MLC and ING have both increased their maximum income protection cover limits to $60,000 per month.
Initially launched by MLC with effect from 3 May 2010, the insurer says its higher cover limit recognises there is a growing need for more flexible income protection solutions.
The MLC structure will cover:
- 75% of the first $240,000
- 50% of the next $240,000
- 25% of the next $240,000
- 20% of the remainder to the $60,000 limit
Like MLC, the ING package will allow a maximum entry age of 54 for cover greater than $40,000, however its replacement ratios have fewer tiers:
- 75% of the first $320,000
- 50% of the next $240,000
- 20% of the remainder to the $60,000 limit
ING’s offer extends to clients with health loadings of up to 75% or one exclusion clause, while more detailed underwriting requirements will apply in each case.
MLC’s High Income Protection levels are available to while collar professionals holding MLC Personal Protection Portfolio policies, while ING offers this cover to most white collar professionals under its Income Secure Standard, Comprehensive and Professional products.
