MLC has released a minor update to its risk products range, taking effect from 12 November 2010.
Applying to the insurer’s Personal Protection Portfolio and Life Cover Super products, the changes include:
- Increase in maximum sum insured available for TPD to $5 million (previous maximum was $3 million). Applies to white collar professional occupations (AAA, ACT & ML).
- The minimum CPI increase for Life Cover, TPD and Critical Illness has increased to 5% (previously 3%). Designed to provide an opportunity for clients to have a larger increase in the sum insured without the need for further underwriting, whilst also allowing the option to decline the offer.
- Enhancements to Income Protection Replacement Ratios, leading to higher maximum cover levels for high income earners
Other than a CPI-based policy fee increase, MLC advises there have been no premium rates changes for this update, which will not require a new PDS.
