MLC Essential Life

Information verified correct on October 1st, 2016

MLC Essential Life Insurance

Are you the sole income earner in your home? If you became ill or died, would your family struggle to cope financially? And if you have no protection in place your family could lose everything including the roof from over their heads. Nobody wants to see something like this happening to their loved ones, which is why it is so important to consider life insurance.

MLC Essential Life is an affordable life insurance product that provides invaluable peace of mind and financial protection for you and your loved ones. While some people may think that they cannot afford to take out life insurance cover, the fact is that most people cannot afford not to take it out.


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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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How MLC Essential Life can Help

There are many benefits of having MLC Essential Life cover. This cover pays out a lump sum if you are diagnosed with a terminal illness or if you die, and while money cannot bring you back, it can help to ease the financial strain your loved ones. The amount you can apply for as a maximum can vary based on your age, with coverage from $500,000 to $1 million.

With this life insurance product you are able to benefit from coverage that is affordable, so you won’t have to break the bank in order to provide your loved ones with valuable peace of mind and protection. You can enjoy a range of benefits when you take out this cover, which include:

  • Peace of mind for you and your family. Having this life insurance cover in place will provide you and your family with peace of mind that comes from knowing the your family’s financial future is secure. This means that you will be able to enjoy life safe in the knowledge that if something does happen to you such as terminal illness or unexpected death your family will not be left destitute.
  • Financial security. If you are diagnosed with a terminal illness or die, your family will have enough stress to deal with without the added strain of financial worries. If you are the main income provider for your family, the impact on the family finances would be dire. Life insurance ensures that you can continue to provide for your family, even if you’re no longer around.
  • Speedy application process. When you opt for the MLC Essential Life plan you can look forward to a speedy application process that can be carried out over the phone. This means that you can get your cover into place with ease and speed.
  • No medicals. You are not required to undergo any medical examinations or tests in order to take out MLC Essential Life insurance. The application process is quick and easy, all you have to do is answer a simple phone based questionnaire.
  • Terminal illness payout. If you are diagnosed with a terminal illness, you will receive a payout of 100% of the death benefit. You can spend benefit payment however you choose.
  • Advance payment. Another feature of this life insurance product is that it offers an advance payment of $10,000 upon the death of the policyholder so that the family is able to more easily cope with costs such as funeral expenses.
  • Access to medical services. Included within the MLC Essential Life plan is access to leading doctors and medical information services.

MLC Essential Life’s wide range of benefits means that your family’s future financial needs will be met. The fast, simple and convenient application process makes this product ideal for those who want to provide their family with peace of mind and financial security for the future. With no medical examinations, no lengthy forms to complete and a simple phone application, you can get your cover into place with ease and speed.

Other Factors to Consider

As with any financial product, it is important to read the fine print before you make your purchase. In order to get a better idea of the suitability of this plan you need to know exactly what the restrictions and exclusions are. MLC Essential Life will not pay a benefit if your death or terminal illness is the direct of:

  • a preexisting condition as outlined in your policy document
  • any form of intentional self-harm including (within 13 months of the policy’s commencement date):
    • attempted suicide
    • suicide
    • self-inflicted illness
    • self-inflicted injury.
  • being under the influence of drugs unless under the direction of a doctor
  • being under the influence of alcohol
  • your involvement in a criminal activity
  • your participation in a dangerous activity or pastime such as:
    • flying in any capacity other than as a passenger in a commercial airline
    • scuba diving more than 30 metres underwater
    • motor sports
    • rock climbing
    • mountaineering.
  • working more than 10 metres underground or working underground with explosives.

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