How to pay your insurance premiums

You can choose to pay your insurance premiums in different ways. In some cases, premiums can be paid directly from superannuation or investment products offered by other providers. This table shows your payment options depending on the type of policy you have:

MLC Insurance (Super) and Protectionfirst range (inside super) MLC Insurance (Wrap or SMSF) and Protectionfirst range (external super) MLC Insurance and Protectionfirst range (outside super) MLC Personal Protection Portfolio   MLC Life Cover Super
Direct debit check
 check (SMSF only)
 check
 check check
Credit card check
 check (SMSF only)
 check
 check check
Cheque (not available for monthly payments) check
 check (SMSF only)
 check
 check  check
BPAY (not available monthly payments) check
 check (SMSF only)
 check
 check check
Rollover from an external super fund* (available for annual payments only) check
    

Eligible wrap account (see below)

   check
 check
    
Eligible MLC account (see below) check (MLC Insurance (Super) only)
       check
*We can’t accept certain rollovers, such as pension or super amounts transferred from the UK or from New Zealand KiwiSaver, or untaxed amounts. It’s 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 wrap account

MLC Life Insurance is an integrated insurer on multiple wrap platforms that investors and financial advisers use. This means MLC Insurance and Protectionfirst range policies can be paid for directly from the superannuation and investment products offered by these providers. These superannuation and investment accounts are not issued by MLC Life Insurance.

Super wrap accounts eligible to pay for MLC Insurance (Wrap or SMSF) and Protectionfirst range (external super)

  • Expand Extra Super
  • Expand Essential Super
  • IOOF Personal Super
  • Shadforth Portfolio Service – Super

Please refer to the MLC Insurance and MLC Insurance (Super) Product Disclosure Statement for the types of insurance that can be paid for from an eligible super wrap account.

Wrap accounts eligible to pay for MLC Insurance and Protectionfirst range (outside super)

  • Expand Extra Investment
  • Expand Essential Investment

If you wish to change your payment method to an eligible wrap account, we may need to cancel and reissue your existing policy. This option to pay your insurance premiums is not available to be updated through our digital portal.

 

Paying from an eligible MLC account

Important: An eligible MLC account is a super investment account from which MLC Insurance premiums can be deducted. These super investment accounts are issued by NULIS Nominees (Australia) Limited and are held with the Insignia Financial Group of Companies. These accounts aren’t issued by MLC Limited.

Eligible MLC accounts for MLC Insurance (Super)

  • MLC MasterKey Super Fundamentals
  • MLC MasterKey Pension Fundamentals
  • MLC MasterKey Five star
  • MLC MasterKey Goldstar
  • MasterKey Super**
  • MasterKey Pension

In some instances, an MLC Insurance policy will be issued under revised terms to align to super regulations.

Please refer to the MLC Insurance and MLC Insurance (Super) Product Disclosure Statement for the types of insurance that can be paid for from an eligible MLC account.

If you wish to change your payment method to an eligible MLC account, we may need to cancel and reissue your existing policy.

**MLC MasterKey Business Super and MLC MasterKey Personal Super are not part of MasterKey Super and can’t fund a MLC Insurance (Super) policy.