MLC Life Insurance is a supporter of the Life Insurance Code of Practice (the Code), and contributed to its development under the governance of the Financial Services Council (FSC).
The Code has been designed for customers, to outline our industry's commitment to deliver service standards and practices to address your needs and expectations.
MLC Life Insurance is proud to have adopted the Code, and will ensure all customers benefit from a responsible, industry-wide approach to life insurance practices, and as a member of the FSC, we are bound by all obligations of the Code.
The Code has been created to:
promote high standards of service to customers
provide a benchmark of consistency within the industry
establish a framework for professional behaviour and responsibilities.
The principles that apply to products and services covered by the Code are:
- clarity and transparency
- fairness and respect
- timeliness, and
- communicating in plain language.
The Code commits FSC Life Insurance member companies to deliver on specific obligations in the following areas:
- policy design and disclosure
- sales practices and advertising
- buying insurance
- policy changes and cancellation rights
- additional support for consumers
- making a claim
- complaints and disputes
- standards for third parties dealing with underwriting or claims
- providing information and education
- code governance
- monitoring, enforcement and sanctions
- access to information
We the Trustee of all MLC super funds, which also cover Plum products, proudly announce that we will opt in to the Insurance in Superannuation Voluntary Code of Practice, coming into effect from July 2018. The Code aims to improve the insurance in super offered to you, and the processes by which we provide insurance benefits to you. We’re pleased to advise that we already meet a number of the Code’s standards, so will now focus on ensuring we adopt remaining parts of the Code which are in the best interests of our members. We are designing a plan to adopt the Code which we’ll publish online by late 2018.