MLC reports that the Sisters of Mercy Staff Superannuation Scheme has adopted its ‘refreshed’ Group Insurance package for its members.
Head of Group Insurance at MLC, Andrew Howard, said the insurer has been ‘pushing the envelope of benefit design’:
For too long Group Insurance has been a one size fits all approach…
“For too long Group Insurance has been a one size fits all approach and we’ve flipped that on its head focusing on MLC’s customer first philosophy, said Mr Howard.
The insurance package for the Scheme, which has more than 10,000 members, includes:
- Substantial increases to benefits for all members
- Adjustments to ensure cover is higher when members need it most
- Greater levels of Total and Permanent Disability (TPD) cover for younger members
- Default income protection for all new members
- Offering an opt-in window for existing members to gain income protection cover without underwriting
- Provisions for members with income protection to receive benefits up to the age of 70 years
Sisters of Mercy Staff Superannuation Scheme CEO, Chris Engelhardt said, “When we put our insurance business out to the market we were very clear about what we wanted to achieve for our members.”
“Improved cover levels with reasonable premium rates were always on our list and MLC were able to deliver that for our members,” said Mr Engelhardt.
