MLC Superannuation Life Insurance

Fund your Life, TPD or Income cover through super with MLC

Life insurance or superannuation may not be the most exciting topics to talk about for the average Australian, so when you combine them into one product, you’d think there’d be even less to talk about. These financial products are always there for you, silently going about the business of protecting you and your family, and just as you should pay attention to the tyres on your car before you get a blow out, or check the condition of the roof of your house before the water comes crashing through in a storm, so too should you spend some time looking into how your life insurance and super are set up – before you need to call on them.

MLC is one Australian finance company which offers a combined life insurance and superannuation account, to offer you the benefits and protection of both products, in one place, with one easy to manage product, and brings you the unique benefits of that combination. MLC hasn’t just packaged up their life insurance and super products and handed them over either, instead they are actively committed to developing the most cost effective and tax effective solution for your situation, so you don’t have to miss out on the benefits or the incentives.

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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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Features of MLC Life Insurance Superannuation

MLC offers you the choice of purchasing your insurance and superannuation products together or separately, and also allows you to modify your cover and change the structure of your products at any time as your needs change. For example, MLC can offer you a superannuation account with:

Life Cover insurance

  • A lump sum benefit payment: Life insurance pays a lump sum benefit to your family when you die, allowing your loved ones to spend the insurance money as they need to. This could mean paying off the mortgage, covering the month to month house hold bills, or investing for education or the future.
  • Cover for terminal illness: Life insurance with MLC also pays out a terminal illness benefit if you are diagnosed with less than 12 months to live. This means you can use the money to cover final expenses or medical bills, make modifications to your home, or take a restorative family holiday.
  • Accidental injury: Pays a benefit in a lump sum from your life insurance policy if you are injured as the result of an accident. This can help pay immediate medical bills, or cover house hold bills while you recover for your return to work.

Total and permanent disability insurance

  • Pays a lump sum benefit for total and permanent disablement: If you become totally and permanently disabled because of an eligible illness or injury, MLC will pay a lump sum benefit which you can use for medical bills and rehabilitation, for making modifications to your home to accommodate your disability, or for any other bills or purchases you choose.

Accidental death insurance

  • Pays a lump sum amount for accidental death: If you die as the result of an accident, or your death occurs within 180 days of an accident, your family will receive a lump sum benefit payout. This can help with paying for the funeral costs, covering the day to day living expenses of the family, or as savings or an investment.

Income protection insurance

  • Monthly benefits if you’re unable to work: If you’re unable to work because of illness or injury, your MLC income protection cover will pay a monthly benefit of up to 75% of your regular income. This can help you stay on top of your bills and expenses while you recover, and means you don’t have to worry about rushing back to work before you’re fully recovered.

The MLC Life Insurance Superannuation policy also includes a premium waiver benefit, where you are not required to pay your premiums under certain conditions. For example, if you have been retrenched, or while you are receiving a benefit under your total and permanent disability insurance, you don’t have to worry about your insurance premiums.

Benefits of insurance through superannuation with MLC

When you take out life insurance products through your superannuation account, you may be eligible for up front tax concessions, such as:

  • Self employed tax deductions: If you are self employed, you may be able to claim your contributions to your MLC super account as tax deductions.
  • Salary sacrifice: If you choose to have your employer pay part of your remuneration as additional superannuation contributions, you can be paying for your insurance in your super account with your pre-tax dollars.
  • Government co-contributions: If you qualify for the government’s superannuation co-contributions, that additional contribution could be used to pay for the insurance within your super.

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William Eve

Will is a personal finance writer for specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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