MLC Insurance In Australia
While we are a privately-owned business, the offers that appear on this site are from companies from which www.comparingexpert.com.au receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site.
While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products. Please don’t interpret the order in which products appear on our site as any endorsement or recommendation from us.
www.comparingexpert.com.au compares a select range of products, providers and services, but we don’t provide comparisons or information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
When you want to protect the financial future of your family, it is important to find a life insurance company with a good reputation and a solid financial history.
With over 100 years of insurance experience, MLC 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 at August 2016).
About MLC and NAB life insurance
Mutual Life and Citizen Assurance Company (MLC) has been around for more than a century. 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).
- In June 2000 NAB (National Bank of Australia) bought MLC.
- In 2009, NAB took over the Aviva Australia Group, after which all Aviva products were rebranded as MLC policies.
- In 2016 NAB and the Nippon Life Insurance Company entered into a partnership with Nippon Life now owning 80% of NAB’s insurance business and NAB the remaining 20% which includes the MLC brand.
MLC Life insurance review
By reviewing life insurance policies you will be better informed and more confident making a decision. It’s very important that you read their Product Disclosure Statement (PDS) to know exactly what you are and are not covered for. It will also provide you with insights into the benefits and features offered as well as the waiting periods attached.
Most people dream of leading a healthy, predictable life. However, the opposite is generally true. The upside is that, although we might have little or no control over future illnesses or accidents, there is a lot we can do to curb the impact these mishaps might have on our finances.
MLC's financial stability is reinforced by their reinsurance treaty agreement with RGA, a global leader in mortality risk. This insurer offers you a flexible range of insurance options to help you avoid financial distress in times of unexpected illnesses and injuries.
A rule of thumb with any insurance is that the product you choose needs to change as your life changes.
Compare Life Insurance Companies
Life Cover provides a lump sum payment when you are diagnosed with a terminal illness or upon your death. This cover is essential to helping your loved ones pay for your funeral, take care of outstanding debts, and mortgage payments, while enabling you to also provide for their future financial needs.
The minimum sum insured you can purchase is $25,000 and while there is no general maximum cover amount, special terms apply for benefits larger than $15 million. Application age is as young as 16 and the expiry age goes up to your age 60 for level premiums, for stepped premiums you can keep your policy up until you’re 70-years-old.
Pays a monthly benefit of up to $30,000 for all occupations if a serious illness or injury stops you from working for a period of time. If you have a professional occupation (e.g. accountant, surgeon, solicitor) you may get up to $60 000 per month.
Eligibility depends on your age; to qualify for an MLC income protection policy you have to be between 19 and 60 years old. Cover for Special Risk Policyholders expires when you reach 65 years of age, and at age 70 for Income Protection and Income Protection Platinum holders.
You can add more protection by purchasing additional benefits:
- Accommodation benefit: If a family member needs to stay in a hotel or motel because you are confined to a bed, totally disabled and need full-time care from a registered nurse you’ll receive an additional $500 every day.
- Critical illness benefit: If you suffer any of the conditions listed in the insurance PDS. Critical Illness definitions you’ll receive a lump sum equal to 6 times your monthly benefit.
- Advanced payment benefit: This benefit pays a lump sum proportionate to your monthly benefit for certain injuries listed in the PDS, for example, losing a hand or foot.
Take note: Carefully review your policy documentation to see terms and conditions for above benefits. Benefits only available when purchased outside Super.
Critical Illness Insurance
MLC Critical Illness Insurance, also known as trauma cover, provides financial assistance should you become critically ill as defined by the PDS. Critical conditions include cancer, coronary artery bypass surgery and stroke.
The insurer offers you the choice between 2 types of Critical Illness policies:
- Critical Illness Standard: Provides benefits for only the most common serious conditions at a lower cost.
- Critical Illness Plus: Comprehensive coverage at a higher premium price. Provides benefits for an extensive range of serious conditions and a range of optional extras.
If your child is between 3 and 18 years old you can take out this policy type to help you financially if your child were to become critically ill. MLC’s free service Best Doctors can also connect you with the right specialists who can help you.
MLC Total and Permanent Disability insurance is a type of living insurance. It ensures you and your family receive proper financial assistance when you become totally and permanently disabled.
This policy will pay out a lump sum of up to $5 million, offering a range of helpful benefits you can use according to your requirements and new circumstances. You also have the choice between Any and Own occupation TPD:
- Any Occupation: Pays a lump sum if you are disabled and completely unable to work at any occupation that is reasonably suited to your education, training or experience.
- Own Occupation: Pays a lump sum if you are disabled and unable to work in the occupation you were engaged in at the time of applying for your policy.
Business Expenses Insurance
To protect your business from going under when you are unable to work due to illness or injury, you can purchase Business Expenses Insurance, which will cover business expenses, like rent or mortgage payments, during your recovery.
When looking for a suitable policy, it’s important that you review whether the insurer you’re interested in has a good reputation and offers you the type of benefits and features you want. We can help you compare 11 Australian Life Companies and offer you the lowest price guarantee.
- Accidental injury benefit
Under life cover, you can add an accidental injury benefit which pays out a lump sum if you are badly injured in an accident. Up to $2 million if you lose usability of either both hands, both feet, both eyes.
- Financial planning benefit
MLC will reimburse you for part of the costs charged by a qualified financial professional if you are covered for a lump sum cover of $100,000 or more. The maximum reimbursement amount is $5,000.
- Elective surgery benefit
Under your income protection policy, you may be eligible for a monthly benefit if you’re unable to work due to undergoing elective or cosmetic surgery that a qualified Doctor advised because appearance has been affected by a sickness of injury or because you are donating an organ or bone marrow to another person.
- Inflation proofing
Each year on your Review Date your sum insured will automatically increase to stay in line with the rising Consumer Price Index (CPI).
- Removed policy fees
MLC removed their $6.81 policy fees from their new Insurance policies. Making premiums even more affordable.
An exclusion refers to the condition under which an insurer won’t pay a claim. Most life insurances have exclusions. General exclusions that apply to MLC Life insurance products include:
- Accidental death benefit will not be paid if death was as a result of an intentionally self-inflicted injury or suicide or any other cause that was not accidental.
- Life cover won’t be paid if death or terminal illness arising from an intentionally self-inflicted injury, suicide or attempted suicide within 13 months after your policy started, was last reinstated or increased (for the increase in the Life Cover benefit).
- A TPD or Critical illness claim will not be paid if the disability was caused by sickness or injury that first appeared before your policy started or if due too intentional self-inflicted injury or attempted suicide.
You can find the complete list of exclusions by reading the insurance PDS from this insurer.
Life and Best Doctors
This insurance company understands how stressful it can be to deal with an illness, no matter how serious the condition. That is why your MLC Life Insurance policy makes Best Doctors available to you and your family.
With Best Doctors, you can get that second opinion when you most need it. As part of a worldwide network of over 50,000 leading medical specialists from numerous countries, you have access to expert opinions wherever and whenever you need them. Besides that, it is completely confidential and will not affect the assessment of your claim.
You don’t need to be seriously ill; this service can be used for anything from a migraine or injured shoulder to food intolerances.
The expertise and knowledge of an independent specialist are there to help you and your treating doctor establish the best way forward.
Get an MLC life insurance quote
Frequently Asked Questions
- Review the best life insurance companies in Australia for 2020. Get quotes online form major insurers and compare features and premiums side-by-side.
- A Detailed look at what AIA has to offer you. Life insurance, TPD, crisis recovery and income protection insurance, all available with AIA Vitality.
- Discover how you can get rewarded for living a healthy lifestyle. Compare insurance rewards from some of Australia’s largest life insurance companies.
- Compare AMP life insurance quotes online. AMP Life has been sold. Find out how your life, income protection, TPD or trauma insurance policy is affected.
- Review nib Value Life Insurance, income protection and funeral plans. We reveal all the benefits and exclusions you need to know about before making a decision.
- Discover the REST insurance automatically included in your superannuation and review the pros and cons of their death, TPD and income protection insurance.