FAQs

Payments

  • How can I update the bank account or credit card details on my MLC insurance policy online

    You can update your bank account or credit card details online via the Customer Portal:

    1. Login to the Customer Portal at my.mlcinsurance.com.au using your Customer Number
    2. Select Update my payment details under What would you like to do?
    3. Select Edit payment details under the policy you want to update
    4. Answer whether you are the payer for the policy
      • If you're updating to a bank, credit card or superannuation account in your name click Yes and continue to step 5.
      • If you're updating the details for someone else click No. You’ll need to download, complete and then upload a payment authority form signed by yourself and the new payer. Once that’s completed, continue to step 6.
    5. Select the new payment type of your choice from the drop down box
    6. Enter your new payment details and select next
    7. Review details and submit
  • What payment options are available for MLC Insurance and MLC Insurance (Super) policies?

    1. Overview

    Frequency of premium payments Payment methods available
    Debit Card Credit Card Cheque BPAY MLC super or pension account (MLCi Super only)
    Rollover from an external super fund (MLCi Super only)  Frequency loading
     Monthly check check     check    7%
     Half-Yearly check  check check check check    4%
     Yearly check check check check check check  Nil

    All premiums must be paid in advance.

    If you, the policy owner, wish to change your payment method, you can complete the MLC Insurance & MLC Insurance (Super) - Payment authority request or contact us.

    2. Cheque

    For MLC Insurance policies, we accept "non-negotiable" cheques made payable to MLC Life Insurance.

    For MLC Insurance (Super) policies, we accept "non-negotiable" cheques made payable to MLC Life Insurance.

    All cheques can be mailed to:
    MLC Life Insurance
    PO Box 23455
    Docklands VIC 3008

    3. BPAY

    The BPAY Biller Code is 299685. The customer reference number will be noted on all premium renewal notices sent to you, arrears due and urgent payment requests. The customer reference number can also be obtained by contacting us.

    Note: BPAY is available as a payment option for initial premium payments.

    4. MLC super or MLC pension account

    For MLC Insurance (Super) premiums that are paid by deduction from an eligible MLC Superannuation or MLC Pension account, only one deduction may operate on any account. MLC Insurance (Super) premiums can't be paid by any other super fund, including a Self-Managed Super Fund (SMSF).

    5. Payments by Direct Debit

    If you operate either a cheque account or non-passbook savings account at any bank or financial institution in Australia, you can make automatic premium payments directly to MLC Life Insurance and we will pay all transfer charges.

    Note: Direct debiting is not available on the full range of financial institution accounts. Clients should refer to their financial institution before choosing this payment method.

    6. Payments by Credit Card

    Payments will only be accepted via Visa or MasterCard.

    7. Rollover from an external super fund

    You must be the member for both the MLC Insurance (Super) policy and the external super fund account from which the rollover will be paid.

    How to pay insurance premiums by rollover

    When choosing to pay premiums by rollover, you will need to provide NULIS Nominees (Australia) Limited with an Enduring Authority so that we can initiate the rollover on your behalf each year when your premiums are due.

    For a new insurance application you can do this as part of your application. For an existing insurance policy you can complete a payment authority request form which is available here.

    You’ll be notified of the amount of the annual premium required prior to requesting the rollover from your nominated external super fund. You may be able to claim a tax deduction for the premium paid for insurance and, at our discretion, may pass some or all of the benefit of this tax deduction to you by reducing the amount of the rollover required to meet the premium, when the rollover comes from a taxed source.


    Please note - Important Information:

    • You can only request one policy with MLC Life Insurance to be paid by rollover from any one external fund.
    • Super funds are only required to support one rollover transaction a year. This means that if you need to complete two premium payments in any one year (for example if you increase your benefits mid-year), then you may need to make the second premium payment by a different payment method.
    • You’ll need to check with your external super fund if there are sufficient funds to pay the insurance premium, what fees or charges that fund may apply to the rollover, and if the rollover will impact any entitlement you have in that fund.
    • You must notify us in writing if you no longer want to pay your premiums by rollover from your external super account, and provide us with new instructions on how you want to pay the premiums to ensure that your insurance can continue.
    • We cannot accept certain rollovers, such as pension or super amounts transferred from the UK or New Zealand Kiwi Saver or untaxed amounts. It is the your responsibility to ensure these types of amounts do not form part of your benefit in your nominated external superfund account.

General

  • How can I update my beneficiaries online?

    To add a beneficiary

    1. Login to the Customer Portal at my.mlcinsurance.com.au using your Customer Number
    2. Select Update my beneficiaries under What would you like to do?
    3. Select Add beneficiary
    4. Select the policy that the beneficiary will be applied on

    If your policy is held inside superannuation:

    Complete the beneficiary details then click Add beneficiary.

    Note: Beneficiaries are added one at a time and the percentage split amongst multiple beneficiaries can be altered after adding the last beneficiary

    If your policy is held outside superannuation:

    Download, complete and attach the binding beneficiary nomination form. You can skip step 4 as the percentage split amongst multiple beneficiaries is chosen on the form.

    1. If you have added multiple beneficiaries to a policy held outside super, enter the percentage split across all beneficiaries.
    2. Click Confirm

    To remove a beneficiary

    1. Login to the Customer Portal at my.mlcinsurance.com.au using your Customer Number
    2. Select Update my beneficiaries under What would you like to do?
    3. Select Remove beneficiary
      • To remove a binding nomination, you will need to download, complete and upload a Binding Beneficiary Nomination Form.
    4. Click Confirm
  • How can I update my name and date of birth online?
    1. Login to the Customer Portal at my.mlcinsurance.com.au using your Customer Number
    2. Select Update my contact details under What would you like to do?
    3. Click Edit in the personal details section
    4. Download, complete and attach the Update personal details form.
    5. Please note you also need to upload a certified copy of supporting documentation such as for:

      • Change of name - Marriage certificate, name change certificate, divorce decree
      • Change of date of birth – Birth certificate, passport, driver’s license
    6. Upload the completed form and supporting documentation
    7. Review and submit
  • What MLC products can be used to pay Life Cover Super or MLC Insurance (Super) premiums?

    Eligibility

    If you’re a Life Cover Super or MLC Insurance (Super) member who also holds either of the accounts listed below, you can arrange to pay your premiums by a regular deduction:

    • MasterKey Super, or
    • MasterKey Super Fundamentals, or
    • MasterKey Superannuation (Gold Star or Five Star), or
    • MasterKey Pension, or
    • MasterKey Pension Fundamentals.

    Note: Only one deduction may operate between any one of these accounts and the Life Cover Super or MLC Insurance (Super) policy (i.e. Life Cover Super deductions cannot be split between multiple MasterKey accounts).

    Frequency

    You’ll need to specify the term of the premium deduction, being either:

    • Monthly
    • Half-yearly
    • Yearly

    Instalment Deduction

    The date the deductions will commence from the account will depend on when MLC Life Insurance receives the form. Instalments will be deducted from the account on:

    • the same date each month for monthly payments
    • the half-yearly and annual policy anniversary date for half-yearly payments
    • the annual policy anniversary date for yearly payments.

    Requirements

    The initial premium or a completed MLC Superannuation or Pension deduction authority must accompany the MLC Insurance (Super) application. The MLC deduction authority can be located within the MLC Insurance & MLC Insurance (Super) - Payment authority request.

    Where the Life Cover Super policy is already set up, you'll need only to complete the MLC MasterKey Deduction Authority within the MLC Personal Protection Portfolio, MLC Life Cover Super, MLC EasyCover & MLC Simple LifeCover - Change of Policy Details Form.

  • What are the features of MLC Life Cover insurance for MLC Personal Protection Portfolio and MLC Life Cover Super policies?

    Life Cover insurance pays an agreed lump sum if you die or if you are diagnosed with a terminal illness.

    Life Cover at a glance  MLC Life Cover Super MLC Personal Protection Portfolio
    Standard Plus Standard Plus
    What is the insured covered for? Death

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    Terminal Illness

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    What features are built in?   Advance Death Benefit

     

     

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    Accidental Injury

     

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    Financial Planning Benefit

     

     

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    Continuation Option for level premium

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    Increases without Medical Evidence  

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    What options can the insured choose at an additional cost?     Terminal Illness Support Option

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    Business Safeguard Option

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    TPD and Loss of Independence as part of Life Cover or as a Connected Benefit

    ( Note: Not available with decreasing cover)

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    Critical Illness as a part of Life Cover  

     

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    Critical Illness as a Connected Benefit with Life Cover

    ( Note: Not available with decreasing cover)

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    At what age can an insured apply for Life Cover insurance?   Level Premium 15-59 15-59
    Stepped Premium or decreasing cover 15-64 10-69
    Terminal Illness Support Option (stepped and level premium) 18-59 18-59
    To what age can an insured renew their insurance?  Level premium guaranteed renewable up to age 65 (then a continuation is offered for stepped premium)
    Stepped premium or decreasing cover Guaranteed renewable up to age 100
    What amount can an insured apply for?  Minimum amount insurable $25,000
    Maximum amount insurable no general maximum (special terms may apply for amounts greater than $15,000,000)
  • What types of beneficiaries are available for MLC MasterKey super and pension products?

    The beneficiary options depend on which MLC super and pension products the member has.

    This table shows what beneficiary options are available for MLC super products.

    Superannuation Products Beneficiary Types
    Non-Lapsing
    Binding
    Non-Lapsing
    Non-Binding
    MLC MasterKey Super &
    MLC MasterKey Super Fundamentals
    Yes Yes
    MLC MasterKey Superannuation
    Gold Star & Five Star
    Yes Yes
    MLC MasterKey Business Super &
    MLC MasterKey Personal Super
    Yes Yes

    This table shows the beneficiary options available for MLC pension products.

    Pension & Annuity Products Beneficiary Types
    Non-Lapsing Binding Non-Lapsing
    Non-Binding
    Reversionary¹ Automatic Spouse¹
    MLC MasterKey Pension &
    MLC MasterKey Pension Fundamentals
    Yes Yes Yes No
    MLC MasterKey Allocated Pension
    Gold Star & Five Star
    Yes Yes No No
    MLC MasterKey Term Allocated Pension Yes Yes No Yes
    MLC MasterKey Annuity² No Yes No No

    ¹ Please note that a reversionary beneficiary nomination or automatic spouse nomination may only be made at the time of opening a new pension account.

    ² For a Masterkey Annuity, the above table only applies in the case where the annuity was purchased by eligible termination payment money. In situations where ordinary money was used to purchase the annuity, the annuity falls out of scope of super legislation and all nominations are treated as binding nomination.

    Nominating a beneficiary

    The member will need to complete the relevant form below to nominate a beneficiary on their account. For MLC MasterKey Super and Pension and MLC MasterKey Super and Pension Fundamentals, the nomination is valid across both the super and pension side of the account unless stated otherwise. There is no limit to the number of beneficiaries a client can elect (except for the reversionary and automatic spouse options).

    Product Form
    MLC MasterKey Super
    MLC MasterKey Super Fundamentals
    MLC MasterKey Pension
    MLC MasterKey Pension Fundamentals
    MLC MasterKey Superannuation Gold Star
    MLC MasterKey Superannuation Five Star
    MLC MasterKey Business Super
    MLC MasterKey Personal Super
    MLC MasterKey Allocated Pension
    MLC MasterKey Term Allocated Pension
    MLC Superannuation & MLC Pension - Beneficiary nomination form
    MLC MasterKey Annuity MLC MasterKey Annuity - Change of Account Details form

    Note: MLC introduced non-lapsing binding beneficiary nominations in May 2008. Any binding beneficiary nominations prior to that date expired after 3 years.

  • What premium draw dates are available for MLC Personal Protection Portfolio and MLC Life Cover Super?

    The premium draw dates available for MLC Personal Protection Portfolio and MLC Life Cover Super are:

    • 1st
    • 5th
    • 10th
    • 15th
    • 17th - (only available for bank accounts, not for credit cards)
    • 20th
    • 25th

    How to change the date premiums are deducted
    To change the date premiums are deducted, you'll need to complete the MLC Personal Protection Portfolio, MLC Life Cover Super, MLC EasyCover & MLC Simple LifeCover - Change of Policy Details Form, or contact us.

    To change the draw date over the phone:

    • You, the policy owner, will need to make the call to our contact centre
    • While on the phone, our consultant will ask you to confirm the draw date you’d like to change to

    Your listed financial adviser can also ask to change this date as long as the draw amount and the bank account details don't change.

    Please Note:

    • Due to normal business processing we can't guarantee the date you select for premium deductions.
    • Your first premium will be drawn at the start of the policy, which may differ to the draw date selected.
    • The premium draw date can only be changed to be on or after the policy anniversary date.
  • When can a life insured apply for increases without medical evidence on an MLC Insurance & MLC Insurance (Super) policy?
    Income Protection Platinum and Income Protection insurance
    Increases without further Medical Evidence The application for an increase in the monthly benefit must be made between the date the relevant event happens and 30 days after the first Review Date following the event. The insured can request an increase in their Income Protection Platinum and Income Protection monthly benefit, without needing to provide further medical evidence, by up to 20%, subject to the maximum insurable amount, when any of the following events happen:
    • the insured or their Spouse adopt or give birth to a child
    • the insured married or divorced
    • the insured completes an undergraduate degree at a Government-recognised university
    • the insured has a Child who starts secondary school, or
    • the insured takes out, or increases, a Mortgage to purchase or improve their home.
    • ­the insured has received an increase in their Earnings of at least 10% in the previous 12 months

    They will need to provide financial evidence satisfactory to MLC Limited to support the increase requested, proof of the event and request the increase in writing. This increase will be in addition to any increases available under Inflation Proofing.

    Life Cover, TPD and Critical Illness Plus insurance
    Increases without further Medical Evidence

    Until the Review Date after the insured turns 55, they can apply to increase their Life Cover, TPD and Critical Illness insurances without further medical evidence if a specified personal or business event happens.

    The increase must be applied for:

    • between the day the relevant personal event happens and 30 days after the first Review Date following the event, or
    • within 30 days of the first Review Date following the relevant business event.

    Personal event

    The insured can apply to increase their Life Cover, TPD and Critical Illness insurances by up to 25% of your original insurance amount. The maximum increase is $200,000 for any one of the following events:

    • the insured or their Spouse adopt or give birth to a child
    • the insured gets married or divorced
    • the insured completes an undergraduate degree at a Government-recognised university, or
    • the insured has a child who starts secondary school.
    • ­the insured has received an increase in their Earnings of at least 10% in the previous 12 months

    If insured takes out, or increases, a Mortgage to purchase or improve your home, the maximum increase we'll allow is the lesser of:

    • 50% of their original insurance amount
    • the value of the new Mortgage
    • the value of the latest increase to their existing Mortgage, and
    • $200,000.

    Business event

    The insured can apply to increase your Life Cover, TPD and Critical Illness insurances if the insurance is issued for one of the following purposes:

    • a written ownership (buy/sell), share purchase or business continuation agreement under which they are a partner, shareholder or unit holder in the business
    • asset protection (loan guarantee) insurance, or
    • Revenue Protection (Key Person) insurance if they're considered as such in the business (outside super only).

    The increase will be in proportion to the increase in value over the year of your financial interest in the business or of the Key Person to their business (as agreed with MLC Limited).

    The maximum increase we'll allow is the lesser of:

    • 25% of the insured's original insurance amount
    • for a written ownership (buy/sell), share purchase or business continuation agreement under which they're a partner, shareholder or unit holder in the business, the increase, averaged over the preceding three years, in the net value of their financial interest in the business, and
    • for asset protection (loan guarantee) insurance, the increase in that part of the business loan they're responsible for, which is average over the preceding 3 years, and
    • for Revenue Protection (Key Person) insurance, 5 times the increase the their value to the business, average over the preceding 3 years, and
    • $200,000.
  • What is the Critical Illness Buy Back Option on MLC Protectionfirst?

    One year after a valid claim form was lodged for which the Critical Illness Benefit was paid, you can purchase an MLC Protection – Life Policy (death only) without providing further medical evidence.

    This option can only be exercised within a period of 30 days from the first anniversary of when the valid claim form was lodged for which the Critical Illness Benefit was paid. If your policy includes this option, we will provide cover on the following basis:

    • the death Sum Insured may not exceed the Critical Illness Benefit paid; and
    • premiums will be charged at the appropriate rate for the then attained age next birthday based on the then current published term insurance rates; and
    • any original exclusions or special conditions applicable under this policy will be maintained.

    To exercise this option we'll require a completed Application for MLC Protectionfirst together with a valid quote (a personal statement is not required).

    Where the Critical Illness Buy Back Option is exercised in conjunction with the Critical Illness Reinstatement Option (see below), Indexation (as defined on page 38) will not be available.

    The maximum age at which the option can be purchased is age 60 next birthday.

    This option ceases at the policy anniversary preceding age 70.

  • What factors affect MLC insurance premiums?

    Premiums differ according to individual circumstances. Factors affecting MLC Life Insurance premiums include, but are not limited to:

    • age at policy commencement and chosen premium structure – in a stepped premium structure premiums generally increase with age, while in a level premium structure premiums are based on the insured's age when the policy begins
    • sex
    • occupation
    • smoking status – premiums are higher for smokers than non-smokers
    • medical history – the insured’s state of health and/or their family’s medical history
    • lifestyle and leisure activities – the greater the risk of the activities the insured undertakes, the higher the premium
    • frequency of premium payments and applicable policy fee
    • the financial arrangement agreed with a financial adviser.

    MLC Life Insurance may change one or more components of the premium rates at any time but MLC Life Insurance will notify you before changes are made to your premiums. MLC Life Insurance will only change your premiums after giving you at least 30 days’ notice of any change and will not single out individuals for a change of premiums.

  • What is the difference between the Own and Any Occupation definitions of TPD under MLC Personal Protection Portfolio and MLC Life Cover Super policies?

    The way your inability to work is defined, depends on whether or not you are gainfully employed (working for earnings, payment or profit) when your disability begins, and whether you are insured under the Any Occupation or Own Occupation definition.

    Any Occupation

    If an insured (you, the customer) is gainfully employed when their disability begins, 'unable to work' under the any occupation definition means they are unable to work at their usual occupation or any other occupation they are reasonably suited to by way of education, experience or training.

    Own Occupation

    If an insured (you, the customer) is gainfully employed when their disability begins, 'unable to work' under the own occupation definition means they are unable to work at their own occupation and not be working in any occupation for a continuous period for at least six months.

    To be eligible for 'Own Occupation' definition of TPD, an insured can choose at an additional cost the Own Occupation definition if the occupation in which they are engaged when they apply is eligible under the AAA, ACT, ML or certain AA, A, BB occupation categories, which include professional occupations such as accountants, doctors and solicitors. The Own Occupation definition of TPD varies according to an insured's employment status.

    When an insured claims, the Own Occupation definition lets them choose to be assessed according to:

    • their occupation when they applied, or
    • their occupation immediately prior to the date of disability, as long as that occupation is eligible for the Own Occupation definition.

    Not Gainfully Employed

    If an insured (you, the customer) is not gainfully employed when their disability begins, 'unable to work' means they are unable to do any normal physical domestic duties (cleaning, cooking meals, doing the laundry, shopping for groceries and taking care of dependent children.

  • What if I want to cancel my insurance policy?

    You can cancel your insurance at any time. We understand your insurance needs may have changed and encourage you to speak to your financial adviser first before cancelling your policy. If you want to cancel your insurance, please contact us.

  • What if I change my mind after I have cancelled my insurance policy?

    Under certain circumstances your insurance policy can be reinstated. Please contact us and speak to a consultant in our Customer Contact Centre team on 13 65 25.

  • When will my annual statement be available?
    We’ve created the Statement mailing calendar to make it easy for you to find out everything you need to know about receiving your statement.