A common misconception is that insurance is something you set and forget. However, life insurance is designed to move with you as your circumstances change. Your policy is flexible, and you can adjust your cover as life changes. Read on to consider if your cover is still right for you.


Since your last review

  • Have you taken on more debt or paid some of it off?

    If you’ve recently paid off debt, you may need less cover, which could reduce your premiums. Whether you’ve taken on more debt or simply increased your credit card limit, adjusting your cover to match this could help, should the unexpected happen.

  • Have your family expenses gone up or down?

    Family life evolves quickly. If you have kids, their dependence on your income changes as they settle into new schools, pursue new interests, or move out and build their own lives. This fluctuating reliance on your income is easy to overlook, but it’s important your level of cover takes this into account.

  • Have your earnings increased or decreased?

    You can adjust your cover to match changes in your earnings and living costs. Adjusting your cover can help maintain your lifestyle if you cannot work due to illness or injury. If you’re earning and spending less than when you started your insurance, alter your cover to reflect this change and it may bring down your premiums.

Cover to suit your circumstances

Understanding what changes you can make to optimise your cover could make a difference to your future. Here are some guiding principles that can help kick things off:

  • Your level of cover can evolve
    The amount of insurance you need can change over time depending on your evolving circumstances. With that in mind, consider regularly reviewing your level of cover to see if it’s still right for you.
  • Payment frequency
    You can pay your premiums monthly, half-yearly, or yearly. Save on administration fees by paying your premiums upfront or twice a year.
  • Lifestyle choices
    If your health has improved or you’ve given up smoking or dangerous hobbies, you can apply to have your policy reviewed, which could reduce your premiums.
  • Features and options on your insurance benefits
    Reviewing your benefits with your adviser can help ensure your insurance meets the right needs and is not over-catering for extras that you no longer need.
  • Protecting your insurance against inflation

    If your policy has an inflation proofing feature, the amount you're insured for increases annually in line with the rising cost of living. While inflation proofing is important because it maintains your cover’s value over time, it is optional.

    If you don't want to inflation-proof your policy for the year ahead, you can opt out for 12 months by logging in at my.mlcinsurance.com.au before your policy renews. If you don't have access to the portal, please call us, and we'll action your request over the phone.

  • Waiting periods and benefit periods when claiming on Income Protection

    A waiting period is the time between your claimable event (eg an accident) and when we make your first claim payment. The length of your waiting period affects your premiums – you’ll pay less if you’re willing to wait longer for your first payment.

    A benefit period is how long you’re eligible to receive income protection payments from us. The length of the benefit period you choose can also increase or decrease your premium.


Ready to review your cover?

Reach out to your financial adviser to discuss your options, or call us on 13 65 25, 8.30am-6pm, Monday to Friday.

Alternatively, book a call with one of our team members by completing the form below.



Access your policy anytime, anywhere

If you’ve recently moved house, updated your contact details, would like to change your payment method, or are thinking of reviewing your beneficiaries, you can do all that and more on the Customer Portal.

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