Unexpectedly finding yourself retrenched or totally 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 certain life insurance policy premiums if you were to become 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.
You can apply for Premium Waiver insurance to waiver premiums for the following MLC Life Insurances:
Income Protection insurance offers a separate premium waiver feature.
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?
For Premium Waiver Insurance:
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. We’ll also waive any Income Protection insurance premiums on your policy, or
If you suffer Total Disability. If you remain Totally Disabled for more than three months, premiums will be waived after these three months while you are Totally Disabled, up to age 65.
For premium waiver under Income Protection insurance:
- You don’t have to pay Income Protection Premiums while we’re paying benefits.