MLC Life Insurance improves multi-cover discounts for retail customers; enhances medical definitions | MLC Life Insurance
Media release

23 October 2017

MLC Life Insurance improves multi-cover discounts for retail customers; enhances medical definitions

MLC Life Insurance is making it easier for clients to get a discount when taking out multiple life insurance policies by extending its eligibility criteria.

Starting today, more retail advice clients will be able to access multi-cover discounts with MLC Insurance and MLC Insurance (Super) under changes to eligibility criteria, including:

  • Lowering the minimum sum insured amounts under MLC Insurance (Super) when Income Protection insurance is bundled with Life Cover and TPD insurance;
  • Removing the minimum account balance on MLC MasterKey funding arrangements;
  • Simplifying the discount bands and removing the additional discount band when bundled with Critical Illness cover; and
  • Extending the offer of a platform discount to all E-rollover accounts.

Melissa Heyhoe, Chief Customer Officer, Retail Advised Insurance, MLC Life Insurance, said:

“We want to reward customers for making an important financial commitment with us, so ensuring we make our policies as affordable as we can is paramount. We have been able to keep our premiums low in recent times, and by making it easier to access further discounts we are making life insurance even more affordable for our customers.”

MLC Life Insurance has recently made significant changes to some benefits, including medical definitions, for MLC Insurance and MLC Insurance (Super). These enhancements will have no impact on premiums.

The new enhancements are:

  • The terminal illness benefit may be payable when the Terminal Illness will lead to death within 24 months, changing from 12 months;
  • The evidence accepted for proof of a heart attack is expanded to include signs and symptoms as evidence that a Heart Attack has happened;
  • There are no set time limits for benefits to be paid for subsequent angioplasty procedures;
  • Benefits can be paid when Triple Vessel surgery is completed in multiple operations within a two month period. Previously the surgery needed to be completed in one operation; and
  • Partial benefits are now payable for new conditions of Early Stage Brain Tumour or Intracranial Brain Tumour under the Extra Benefits Option.

Melissa Heyhoe continued:

“Our ambition is to be the leading and most trusted life insurer in Australia. We regularly review and update our medical definitions in line with industry best practice to ensure are customers have the best cover possible. We look forward to making further enhancements to our definitions in future.”

MLC Life Insurance has grown to become the third largest life insurer in the market, and the fastest growing life insurer in the retail advised channel.