MLC says Asset Super members will receive a significant upgrade in their life insurance cover following what it refers to as ‘… a comprehensive benefit redesign’ that has been implemented this month.
The benefit upgrade was designed to match more closely the protection needs of members at various life stages
According to MLC, The benefit upgrade was designed to match more closely the protection needs of members at various life stages and counter the problem of underinsurance.
Details of the upgrade for eligible members include:
- Automatic life stage cover increases at age 23 and again at age 28
- The sum insured for Death and TPD units increased by 2.5% at no extra cost
- Fixed cover premiums reduced by 2.5%
MLC Group Insurance General Manager, Andrew Howard, said “Since 2006 when we were first appointed as insurer, MLC has been developing a strong relationship with Asset Super. Our focus has been on continuous improvement of insurance benefits and services to the fund members.”
This is the third upgrade that MLC has implemented with Asset Super in three years, and applies to both new and existing eligible members.
