MLC Life Insurance

Written by: TJ Ryan

MLC Life Insurance

MLC is a provider of life insurance, income protection insurance, business insurance, superannuation funds, investment products, and financial advice.

“Helping you create your best possible future.”

Policy Options: What MLC life insurance covers

The inclusions below represent a selection of what is covered. Additional conditions may apply to different features. CANSTAR is not making any suggestion or recommendation to you about this product.  Please ensure that you read the product disclosure statement to determine all the current policy options and inclusions for the product you are considering.

Life Cover Policy

  • Financial protection for your loved ones if you die or become terminally ill.
  • Covers from $25,000 up to an unlimited amount, but special terms apply for cover above $15 million.
  • Paid in a lump sum.
  • Advance payment up to $20,000 available if you are diagnosed with a terminal illness.
  • Covers up to $5,000 for the preparation of a written financial plan, when a lump sum benefit of $100,000 or more is paid.
  • Choose to freeze your stepped premiums if you are aged 30 years or older.
  • Package Life Cover with other cover at a reduced cost, including TPD, and critical illness insurance.
  • Optional cover: Premium Waiver insurance – premiums are waived if you suffer a total and permanent disability or become retrenched.
  • Optional cover: Business safeguard option – increase your Life Cover if certain business events occur.
  • Optional cover: Terminal illness support insurance – Receive a lump sum payment if you’re diagnosed with a terminal illness.

Accidental Death Policy

  • Provides for your family if you die as the result of an accident.
  • Covers from $25,000 up to an unlimited amount, but special terms apply for cover above $15 million.
  • Paid in a lump sum.
  • Covers up to $5,000 for the preparation of a written financial plan, when a lump sum benefit of $100,000 or more is paid (provided it is outside superannuation)
  • Optional cover: Premium Waiver insurance – premiums are waived if you suffer a total and permanent disability or become retrenched.

Total and Permanent Disablement Policy

  • Benefit from a payment if you become totally and permanently disabled and are therefore unable to work.
  • Covers up to $3 million for most occupations and up to $5 million for specialist professional occupations.
  • Paid in a lump sum.
  • Partial payment benefit if you lose the use of one limb or the sight in one eye (available outside super only).
  • Covers up to $5,000 for the preparation of a written financial plan, when a lump sum benefit of $100,000 or more is paid.
  • Choose to freeze your stepped premiums if you are aged 30 years or older.
  • Death benefit of $5,000 applies if you pass away within 14 days of suffering a TPD.
  • Optional cover: Premium Waiver insurance – premiums are waived if you suffer a total and permanent disability or become retrenched.
  • Optional cover: Business safeguard option – increase your Life Cover if certain business events occur.
  • Optional cover: Double TPD (Life cover buy back with premium waiver) – Life Cover policy is automatically restored, up to same amount as TPD benefit paid, if they survive 14 days after receiving TPD benefit.

Income Protection Policy

  • Provides you with a replacement income stream if you cannot work due to serious illness or injury, or temporary disability.
  • Covers up to 75% of your income, up to $30,000/month for most occupations and up to $60,000/month for specialist professional occupations, for 2 years, renewable until age 65 for Income Protection (Special Risk) 70 for Income Protection Platinum and Income Protection)
  • Paid in an income stream of monthly payments.
  • No premium is charged while you are claiming benefits under this policy.
  • Death benefit of up to $60,000 applies if you pass away.
  • Recurring disability benefit and elective surgery benefit apply if your disability recurs.
  • Child support income benefit (available outside super only) provides a lump sum the first time your child has a critical condition or if your child dies.
  • Rehabilitation benefit (available outside super only) – receive up to 12 times your monthly benefit for rehabilitation expenses and a rehabilitation bonus for up to 12 months.
  • Income Protection Platinum policy provides a longer benefit period of up to 5 years.
  • Apply for additional cover when certain events occur.
  • Extended cover renewable to age 70.
  • Waiting period conversion from 2 years to 90 days (3 months) in special circumstances.

Critical Illness Policy

  • Benefit from a payment if you become critically ill with one of the most common critical conditions.
  • Covers up to $2 million.
  • Paid in a lump sum.
  • Covers up to $5,000 for the preparation of a written financial plan, when a lump sum benefit of $100,000 or more is paid.
  • Free access to Best Doctors, a specialist medical information service.
  • Choose to freeze your stepped premiums if you are aged 30 years or older.
  • Critical Illness Plus policy:
    • Covers a more extensive range of critical conditions.
    • Child support benefit of $10,000 the first time your child has a critical condition or if your child dies, available with Critical Illness Plus cover of $100,000 or more.
    • Apply for additional cover when certain events occur without further medical evidence.
    • Death benefit of $5,000 applies if you pass away within 14 days of suffering a critical condition.
  • Optional cover: Premium Waiver insurance – premiums are waived if you suffer a total and permanent disability or become retrenched.
  • Optional cover: Business safeguard option – increase your Life Cover if certain business events occur.

Child Critical Illness Policy

  • Benefit from a payment if your child becomes critically ill with one of the most common critical conditions.
  • Covers from $10,000 up to $200,000 per child.
  • Paid in a lump sum.
  • Covers up to $5,000 for the preparation of a written financial plan, when a lump sum benefit of $100,000 or more is paid.
  • Free access to Best Doctors, a specialist medical information service.
  • Optional cover: Premium Waiver insurance – premiums are waived if you suffer a total and permanent disability or become retrenched.

Business Expenses Policy

  • Pays certain business expenses to keep your business running while you can’t work due to sickness or injury.
  • Covers up to $60,000/month.
  • Paid as a monthly benefit for up to 1 year while you’re totally disabled.
  • Business expenses covered are reasonable and regular normal operating expenses of the business you own and manage, including: rent or mortgage; property rates; electricity, heating, and water; equipment or vehicle hire; cleaning and laundry; salaries of employees not generating business income; accounting fees; membership fees for professional associations; and business insurance premiums.
  • No premium is charged while you are claiming benefits under this policy.
  • Death benefit of $30,000 applies if you pass away while you hold this cover.
  • Choose a waiting period of 14 or 30 days.
  • Optional cover: Platinum option – receive a proportion of the covered expenses (up to maximum monthly benefit) if you become partially disabled.

Occupationally Acquired Infection Policy

  • Covers those working in certain medical/health occupations (doctors, surgeons, dentists, nurses, ambulance officer) if you accidentally acquire HIV, Hepatitis B, or Hepatitis C while performing your normal duties.
  • Covers from $25,000 up to $1 million.
  • Paid in a lump sum.
  • Covers up to $5,000 for the preparation of a written financial plan, when a lump sum benefit of $100,000 or more is paid.
  • Optional cover: Premium Waiver insurance – premiums are waived if you suffer a total and permanent disability or become retrenched.

About MLC

MLC was founded in 1886 and are now one of Australia’s largest personal insurance providers, serving 1.7 million customers across the country.

MLC is NAB’s wealth management partner and provides financial advice through MLC Financial Planning, MLC Advice, NAB Financial Planning, and more companies.

MLC ran an interesting ad campaign called “Let’s Save Retirement” in 2014, which you can watch on YouTube.

How MLC supports the community

  • MLC Community Foundation: Since 2008, the MLC Community Foundation has invested $7.8 million in not-for-profit organisations such as Lifeline Australia, RUOK?, and Suicide Prevention Australia.
  • Community Grants: From 2016, MLC Community Foundation is providing grants to community organisations for 4 key needs: youth, rural and remote Australians, social inclusion, and research.

Compare Life Cover available directly from the provider

Compare Life Cover available from an advisor

Compare Income Protection Cover with CANSTAR

Compare Trauma and Major Illness Cover with CANSTAR

Compare Total and Permanent Disability (TPD) Cover with CANSTAR