MLC TPD Insurance

What are the Benefits of MLC TPD Cover?

Total and permanent disability is something that can cause untold turmoil in the lives of both you and your family. When a serious accident results in this sort of outcome it’s not just your quality of life that can be affected but also the financial situation of you and your loved ones. Whilst having insurance cover in place cannot stop an unexpected and unavoidable accident or stop this outcome from occurring, it can help to ensure that you and your family are not left suffering financially on top of all of the other issues you have to deal with.

MLC TPD Life Insurance cover is an invaluable plan that can help to provide you with peace and mind and financial security for the future in the event that you suffer total and permanent disability. The policy will provide a lump sum payment of up to $5 million and offers a range of additional features so you can tailor the cover to meet your needs.

Safeguard Your Financial Future with MLC TPD Insurance

Enquire Now for MLC Total and Permanent Disability Cover Quotes

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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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TPD and Loss of Independence at a glanceLife Cover SuperPersonal Protection PortfolioPersonal Protection Portfolio owned by an SMSF
When your TPD and Loss of Independence Insurance first commenced:up to 30 June 2014after 30 June 2014at any timeup to 30 June 2014after June 30 2014
How can you structure your insurance?
TPD and Loss of Independence as a part of Life Cover
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
TPD and Loss of Independence as a connected Benefit (not available with decreasing cover)
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
TPD and Loss of Independence as a stand-alone insurance (not available with decreasing cover)

   Not Available

  • Yes
  • Yes
  • Yes
What features are built in?
Financial Planning BenefitNot Available
  • Yes
  • Yes
Not Available
Continuation Option for Level Premium
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
Increase without Medical Evidence
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
Partial Payment BenefitNot AvailableNot Available
What Options can you choose at an additional cost?
Own Occupation Definition (eligible occupations only)
  • Yes
Not Available
  • Yes
  • Yes
Not Available
Life Cover Buyback (not applicable for stand-alone)
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
Business Safeguard Option
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
At what age can you apply for TPD Insurance?
Level Premium 15-54
Stepped Premium or decreasing cover  15-59

The features of the MLC TPD Insurance plan

The MLC TPD Life Insurance plan offers a range of valuable features and benefits that are designed to provide you and your loved ones with the protection and peace of mind that you need for the future. Of course, we all hope that we will never have to make a claim on this type of cover and that it is just something that will be there to reassure us. However, if you or your family find yourselves in a position where a claim does have to be made the benefits of this plan can make a huge difference to your financial security.

Some of the features of the MLC TPD Life Insurance plan include:

  • The ability to increase your benefit without the need to take more medical tests if you experience certain life changes in your work or personal life
  • The ability to receive partial payment, which is $500,000 or 25 percent of the TPD insurance benefits (depending on which is the lesser) in the event that you lose the sight in one eye or the use of one limb
  • If you are aged over thirty you can choose to have your stepped premiums frozen, so your payments will remain the same and the benefit reduces each year
  • Reimbursement of up to $5000 for the preparation of a written financial plan, which has been prepared by a qualified adviser, when a lump sum benefit of $100,000 or more is paid out to you
  • If you die within fourteen days of suffering a critical condition and the TPD benefit is not payable a benefit of $5000 will be paid out

Why Consider Total and Permanent Disability Cover from MLC?

Whilst some people decide that they do not want to or cannot afford to spend their hard earned cash on insurance cover in the current financial climate, it is vital to consider the future and what might happen in the event that you suffered total and permanent disability. This is especially important if you are the main income earner of the household and if you have dependants who are reliant on you to take care of them financially, as the impact on your family and household could be huge if there is nothing in place to ensure their financial security.

If you do find yourself falling victim to an accident that renders you unable to work due to TPD, how would your family cope financially? You would still have to make payments on essential purchases and other financial commitments such as:

  • Paying the mortgage or rent
  • Paying the bills
  • Having money for the kids' education
  • Buying food and clothing
  • Paying debts

Without any financial protection in place, and if you are unable to work as the main income earner, things could become extremely difficult to say the least. If you have the protection of cover such as the MLC TPD Life Insurance plan in place, you can at least rest easy in the knowledge that even if something like this does happen to you, your family will not be left facing financial hardship whilst also dealing with the additional stresses that come with this sort of situation.

Exclusions to be aware of

You won’t receive a benefit from MLC for any total and permanent disablement that occurs as a result of:

  • Intentional self-inflicted injury or attempted suicide
  • Any sickness or injury that occurred, appeared or happened before cover started or before cover was last reinstated

In addition, if you hold TPD Insurance as a standalone policy, the $5,000 death benefit will not be paid if you commit suicide within 13 months of cover starting or being reinstated.

Who is eligible for MLC TPD Insurance?

Entry ages for MLC TPD Insurance vary depending on how you hold your policy:

  • If you purchase your policy as standalone cover or as an extension to a Life Care policy, the entry age range is 16 to 60 years and cover expires on the policy anniversary following your 100th birthday.
  • If you purchase TPD Insurance as an extension to MLC Critical Illness Insurance, the entry age range changes to 19 to 60 years and cover expires on the policy anniversary following your 65th birthday.

Compare TPD Quotes from MLC

William Eve

Will is a personal finance writer for finder.com.au 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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