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Compare Policies from MLC Life Insurance 2023

As one of Australia’s leading life insurance companies with over 872.8k customers, MLC has a strong reputation for providing quality life insurance. This insurer offers a variety of policy options that you can customise to meet each customer’s unique needs. As a result, you can generally feel confident that you are getting the coverage that’ll keep you and your loved ones protected should you need it..

Russell Cain

Fact Checked

Updated: 19 May 2024

With over 100 years of insurance experience, MLC insurance is one of Australia’s leading life insurance companies with over 1.7 million customers and managing more than $171 billion worth of funds. During the same period, MLC Australia paid over $900 million in claims (as of August 2016). Request an MLC life insurance quote to learn whether they are the right insurer for you.

Key facts

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Who is MLC life insurance?

MLC’s affiliation with Nippon Life began on 3 October 2016, when National Australia Bank Limited (NAB) sold 80% of its interest in MLC Limited (MLC Life Insurance) to the Nippon Life Insurance Company (Nippon Life). As a result, they created a business, MLC life Insurance, which focuses exclusively on the life insurance product. Currently, Nippon Life has an 80% holding of MLC and NAB retains a 20% holding.

They also focus on customer service and offer several exclusive services, such as their Vivo Virtual care program, which was previously called the MLC Best Doctors service , which gives customers access to leading healthcare professionals. In addition, they offer their customers access to the wellness program MLC Vivo, which offers customers access to Virtual care, Vivo Specialist Care and Vivo Recovery. The Vivo Incentive provides new clients with a discount on their premium if they fall within a certain BMI range. This insurer is committed to helping its customers live healthier lives by offering them unique services and benefits.

MLC Life Insurance Pros and Cons

Guarantee of Upgrade benefit means the insurer will update your policy to keep up with current benefits available at the premium you already pay.
Exclusions may prevent you from making a claim, so it may be best to review the PDS for more information.
By joining the MLC Vivo program, you’ll typically get a discount on your premiums of up to 7.5% on your premiums.
Some benefits available from other major insurers may not be available.
You can generally cancel your policy and get a refund within the 14-day cooling-off period if you haven’t made any claims.
You’ll generally need to meet the BMI eligibility requirements to qualify for the MLC Vivo discount.
Cover is available worldwide.

Life Insurance Direct Comparison Engine (December 2023; Premium estimates for $200,000 of death cover for a 55-year-old non-smoking male and female who works as a school teacher and lives in NSW)

Should I buy a policy from MLC?

Whether MLC provides value for money depends on several factors, such as your budget, requirements, and lifestyle choices. They are generally a reputable company with various competitively priced products to suit a wide range of requirements. You may want to compare them with leading brands to see which best suits you and your family. To get started, simply use the comparison service on our site.

Compare MLC policies

MLC offers a wide range of insurance policies, including Life Cover, Disability Cover, Child Critical Illness Insurance, and Income Protection. There are various policy levels within each insurance type to suit the different lifestyles of individuals and families, helping customers find the one best suited to their budgets and requirements. These are also customisable, with extra benefits available at an additional cost if needed.

Review MLC insurance policies

Policy type
Entry Age
Expiry Age
Minimum Cover
Maximum cover
Life insurance
$36.016 years old to 70 years, depending on the premium structure and premium type- stepped or level premium.6
74 years old (Inside super), 100 years old (Outside super).
No maximum amount, but special terms may apply to benefits greater than $15 million.
TPD Cover
16 years old to 60 years old.
65 years old to 100 years old, depending on the premium structure and if it is linked to other policies.
$3 million, $2 million if linked to Critical Illness and $5 million for professional occupations such as surgeons, solicitors and accountants.
Trauma insurance
19 years old to 60 years old.
75 years old.
$2 million
Income protection
19 years old to 60 years old.
65 years old to 70 years old, depending on your premium structure (inside or outside super).
Monthly benefit of $1,500
A monthly benefit of $30,000
Business expenses
$43.1019 years old to 60 years old.
65 years old.
$60,000 a month
Child Critical Illness Insurance
3 years old to 18 years old.
21 years old

Source: MLC PDS prepared 31 October 2022 (November 2022)

Why you may want to consider this insurer

There are many reasons to choose MLC as your insurance provider. Not only does the company offer an extensive range of insurance policies that cater to both health and lifestyle needs, but many of the policies come with additional features that make them all the more attractive. It’s generally a good idea to review your cover periodically as your current circumstances may impact your life insurance requirements.

Below are some of the features offered under MLC policies:

How to Purchase an MLC Life Insurance Policy

Step 1: Compare and review
Review and compare the various policies on offer. You can analyse these using our comparison site to make it easier.
Step 2: Decide on your budget and dependents
When purchasing life insurance, you will need to decide on your budget and dependents. The amount of life insurance you need depends on your budget and the number of people you are responsible for.
Step 3: Make sure you meet the requirements
Once you’ve found your policy, ensure you meet the criteria. You can do this by contacting an MLC provider through their website or reading up on the policy requirements.
Step 4: Apply for your chosen policy, and fill out the information sheet
This may include disclosing previous and family medical history. You may be required to attend a medical examination before your cover is approved.
Step 5: Review your policy
Go through any adjusted terms with your insurance provider and add the policy benefits and features you may want to include.
Step 6: Your policy is approved
Once your policy is approved, you’ll receive an update on all the information about your policy.

Claiming from MLC Insurance

Claiming from MLC is made as simple as ever with their new claiming system. 

MLC Vivo Wellbeing

The MLC Vivo Wellbeing program is a great way to improve your overall wellbeing. This life insurance health and well-being program provides access to a range of health and wellbeing services, including Vivo Virtual Care, Vivo Wellness and Vivo Health. There are no joining fees and the program is available to all MLC members and their immediate family.

Vivo Wellbeing Benefits

MLC Vivo Incentive

MLC offers attractive discounts to customers who lead healthier lifestyles. To promote healthier living, the company has created the Vivo Discount program to encourage members to make positive changes for their health.  Customers who fit within the qualifying BMI range of 18.5 to 28 can save up to 7% on their premiums. To be eligible for this discount, you must fall within an average height and weight stamped on your medical records from when you first enrolled with Vivo Insurance Company at age 18 (or younger).

Frequently Asked Questions and Answers

MLC has been an Australian staple for over a century, serving 1.7 million customers and being one of the country’s largest personal insurance providers. It was established in 1907 when two companies merged; the National Mutual Life Association of Australasia Ltd (founded in 1869) and the Citizen’s Life Assurance Company Ltd (established in 1886). The National Bank of Australia then purchased MLC in 2000. In 2016, NAB and the Nippon Life Insurance Company entered a partnership. Today, Nippon Life owns 80% of NAB’s insurance business, while NAB owns the remaining 20%, including the MLC brand.

You can generally cancel your MLC life insurance policy if you advise MLC in writing. You could also advise your life insurance broker, who will assist you in canceling your policy. Typically, you have a 14-day cooling-off period to cancel your policy and receive a full refund.

To contact MLC life insurance, you can call them on the number provided on their website or send them an email. Their offices are open Mondays to Fridays between 8.30 am to 6 pm. It’s generally a good idea to have your policy number and any relevant documents before calling to ensure you get the help you require.

To join the MLC Vivo program, you’ll need to purchase a new life insurance policy from the insurer. New customers with a qualifying BMI between 18.5 – 28 and over the age of 18 years may qualify for the Vivo discount. This is confirmed during underwriting and will automatically apply to your premium rate.

No, the MLC On Track program was recently closed for new business as of 31 December 2021. This is a result of members’ continued lack of participation in the program. The On Track Program was replaced by MLC Vivo, which offers new members a discount based on their BMI.

MLC Life Insurance is known as Mutual Life & Citizens Assurance Company Limited. It was initially founded as Citizens’ Assurance Company Limited. The company has been providing Australians with life insurance products since 1869 and is one of the country’s largest providers of life insurance products.



Russell is the founder and CEO of Life Insurance Direct and has been quoted in The Sydney Morning Herald, The Age, Independent Financial Adviser, Risk Adviser, Adviservoice, and Insurancenews. Russell has over 15 years’ experience in the Australian life insurance & financial services sector and is instrumental in driving the latest innovations in our insuretech platform.

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