Disability (TPD) and Partial Payment Benefit for TPD as a critical condition (not available under stand-alone)||Not Available|
|Own Occupation Total and Permanent Disability (TPD) and Partial Payment Benefit for TPD as a critical condition (not available under stand-alone)|
|Life Cover Buyback (not available under stand-alone)|
|Extra Benefits Option:|
Different Levels of MLC Critical Illness Cover to Match Your Needs
With MLC Critical Illness Insurance cover you can choose from two different levels of cover, which means that you can ensure that your cover caters for both your needs as well as your budget. The two levels of cover that are available as part of the MLC Critical Illness Insurance plan are:
- Standard cover, which offers protection for some of the most common critical illnesses. This is a lower cost form of cover that is ideal for the budget conscious
- Plus cover, which is a more comprehensive and protective plan, covering a wider range of critical conditions and offering a range of optional extras for those that want to tailor their plan more specifically
The MLC Critical Illness Insurance plan offers a range of invaluable features, helping to ensure that you get cover that is both suited to your needs and offers value for money in terms of cost. Some of the features of this cover include:
- The ability to increase your cover due to changes in your personal or working life without having to undertake any further medicals
- Reimbursement of up to $5000 for the preparation of a written financial plan, which has been prepared by a qualified financial expert, if a lump sum payment of $100,000 or more has been paid out to you
- Child support benefit, where a lump sum of $10,000 is paid out if your child first suffers from an eligible condition or dies (you must have cover of $100,000 or more to qualify)
- The ability to freeze your stepped premiums from the age of thirty onwards, which means that you will pay the same amount rather than increasing amounts but your benefit level will reduce each year
- A payout of $5000 if the stand alone critical illness benefit cannot be paid out due to death occurring within fourteen days of you suffering a critical condition
Reasons why you should consider taking out critical illness cover
The main reason why you might consider taking out critical illness cover such as MLC Critical Illness Insurance, is because none of us know what might happen to us in the future, but what many of us can be pretty certain of is that something like a critical illness would leave us and our loved ones far worse off in terms of finances.
Critical illness insurance will help to make sure that you and your family do not have any additional stresses to burden you at a time when you should be focusing on trying to make a full recovery and they will be focusing on providing you with the care that you need to expedite your recovery.
If you are a main income earner and you have people that depend on you to take care of them, such as young kids, it is particularly important that you take out protective cover such as this. Remember, even if you fall critically ill and cannot work or earn money, it will still be necessary to pay for things such as:
- Keeping a roof over your head by paying the mortgage or rent
- Paying the household bills
- Putting food on the table
- Buying clothing for yourself and the kids
- Paying for the kids' education
- Dealing with any debt payments or other regular financial commitment
So next time that you’re thinking about how to make yourself more financially independent remember to give a thought to you family and loved ones and take steps to make sure you can keep them financially secure.
Exclusions you should be aware of
Your MLC Critical Illness policy will not pay a benefit if:
- Your claim arises from any intentional self-inflicted injury or attempted suicide
- Your claim is for any sickness or injury that first occurred, displayed symptoms or was diagnosed before your insurance started or was last reinstated
If you purchase Critical Illness Insurance as a standalone policy, the death benefit of $5,000 will not be paid if you commit suicide within 13 months of when the policy started or was last reinstated.
Who is eligible for MLC Critical Illness Insurance?
- In order to qualify for an MLC Critical Illness Insurance policy, you will need to be between 19 and 60 years of age.
- Cover under the policy will then expire on the policy anniversary following your 75th birthday.