MLC Insurance (Super)

If you take out an MLC Insurance (Super) product you will become a member of MLC's Universal Super Scheme and your policy will be owned by the Trustee of that scheme. MLC Insurance (Super) cannot be held through an SMSF.

By structuring your life insurance this way you may be able to benefit from a range of tax advantages and concessions which can make your insurance more affordable. However, there can be pitfalls, such as restrictions on your ability to access your benefits if you make a claim, so you should seek expert advice from your financial advisor on whether an MLC Insurance (Super) policy is right for you.

Within your MLC Insurance (Super) policy you can combine any of the following types of cover:

• Life Cover, with TPD extension insurance

  Life Cover is a core insurance which pays a lump sum if you die or are diagnosed with a terminal illness, protecting the financial security of the loved ones you leave behind. The TPD extension safeguards your lifestyle in case you experience a serious illness or injury which leaves you unable to work. You can use the money for any purpose, such as to pay off your mortgage, invest for an income or pay your medical expenses.

  You can apply for any amount of Life Cover, and between $25,000 and $5,000,000 of TPD. Any claim you make under your TPD extension may reduce the amount of your remaining Life Cover unless you select an extra-cost 'buy-back' option which allows you to reinstate it.

  MLC Insurance (Super) policies expire when you reach age 74. Built-in features include up to $2,000,000 'accidental injury benefit' if you suffer a severe and disabling injury; an 'economiser' option which allows you to freeze your premiums at the same level as the previous year in exchange for a reduction in the amount of your insurance; and the right to increase the amount of your cover if your circumstances change, without having to supply more medical information.

• Accidental Death Insurance

  This is a straightforward product which pays a lump sum if you die as a result of an accident. You can apply for any amount of Accidental Death Insurance and it provides cover up until age 74.

• Premium Waiver Insurance

  You can take out a Premium Waiver policy in combination with a Life Cover or Accidental Death Insurance policy. It protects your other insurances, because it allows you to keep them in place even if you can't afford to pay your premiums for a while. It offers up to 12 months respite from paying premiums if you are retrenched by your employer, and a long-term waiver if you become unable to work because of permanent disability.

• Income Protection Insurance

  Income Protection Insurance gives you the certainty that you will be able to pay your ongoing living costs if you are unable to work due to accident or illness. It pays a monthly benefit of up to 75% of your earnings, up to a maximum of $60,000 per month. You may be able to claim a partial payment if you have a less severe condition and are still able to work in some capacity.

  MLC also offers a 'lump sum benefit option' for policies with a benefit period to age 65, which allows you to access the entire amount in one payment if you become totally and permanently disabled.

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