MLC Life Cover

Information verified correct on October 1st, 2016

Get financial protection for your family with MLC Life Cover

Securing the financial future of your family in case you are no longer around is something that will not only benefit you in terms of providing total peace of mind but will also benefit your loved ones in many ways. With MLC Life Cover Insurance you can protect your family against the financial issues that can arise from this as well as those that arise from a number of other problems, such as if you are diagnosed with a terminal illness or you experience a seriously debilitating accidental or injury.

The MLC Life Cover Insurance cover plan is a complete and comprehensive life insurance plan, which is highly beneficial in terms of providing you and your family with peace of mind and the financial protection you may need in the future. This plan boasts many features that will help to ensure that in the event of certain unexpected events your family won't be left struggling financially.

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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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Life Cover at a glanceLife Cover SuperPersonal Protection PortfolioPersonal Protection Portfolio owned by an SMSF
When your Life Cover Insurance first commenced:at any timeat any timeup to 30 June 2014after 30 June 2014
StandardPlusStandardPlusStandardPlusStandardPlus
What are you covered for?
Death
  •  Yes
  •  Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
Terminal Illness
  •  Yes
  •  Yes
  •  Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
What features are built in?
Advance Death BenefitNot Available
  •  Yes
  • Yes
  • Yes
  • Yes
Not Available
Accidental Injury
  •  Yes
  • Yes
  • Yes
  • Yes
Financial Planning BenefitNot Available
  • Yes
  • Yes
  • Yes
  • Yes
Not Available
Continuation Option for level premium
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
Increases without medical evidence
  • Yes
  • Yes
  • Yes
  • Yes
What option can you choose at an additional cost?
Terminal Illness Support Option
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
Business Safeguard Option
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
Total and Permanent Disability
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
Critical Illness as a part of Life CoverNot Available
  • Yes
  • Yes
  • Yes
  • Yes
Not Available
Critical Illness as a Connected Benefit with Life Cover
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
Not Available

Some of the Features of MLC Life Cover

Under this insurance plan you can enjoy features such as:

  • The payment of your life cover lump sum benefit in the event that you are diagnosed with a terminal illness
  • A lump sum payment to your family in the event of your death so that their financial future is protected
  • A payout of up to $2 million in the event that your sight or a limb is lost through accidental injury
  • Advance death benefit, which will provide an advance payment of $20,000 if you die to help with costs such as funeral expenses
  • The ability to increase your cover level without having to take further medicals if you have a change in circumstances
  • The ability to freeze your insurance premiums if you are aged over thirty, which will result in your payments remaining the same whilst your benefit level goes down each year

The Benefits of Cover for You and Your Family

The MLC Life Cover Insurance plan offers benefits for both you and your loved ones, which means that you can all benefit from peace of mind and protection for the future. It is important to put measures in place as early as possible if you want to make sure that your family's financial future is not compromised as a result of unexpected and unavoidable events, which is why taking out a MLC Life Cover Insurance plan sooner rather than later is a good idea in order to enjoy the maximum benefits.

Some of the clear and important benefits that come with this cover include:

  • A payout if you are diagnosed with a terminal illness or suffer a serious, debilitating accidental injury (e.g. loss of sight or limbs) which means that you and your family will not have the added worry of finances at an already difficult time
  • Payout of the benefit to your family if you die, which means that whilst they will still have to cope with the grief of your death they will not have the added worry of how they will keep a roof over their heads, pay for food, pay the bills, and meet other essential expenses

At times like these the last thing that you or your family will need is money worries on top of everything else. With the complete MLC Life Cover Insurance plan you can ensure that you or your family have one less thing to worry about at difficult times such as these.

It is important to remember that with the MLC Life Cover Insurance plan, as well as with any other form of insurance cover, there are exclusions as well as features and benefits. It is important that you check the benefits and exclusions carefully so that you know exactly what you are covered for and what you may not be covered for as part of the plan. This way you can make a more informed decision with regards to the level of cover you should take out and with regards to which plan is the right one for you.

Whose Eligible for Cover?

The eligibility age for MLC Life Cover depends on whether it is held inside or outside of super.

  • If held outside of super, the entry age is 16 to 60 for level premiums (fixed premiums) and 11 to 70 for stepped premiums (premiums that increase with age). The expiry age for both is 100 years of age.
  • If held inside super, the entry age is 16 to 60 for level premiums and 16 to 65 for stepped premiums and the expiry age for both is 74, with an option to continue as non-super cover to 100 years of age.

Exclusions to be aware of

An MLC Life Cover benefit will not be paid if the insured persons death or terminal illness is the result of suicide or attempted suicide occurring within 13 months of cover:

  • commencing 
  • being reinstated 
  • or the benefit amount being increased.

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