MLC Insurance

MLC's primary life insurance range offers protection against every eventuality. It is an all-encompassing, fully customisable product which allows you to package the insurance elements in any combination to meet your exact needs.

A single MLC Insurance policy can provide you with life, TPD and trauma cover as well as income replacement or business expenses insurance, protecting you, your children and your business from the financial impact of illness or injury.

You can hold your MLC insurance direct or through a family trust or superfund.

• Life Cover and Accidental Death Insurance

  You can take out any amount of Life Cover, to be paid as a lump sum benefit if you die or are diagnosed with a terminal illness. It is the simplest way to protect your family's future if you are no longer able to provide for them.

  Adding an optional TPD or Critical Illness extension offers you the most cost-effective and efficient way to broaden your Life Cover. These 'living insurance' extensions pay a benefit if you experience a trauma event or disabling illness, providing you with a safety net against medical bills and the possibility of a lifetime being unable to work.

  Accidental Death Insurance is an economical alternative to full Life Cover, which pays a benefit only if your death is as a result of, and within 180 days of, an accident.

  If held outside of super both these insurances provide you with cover up to age 100.

• TPD and Critical Illness Cover

  These types of insurance pay a lump sum if you experience a serious illness or injury. They are similar, and in many cases may cover the same conditions, but there are crucial differences.

  Critical Illness insurance only covers a specified list of conditions, and MLC offers two levels of cover, 'standard' and 'plus'. A plus policy covers a much wider range of illnesses and injuries. You can claim on your Critical Illness policy if you are diagnosed with one of these conditions, even if you recover fully. You can apply for up to $2,000,000 Critical Illness cover and have the option to add up to $200,000 extra cover for each of your children.

  TPD insurance covers any serious condition which leaves you permanently disabled and unable to work, regardless of the cause. You can insure a greater amount than is allowed under trauma cover, up to $5,000,000 since you may need to rely on these benefits for the rest of your life.

• Occupationally Acquired HIV or Hepatitis Infection

  This is an insurance designed specifically for medical professionals, which recognises your elevated risk of contracting a serious blood borne disease, and the impact this could have on your career. You can insure up to $500,000 which is paid as a lump sum benefit.

• Income Protection Insurance and Business Expenses Insurance

  This is a pair of products designed for people who are either in full-time employment or who own and operate a small business or partnership. They provide a monthly income to cover your ongoing living expenses or cover the regular fixed costs of your business while you are unable to work due to injury or illness. They take away any concern about paying your bills or keeping your business afloat while you are unable to earn an income.

  You can customise these insurances to suit your needs by choosing different levels of cover and choosing the length of your waiting period (the time between falling ill and being able to receive payments).

  For Business Expenses Insurance you can receive payments for up to 12 months, with the possibility of a further 12 months if you haven't claimed the full insured amount. Income Protection policies can cover you for 2 or 5 years or up until age 65 or 70.

• Premium Waiver Insurance

  This type of insurance protects all your other policies by giving you short or long term 'respite' from paying your premiums if you lose your job or are severely injured.

For full details of the MLC Insurance range of life insurance products you can download the Product Disclosure Statement here.