MLC Life Insurance

MLC Limited is one of the oldest insurance companies currently operating in Australia. Its history can be traced all the way back to the 31st December 1886. Back then it was known by a different name though; The Citizens’ Assurance Company Ltd. At this time it was designed to provide life insurance policies to the working class and thus the vast majority of their products were on the cheaper end of the spectrum. Their product range certainly has increased drastically since then.

The company is currently owned by the National Australia Bank. It was purchased on 30th June 2000 from the 1982 buyer; Lend Lease. MLC Limited currently operates as the wealth management and insurance arm of the National Australia Bank.

MLC Life Cover

MLC is one of the largest providers of life cover in Australia at the moment. This means that you can be sure that your policy is in the safest possible hands. You can also be sure that you have a lot of options when it comes to the type of policy that you want. Many people are surprised at just how flexible MLC is as a company!

Life Cover policies from MLC are of course designed to help provide for the family members that you leave behind upon your death or even if you have been diagnosed with a terminal illness.

MLC Life Cover Benefits

There are a number of different reasons as to why MLC Life Insurance may be the perfect company for you to work with when it comes to life insurance. This includes:

  • The ability to choose the amount of coverage that suits you. One of the wonderful things about MLC is the fact that they are one of only a few companies out there which offers coverage of more than $15,000,000. This is a form of coverage which will have to be arranged with the company directly though. That being said; the majority of people who opt for MLC life cover will probably be opting for payouts far lower than this.
  • A lump sum payment will be made upon the death of the policy holder. There is no messing around with this either. MLC tend to pay out on their policies fairly quickly.
  • You can add a number of different extensions to your policy which should make it suited to your needs that much more. This includes the ability to add Total and Permanent Disability and Critical Illness cover.
  • Payouts can be made upon the diagnosis of a terminal illness or even accidental injury cover. Advanced death benefit can be up to $20,000 in these circumstances.
  • Up to $5,000 coverage for a written financial plan if the payout is going to be more than $100,000.

 MLC Life Cover Eligibility

One of the wonderful things about MLC is the fact that you do not actually need to jump through hoops in order to be entitled to one of their policies. You can be any age you want, although obviously the costs will go up the older you are, and it is unlikely you will need to undergo a medical. In fact; even if you want additional coverage added to your policy you will not need to undergo a medical.

MLC Income Protection

Income Protection from MLC is designed to provide you with up to 75% of your monthly income should you find that you are unable to work for a period of time due to a sickness or injury that you have suffered. This will mean that you are able to keep up to date with your mortgage payments and offer bills which may need to be met.

MLC Income Protection Benefits

Those that opt for MLC Income Protection can look forward to a multitude of benefits including:

  • You will receive coverage for up to 75% of your monthly wage. This can be up to $30,000 total for all occupations and some professional occupations (solicitors, surgeons etc.) may be entitled to up to 60,000 total.
  • You will not need to pay the premium whilst you are in the midst of receiving your benefits being paid.
  • You will receive up to $60,000 death benefit if you die whilst you have MLC Income protection coverage.
  • You are able to receive up to twelve times your monthly benefits to cover rehabilitation.
  • If you opt for platinum income protection you will be able to add additional cover without needing medical proof.
  • Renewable up to the age of 70.
  • Waiting period any time between 90 days and 2 years.

MLC Income Protection Eligibility

Providing you are of working age you should be able to apply for income protection through MLC. You may need to submit medical evidence in a few limited situations.

MLC TPD Insurance

Total and Permanent Disability (TPD) Insurance form MLC is designed to provide a lump sum payment should you be disabled to the point where you are unable to work. These funds can be used to help you to adjust to your new life of disability.

MLC TPD Insurance is available as a ‘stand-alone’ product or can be added to your life insurance policy.

MLC TPD Insurance Benefits

There are a number of benefits to applying for MLC TPD Insurance. These benefits include:

  • Coverage anywhere between $25,000 and $5,000,000 (the latter in the case of professional positions)
  • A lump sum payment upon being diagnosed with your disability. This will normally come back instantly.
  • If you purchase the TPD Insurance as part of life cover then you can buy it back twelve months after you have received your TPD payment.
  • You can get partial payment if you lose the use of either one limb or one eye.
  • Financial Plan coverage if you are being paid more than $100,000 in a lump sum.
  • Death benefit of $5,000 if you die within 14 days of the disability being diagnosed.
  • Flexible plan. This means you can choose the options that are right for you.

MLC TPD Insurance Eligibility

Providing you are of working age and good health you should be able to apply for TPD insurance through MLC with no hassle involved.

 

 MLC Funeral Insurance

MLC Does not currently offer a dedicated funeral insurance plan.

MLC FAQ

Do I need to undergo a medical if I apply for MLC Life Insurance?

Generally speaking you will not need to undergo a medical if you apply for life insurance through MLC. They do however reserve the right to ask you to undergo one in some situations. This means that it is important that you do not lie on your application form.

Do Life Insurance Policies Include Funeral Coverage?

No. The payout from this type of policy tends to be fairly quick however and thus you should get be able to cover funeral expenses incredibly easily.

Are Insurance Policies through MLC Flexible?

When it comes to insurance policies MLC is actually regarded as one of the most flexible companies out there. You can add and subtract parts to your policy at your whim. In most cases you will need even have to undergo a further medical in order to obtain the policy.

How Quick are the Total and Permanent Disability Payouts?

Generally speaking; MLC will pay out on your TPD policy within a few days of diagnosis. There may be a few issues here and there but you should get the money pretty quickly.

Is MLC a safe company to have a policy with?

You bet! MLC has the backing of one of the largest banks in Australia. You can be sure that your policy is in the safest possible hands with them.

 

 

 

 

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Income Protection  Life Insurance