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MLC Life Cover

MLCIf you have dependants and financial commitments, MLC’s Life Cover can help ensure that your family’s financial future is taken care of in the event of your death. By providing a lump sum payment to your family, Life Cover can help minimise the chances of them taking out unnecessary loans or drawing down on their savings when you’re no longer around.

How does Life Cover work?

MLC Life Cover is available to those aged between 16 and 70, and can be held within or outside of your super. There is no maximum amount of insurance you can apply for, but there is a minimum amount of $25,000. Premiums can be paid on a stepped or level basis.

MLC Life Cover can help in the following ways:

  • If you’re the main income provider in your family and you were to pass away, a loss of income would have a huge financial affect on your family’s future. MLC Life Cover can provide your family with the financial support they’ll need to maintain their lifestyle. This can help ensure you family’s lifestyle doesn’t change in the event of your death.
  • If you have outstanding debts, such as a mortgage, your lump sum payment can help reduce your debts so your family doesn’t have to worry about taking out extra loans.
  • If you’re diagnosed with a terminal illness with 12 months left to live, MLC will pay your benefit in full. You won’t have to return this benefit if you do survive.

What types of cover can I choose from?

MLC offers one standard Life Cover insurance. It can be purchased as a stand-alone insurance, or inside or outside of your super.

For a simple life insurance policy, purchasing Life Cover as a stand-alone policy is an option. This means that if you have other insurance policies with MLC and make a claim on your Life Cover, your other insurance policies won’t be affected.

If you have multiple insurance products and want a cheaper premium, connecting your Life Cover with another of MLC’s insurance products, such as TPD insurance. This can help ensure you have more comprehensive cover at a more affordable premium.

Another option is to consider holding your policy within your super for more savings on premiums and policy fees.

What’s included?

MLC’s Life Cover allows you to take out a simple life insurance policy so you’re covered for all the basics, or you can add extra benefits to suit your lifestyle and family’s needs.

In addition to your lump sum payment, you’re automatically covered with:

  • Terminal illness benefit
    MLC will pay your lump sum payment in full if you have less than 12 months left to life.
  • Accidental injury benefit
    MLC will pay you up to $2 million for loss of limbs or eyesight, depending on the nature and severity of your injury.
  • Increases without further Medical Evidence
    You can apply to increase your Life Cover insurance amount without providing medical underwriting. You might choose to do so if you marry, are divorced, have a child, or increase your stake in a business.
  • Advance death benefit
    If you suddenly pass away – whether by accident or illness – while your insurance is active, MLC will pay your family an advance benefit of $20,000 from the total insured amount. This can help with any urgent financial needs, such as funeral expenses.
  • Financial planning benefit
    If you seek financial planning advice, MLC will reimburse you or your family for up to $5,000 after a claim for the preparation of a financial plan.
  • Economiser benefit
    If you’re over 30, you can choose to freeze your stepped premium so you pay the same year after year.
  • Inflation proofing
    MLC will ensure your benefit retains its value year after year by increasing your benefits to stay in line with the rising Consumer Price Index (CPI).
  • Guaranteed upgrade
    If MLC makes improvements to your Life Cover insurance terms, they’ll add these improvements to your policy, as long as no extra premium is required.

Optional extras

  • Business safeguard option
    You can increase your Life Cover insurance amount for up to $15 million for certain business purposes.
  • Terminal illness support insurance
    In addition to the terminal illness benefit, MLC can also provide you with an additional amount of up to $250,000.

Want to compare this policy with others? You can compare MLC’s insurance with other policy providers through our free quote service.

Page last updated: April 12, 2014