MLC has enhanced their insurance products to help their customers keep their insurances on a par with inflation, provide improved protection for total and permanent disability and better income protection. However, by selecting these new options, premiums may change.
How to keep up with inflation: If you choose this option, your insurance will stay in line with inflation for the following insurances through MLC Life Cover Super and Personal Protection Portfolio: a) MLC Life Cover, b)Total and Permanent Disability (TPD) and c) Critical Illness insurance.
Selecting this option results in an automatic benefit increase each year by the greater of the Consumer Price Index or 5% without any additional medicals. The minimum CPI increase for these insurances was 3%.
Better protection for total and permanent disability: MLC is increasing the Total and Permanent Disability (TPD) and Loss of Independence insurance benefit available for MLC Life Cover Super and Personal Protection Portfolio.
For white collar professions, such as solicitors and doctors, the maximum TPD benefit you can apply for has increased from $3 million to $5 million. This new limit also applies if you have TPD as part of the Business Safeguard Option.
For those of all occupations over 65 years of age, who lose their independence, MLC will pay a Loss of Independence benefit. This benefit will be the same amount as the TPD benefit, subject to a limit of $3 million. Previously this limit was $500,000. This change if you’re over 65 takes effect immediately.
Higher income protection: White collar workers can now apply for up to $60,000 per month of MLC Income Protection insurance through the Personal Protection Portfolio.
Changes to income protection monthly benefit calculation: MLC says, “We’ve changed the calculation we use to determine the maximum monthly benefit for MLC Income Protection insurance. Now, depending upon your occupation and eligibility, you can apply for a higher monthly benefit than was previously available.”
For white collar professions, such as solicitors and doctors, the maximum TPD benefit you can apply for has increased from $3 million to $5 million. This new limit also applies if you have TPD as part of the Business Safeguard Option.
For those of all occupations over 65 years of age, who lose their independence, MLC will pay a Loss of Independence benefit. This benefit will be the same amount as the TPD benefit, subject to a limit of $3 million. Previously this limit was $500,000. This change if you’re over 65 takes effect immediately.
Higher income protection: White collar workers can now apply for up to $60,000 per month of MLC Income Protection insurance through the Personal Protection Portfolio.
Changes to income protection monthly benefit calculation: MLC says, “We’ve changed the calculation we use to determine the maximum monthly benefit for MLC Income Protection insurance. Now, depending upon your occupation and eligibility, you can apply for a higher monthly benefit than was previously available.”
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From |
To |
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75% of the first $240,000 of annual earnings |
75% of the first $320,000 of annual earnings |
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plus 50% of the next $240,000 of annual earnings |
plus 50% of the next $240,000 of annual earnings |
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plus 25% of the next $240,000 of annual earnings |
plus 20% of the remainder up to the maximum $60,000 monthly benefit |
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plus 20% of the remainder up to the maximum $60,000 monthly benefit |
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