Unexpectedly finding yourself retrenched or totally and permanently disabled is something you can't plan for. Choosing to cover your insurance premiums should that happen is a way to help protect you financially from the unexpected.
What is Premium Waiver insurance?
Premium Waiver insurance covers your life insurance policy premiums if you were to become totally and permanently disabled or were retrenched from your job and left unable to pay your premium (see conditions for retrenchment below). This means that your policy continues to provide you with the same cover as if you were still making your payments.
When you have Income Protection insurance with us, you will automatically have Premium Waiver insurance.
You can also choose to add Premium Waiver insurance to the following MLC Life Insurances:
Do you need Premium Waiver insurance?
You may want to consider Premium Waiver insurance if you already have an insurance policy with us and want to protect yourself from being unable to pay your premium and you:
have a partner, family or dependants
have a mortgage or any other personal debt
have a business or are self-employed
would need money to live if you were unable to work
don’t have significant savings to cover unexpected expenses.
When will we waive your premiums?
If you're suffering a total and permanent disability premiums will be waived for the period of disability up to age 65
If you're retrenched we'll waive your premiums for 12 months, as long as you've had this insurance and been with the same employer, on a full-time basis, for at least one year. We'll waive your premiums due to retrenchment only once in any five-year period
If you're suffering total disability and you have Income Protection on your policy, we'll waive the premiums for your other insurances on the policy. If you remain totally disabled for more than three months and you're receiving Income Protection benefits, premiums will be waived after these three months while you are disabled up to age 65.