What is a premium waiver?
The main benefit is that if you become total and permanently disabled you will no longer have to pay your life insurance premium, although the policy will remain in force as though the premiums were still being paid. Your beneficiaries will still receive full benefits if you die.
It is normal for the premier waiver to start taking effect three months after your condition has been confirmed.
How does the MLC Premium Waiver work?
There are a few conditions to be aware of:
- If you are retrenched you do not have to wait the three months as you do when becoming disabled.
- You will benefit from not having to pay your life insurance premiums immediately after you notify MLC of what has occurred.
- You are not able to add the MLC premium waiver to your life insurance policy after you have turned 55 years of age and the waiver previously taken out will cease on the first premium payment after you turn 65 years of age. The waiting period before you don't need to pay any further premiums is three months after you have become totally and permanently disabled and immediately if you have become retrenched from work.
- After becoming retrenched you will not have to pay your premiums again for 12 months but when disabled you will be relieved from making any such payments until you turn 65 years of age.
- The waiver can be applied to both your MLC stand alone life insurance policy and your MLC Superannuation fund life insurance component.
What is MLC Wealth Management Limited and What Does it Offer?
Now known as MLC Wealth Management Limited it provides investment, insurance and superannuation for businesses, individuals and families in Australia. It also covers people for total and permanent disability, income protection and critical illness insurances. In the business world it offers investment solutions and business protection. It offers the Navigator Personal Investment Plans, separate managed accounts, Navigator Access Investments, wealth protection, Navigator cash and Shares, select margin loans and term deposits along with cash solutions. MLC specialises in personal superannuation as well as pension and retirement plans. These products are all offered through a wide network of financial advisers.
As with all the major life insurance companies MLC has an online presence and is available on Facebook. By visiting the MLC website you can complete the form that is available and buy whichever policy you find you need. When taking out any of the life insurance or superannuation covers available online, make certain you give consideration to including the Premium Waiver rider so that if things don't go to plan, and you either become retrenched from you present employment or become totally and permanently disabled, you will still be able to afford to keep your life insurance in force as any further premium payments won't have to be made.
Life insurance is a very important part of your risk aversion insurances and it need not be discarded simply because you have hit hard times. In fact it's when things get tough that you need the protection of life insurance the most. This is why the MLC Premium Waiver rider is a most important and minimal cost addition to have as part o0f your protection portfolio.