MLC Life Insurance named risk company of the year, again! | MLC Life Insurance
Media statement

27 October 2016

MLC Life Insurance named risk company of the year, again!

MLC Life Insurance has today been recognised as Adviser Choice Risk Company of the Year for the second year in a row at the 2016 Money Management Adviser Choice Risk Awards, highlighting the strength of its customer focus in the life insurance sector.

This highly acclaimed industry award is judged using a combination of feedback from advisers together with independent research. It has recognised MLC Life Insurance for its competitive pricing and strength in its product range in particular in the Death and TPD category, both inside and outside Super.

Commenting on the achievement, David Hackett, CEO at MLC Life Insurance, said, “We are very proud to be recognised by advisers as Risk Company of the Year for the second consecutive year. Alongside our other recent award wins, this is strong evidence that our philosophy of placing our customers at the heart of everything we do is presenting tangible results for customers, advisers and our business.

“We are going through an exciting period of transformation and growth, following the creation of a landmark strategic partnership between National Australia Bank (NAB) and Nippon Life Insurance Company. This recognition confirms that MLC Life Insurance is delivering on our ambition to become Australia’s leading and most trusted life insurer, said Hackett.

Commenting also, Melissa Heyhoe, Chief Customer Officer, Retail Advised Insurance at MLC Life Insurance said, “We are committed to giving all Australians access to a great range of life protection solutions in order to protect their family’s future, ability to earn an income or ability to maintain their business.

We are also continuing to strengthen our offering to our advisers. In the last year, we’ve not only reduced pricing for our TPD range, but also made a number of enhancements to these products in order to provide advisers and their customers with greater choice of tailored solutions to suit their protection needs.”

Last November, MLC Life Insurance reduced stepped premiums for all new life and linked TPD insurance policies by 2.5% at age 40 increasing to 15% at ages over 45. In addition, we also reduced rates for clients aged 40 – 44 years, applying a 2.5 per cent cumulative rate reduction each year starting from age 40.

MLC Life Insurance’s product improvements were also recognised by the award, with its Disability Income product range providing a competitive choice of options across a wide variety of occupations, from the top of the range Platinum products through to the Income Protection and Special Risk products.

In addition to winning Adviser Choice Risk Company of the Year, MLC Life Insurance won in four product categories, which are Adviser Choice:

  1. Term & TPD Products 2016 - MLC Insurance Life Cover & TPD
  2. Super Disability Income Products 2016 - MLC Insurance Income Protection Platinum Super (MLC MasterKey)
  3. Super Term & TPD Rider Products 2016 - MLC Insurance Life Cover & TPD (MLC MasterKey)
  4. Risk Business Overheads Products 2016 - MLC Insurance Business Expense Platinum

Organised by Money Management magazine in partnership with research company, DEXX&R, the Adviser Choice Risk Awards are based on an independent survey completed by financial advisers, which assesses each product offered by life insurers, their benefits, features, definitions and premiums.

The Risk Company of the Year award follows MLC Life Insurance’s recent completion of a landmark sale to Japanese life insurance giant Nippon Life Insurance Company, which has created a strategic partnership under which Nippon Life owns 80% of MLC Limited and NAB owns 20%.

About MLC Life Insurance

MLC Life Insurance is a specialised life insurance business. It represents a landmark strategic partnership between National Australia Bank (NAB) and Nippon Life Insurance under which NAB retain 20% shareholding and Nippon Life hold a majority 80% of the shares in MLC Limited, the entity which operates the MLC Life Insurance business. The Australian-led and managed business aims to leverage Nippon Life’s global presence, built over 127 years, alongside MLC Life Insurance’s significant experience in understanding and meeting the insurance needs of everyday Australians since 1886.

For more information on MLC Life Insurance, visit