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MLC Insurance In Australia

Russell Cain
Russell Cain Updated: 20 May 2020

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).

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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).

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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.

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Insurance products

A rule of thumb with any insurance is that the product you choose needs to change as your life changes.

Life Cover

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.

Income Protection

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:

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:

Child Critical Illness Cover

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.

TPD

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:

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.

Bonus benefits

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.

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).

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.

Standard Exclusions

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:

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.

What is MLC On Track?

MLC On Track is a proactive wellness program aimed at helping you to take care of your health.

When you have an eligible Insurance policy with this insurer, and apply for On Track, you’ll receive a 5% discount off your premiums.

However, to maintain this discount you have to commit yourself to leading an active lifestyle, completing 37,500 steps per week for at least 30 out of the 40 weeks.

On Track keeps tabs on the number of steps you take, by recording your information through your self-bought fitness tracker (Garmin, Apple or Fitbit) and a compatible smartphone or similar device. All you need to do is make sure you synchronize your fitness tracker at least every four days.

Frequently asked questions

  • What does MLC stand for?

    MLC stands for Mutual Life and Citizens Assurance Company. The name was given in 1907 with the merging of two life insurance companies: The National Mutual Life Association of Australasia Limited (founded in 1869) and The Citizen’s Life Assurance Company Limited (established in 1886).
  • How much would a life insurance policy with this insurer cost me per month?

    Your policy premium depends completely on your specific needs and circumstances. Your age, smoking status, occupation, cover amount and type will affect how much you’ll pay.

    A non-smoking 40-year-old male taking out $1 million worth of cover can expect to pay $55.70 per month if purchasing MLC Life Insurance cover (December 2017).
  • Do I still qualify for the additional 5% off my premiums if I took out the old MLC On Track version?

    Yes, the terms and conditions of your original On Track program will be honoured. As long as you meet your targets for both periods, you will achieve a 10% discount on the life of your policy.
  • How do I make a claim?

    MLC has simplified the claim process for their customers:

    Step 1. Call their hotline between 08h00 and 18h00, Monday to Friday, and request a claim form. Contact details are available on their website.

    Step 2. Complete the claim form, and provide any additional documentation that may be requested, for example, a valid death certificate.

    Step 3. Submit the claim form via email or post as soon as the claimable event occurred.

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  • Protect your family
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  • Free to use
  • Always at your service

Want to talk to a specialist? Call 1300 743 254

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