MLC Life Insurance
Compare MLC life insurance
Considering MLC life insurance? Please see our comparison tables for more details and information about products on offer from this provider and other home loan providers on our database.
See our comparison table below for a snapshot of its current market offerings. Please note that this table has been formulated based on a non-smoker male in a professional occupation who is seeking cover. The results are sorted by estimated monthly premium (lowest to highest).
To compare other life insurance policies, please click here.
How much does MLC life insurance cost?
The cost of your life insurance will vary depending on several different factors such as your age, occupation and choice of insurer. You can get a quote for MLC life insurance by comparing direct life insurance on our website. Compare the quoted premiums to the average premiums for direct life insurance on our database
Eligibility to apply for MLC life insurance
All permanent Australian residents between the ages of 18 – 60 (inclusive) may apply for an MLC life insurance policy. Upon application, you’ll be asked some simple questions about your health, lifestyle and family medical history to determine what level of cover MLC is willing to offer to you.
How to apply for an MLC life insurance policy
If you fit the eligibility criteria, you can apply for MLC life insurance by clicking on an MLC life insurance product in the Canstar direct life insurance comparison tables for your occupation and age, and confirming your choice of policy. You can apply for a quote by clicking on the link in our comparison tables or through MLC’s website.
MLC Insurance FAQs
Yes; in fact, it’s encouraged that members manage their policy online, and MLC has a dedicated online portal. By clicking here, you can access statements, update your policy, lodge a claim and make payments.
You or your beneficiaries can make a claim with MLC life insurance by calling MLC on 132 652 or visiting the claims portal on the MLC website.
Before you submit a claim, you should have these details at hand:
- Your policy information
- Medicare records
- Medical history from the treating GP or specialists
- Death and/or birth certificate
If your insurance claim is approved, MLC will arrange the payment of your benefit.
Generally speaking, premiums for forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible, according to ATO (Australian Taxation Office). Ask your tax accountant or financial adviser for more details on this.
The ATO however, states that you can claim the cost of premiums you pay that cover the loss of your income, such as income protection insurance. You can’t, however, claim a deduction for premiums that compensate you for physical injury or are taken out through your super fund. Ask your tax accountant or financial adviser for more details on this.
MLC charges stepped premiums, which increase as you age.
When you apply for MLC life insurance, your insurance premium is calculated based on your chosen benefits and level of cover, your age, your occupation, your gender, whether you smoke, your health, family history and whether you engage in hazardous activities. The cost of your policy is recalculated each year on your policy’s anniversary, so your premium may increase for your particular age bracket or your occupation category.
Premium rates are not guaranteed. For more information about stepped premiums versus level premiums, read this article.
At the time of writing, medical tests are not required to apply for MLC life insurance; however, in the event of a claim, MLC may require additional evidence or do a full review of your medical records, and you may be required to complete a health and lifestyle questionnaire.
Once you’ve applied for cover, MLC will contact you if a medical examination is required throughout the claims process.
After buying an MLC life insurance policy, you can apply to increase the amount of your cover at any time. The application to increase your cover will be subject to the same eligibility criteria.
You should be able to change your level of cover by adding or removing features or coverage, and by increasing or decreasing your sum insured for each type of cover included in your life insurance policy. If you wish to change your policy inclusions, contact MLC on 132 652 to discuss your options.
Keep in mind that increasing your level of cover or adding your spouse or children to your policy is likely to result in a higher insurance premium.
It depends on the condition. When applying for MLC life insurance, you must disclose any pre-existing medical conditions you have now or had in the past, as well as current medications and health issues. Find out more about pre-existing conditions for life insurance here.
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
- NAB Foundation: Since 2008, the NAB Foundation (formerly 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, the NAB Foundation is providing grants to community organisations for 4 key needs: youth, rural and remote Australians, social inclusion, and research.
The table below shows some of our best life insurance options available for a non-smoking female aged 30-39 years old, who is working in a white collar occupation group such as a clerk or office administrator. This table is sorted by Star Rating (highest to lowest).
Compare the rest of your options when it comes to term life insurance using our website: