GUIDES & RESOURCES

MLC Life Insurance

Whatever stage of life you’re at, taking a proactive approach to planning for the future can help to protect both you and your loved ones. While no-one likes to think about things going wrong, it’s important to be prepared if they do.
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How would your family cope financially if you were no longer around? Without your income, they may struggle to meet daily living expenses and might even be forced to sell the family home.

A comprehensive life insurance policy is a great way to protect your loved ones if you’re no longer able to support them financially.

What is life insurance?

Life insurance pays a set amount of money when the insured person dies or is diagnosed with a terminal illness1. This money will go to the people you nominate as beneficiaries on your policy; if you haven’t nominated beneficiaries, the money will be paid to your estate.

Life cover is ‘guaranteed renewable’, which means it will only cease if you stop paying your premium, or when you reach a certain age1. In most cases, it will continue even if you suffer an illness or injury that would otherwise prevent you from taking out life cover.

Protect yourself and your loved ones with MLC Life Cover insurance

MLC’s Life Cover insurance provides a one-off payment if you’re diagnosed with a terminal illness or die2. This money can be used to pay off debts, cover day-to-day expenses, or invested to provide a financial return in the future.

With MLC, you can apply for as much Life Cover insurance as you need, though special terms may apply for amounts above $15m3. They also offer other products, such as MLC income protection, Total & Permanent Disability (TPD), Accidental Death, and Critical Illness.

What makes MLC Life Cover insurance different?

MLC’s Life Cover insurance provides a one-off payment in the instance of death or a terminal illness, and also if you lose the use of your limbs or your sight3.

Your beneficiaries will receive a one-off payment of $20,000 advanced from the death benefits to help with urgent costs such as funeral expenses, and if MLC make a one-off payment of $100,000 or more, they’ll reimburse up to $5,000 for the cost of a financial plan from a qualified financial adviser3.

With MLC Life Cover insurance, you can choose to pay either stepped, or level premiums3. Insurance premiums usually increase with age because the older you get, the more likely you are to make a claim.

  • Stepped premiums: with this option your life insurance premium increases each year based on your age and by CPI indexation3.
  • Level premiums: With this option your premium does not change as you age, but is generally more expensive than a stepped premium at the start of a new policy1.

Level premiums may increase over time due to inflation or changes to the insurer’s fees, but these increases will be smaller than with a stepped premium and can often work out more affordable if the insurance policy is held for an extended period of time

Whatever approach you choose, it’s important to review your cover against your needs regularly, particularly every time your income or personal circumstances change.

How do I make a life insurance claim with MLC?

If you need to make a claim on your MLC Life Cover insurance, you can call MLC on 1300 125 246 between 8:30am and 6pm, Monday to Friday4. They’ll ask you to provide some additional information, then put you in touch with a dedicated claims assessor who’ll stay in contact throughout the assessment process, and notify you of the outcome of your claim.

What should I consider if I’m changing life insurance policies?

If you decide to switch your life insurance cover, it’s important to look at more than just the cost of the new policy1. You should also consider the level of cover and how well it meets your needs, and whether any waiting periods apply with your new insurer.

iSelect can help you to find a life insurance policy – start comparing life insurance policies online today, or call us on 13 19 20.

Who needs life insurance?

Life insurance isn’t just for older people – it’s relevant for individuals at all ages and life stages. You should consider life insurance if you:

  • Have a partner or dependents
  • Have a mortgage or other personal debt
  • Have a business or are self-employed
  • Would need money to live if you were unable to work
  • Don’t have sufficient savings to cover unexpected expenses

How much life insurance do I need?

Consider how much money your family would need to pay for your debts and living expenses, and how much they’d receive from your superannuation, investments, and any other insurance policies you hold.

The difference between these two amounts is a good guide to the amount of life insurance cover you should get1.

What if I have a pre-existing medical condition?

Before you apply for a life insurance policy, you should check the insurance provider’s website or product disclosure statement (PDS) to confirm if they cover any pre-existing medical conditions1.

You must give your insurer relevant details of your medical history during the application process to ensure you’ll be covered.

Want to learn more about MLC life insurance?

Start comparing life insurance policies online with iSelect or call us on 13 19 20 to talk to one of our qualified advisors.

Sources:
1. https://www.moneysmart.gov.au/insurance/life-insurance/life-cover
2. https://www.mlcinsurance.com.au/how-insurance-works/how-life-insurance-can-help-you
3. https://www.mlcinsurance.com.au/insurance-options/life-cover
4. https://www.mlcinsurance.com.au/using-your-insurance/make-a-claim
5. https://www.moneysmart.gov.au/insurance/life-insurance

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