You can choose to pay your insurance premiums either directly from your personal account, by rollover from your external super account with any complying fund, or using an Eligible MLC Account (held with the NAB Group of Companies – these accounts aren’t issued by MLC Limited).
The table below shows your payment options, depending on the type of policy you have:
|MLC Insurance (Super)||MLC Insurance (Wrap or SMSF)||MLC Insurance|
|Direct debit|| (SMSF only)
|Credit card|| (SMSF only)
|Cheque (not available for monthly payments)|| (SMSF only)
|BPAY* (not available for initial or monthly payments)|| (SMSF only)
|Rollover from an external super fund (available for annual payments only)|
|Eligible MLC account||See table below||See table below||See table below|
*Please note you're not able to use BPAY for your first premium payment as you won't have a customer number. If this is your chosen payment method you'll need to make your first premium payment using an alternative payment method.
Paying by rollover from an external super fund
From 9 October 2017, new policies will be eligible for additional discounts under MLC Life Insurance's multi-cover discount when you pay premiums for at least one of your insurances by rollover. For more information about the multi-cover discount, please refer to the MLC Insurance and MLC Insurance (Super) Premium Information Guide.
To pay insurance premiums by rollover, 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.
You will need to provide the Trustee (NULIS Nominees (Australia) Limited) with an Enduring Authority so that the Trustee 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.
You will be notified of the amount of the annual premium required prior to the rollover request being submitted your nominated external super fund. The Trustee may be able to claim a tax deduction for the premium they pay for insurance and, at their 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.
- You can only request one policy with MLC Limited 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 will 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 the Trustee in writing if you no longer want to pay your premiums by rollover from your external super account, and provide the Trustee with new instructions on how you want to pay your premiums to ensure that your insurance can continue.
- Certain rollovers cannot be accepted, such as pension or super amounts transferred from the UK or New Zealand Kiwi Saver or untaxed amounts. It is your responsibility to ensure these types of amounts do not form part of your benefit in your nominated external superfund account.
Paying from an Eligible MLC Account
Important: Eligible MLC Accounts inside super are issued by NULIS Nominees (Australia) Limited. In all cases an Eligible MLC Account will be held with the NAB Group of Companies – these accounts aren’t issued by MLC Limited.
From 9 October 2017, your insurance will be eligible for additional discounts under MLC Life Insurance's multi-cover discount when you pay premiums for at least one of your insurances from an Eligible MLC Account as described below.
For more information about the multi-cover discount please refer to the MLC Insurance and MLC Insurance (Super) Premium Information Guide.
Please note, for policies issued after 9 October 2017 a minimum account balance of $25,000 is no longer required.
The table below shows which Eligible MLC Accounts can fund your insurance premiums for MLC Insurance, MLC Insurance (Super) and MLC Insurance (Wrap or SMSF) respectively. Please note in some instances an MLC Insurance policy will be issued under revised terms to align to super regulations (these are also identified in the table).
If you wish to change your payment method to an Eligible MLC Account your existing policy may need to be cancelled and reissued.
Please refer to the MLC Insurance and MLC Insurance (Super) Product Disclosure Statement (Insurance PDS) for the types of insurance that can have premiums funded from an Eligible MLC Account.
The following accounts are able to pay your insurance premiums and will also trigger the additional multi-cover discounts:
|Eligible MLC account
||MLC Insurance (Super)
||MLC Insurance (Wrap and SMSF)
|MLC MasterKey Super Fundamentals
|MLC Masterkey Pension Fundamentals
|MLC Navigator Retirement Plan - Superannuation Service
|Blueprint Retirement Plan Series 2 - Superannuation Service
|DPM Retirement Service - Superannuation Service
|DPM Retirement Service Series 2 - Superannuation Service
|PremiumChoice Retirement Service - Superannuation Service
|PremiumChoice Retirement Service Series 2 - Superannuation Service
|Enevita Platinum Retirement Management Solution - Superannuation Service
|Enevita Platinum Retirement Management Solution Series 2 - Superannuation Service
|St Andrew's Retirement Plan - Superannuation Service
|MLC Navigator Investment Plan
|MLC Navigator Investment Plan Series 2
|MLC Navigator Access Investment|
|MLC Wrap Investments|
|MLC Wrap Investments Series 2
|Portfoliofocus – Premium Investment Service|
|Portfoliofocus – Premium Investment Service Series 2|
|Portfoliofocus – Essentials Investment Service
|FC ONE Investment Builder
|FC ONE Investment Builder Series 2
|Blueprint Investment Plan
|Blueprint Investment Plan Series 2|
|DPM Investment Service
|DPM Investment Service Series 2|
|DPM Investment Service
|DPM Investment Service Series 2
|PremiumChoice Investment Service|
|PremiumChoice Investment Service Series 2|
|Portfolio Investment Solution|
|Enevita Platinum Portfolio Investment Solution Series 2|
|St Andrew's Investment Plan
The following accounts are able to pay your insurance premiums, but don’t trigger an additional multi-cover discount:
|Eligible MLC account||MLC Insurance (Super)|
|MLC Masterkey Five star
|MLC Masterkey Goldstar
** Please note MLC MasterKey Business Super and MLC MasterKey Personal Super are not a part of Masterkey Super and cannot fund a MLC Insurance (Super) policy.