MLC Life Insurance has released details of a set of upgrades to its product range this week, effective from 31 October 2022.
Key elements in the upgrade include:
- Income Replacement Ratios for the insurer’s Income Assure and Income Assure+ will be increased for clients earning over $150,000 per year, so they can insure a greater portion of their earnings
- For Income Assure+ policy holders, clients with a 5-year benefit period will be assessed using an ‘Own Occupation’ definition for the duration of the claim. This applies for both ordinary and superannuation Income Assure+ policies, where the change is to be passed back to all Income Assure+ policy holders with a 5-year benefit period from 1st October 2021.
The insurer has also updated its PDS to:
- Clarify that sick leave and annual leave to which clients may be entitled, but do not receive, will not offset Income Protection benefit payments
- Broaden the MLC Insurance (Wrap or SMSF) product to facilitate additional Insignia superannuation products
- Make clear that the suicide exclusion period on Life Cover and the initial exclusion period on select conditions for Critical Illness cover will be waived when new MLC Life Insurance cover replaces like cover from another insurer
Michael Rogers, Chief Retail Insurance Officer, MLC Life Insurance, said of the upgrades:
“Informing the design of our products is extensive customer, adviser and licensee research. Advisers want to provide their customers with greater flexibility and options in their policy, including higher income replacement levels and greater certainty of future premiums. The upgrades we are making now further enable our ability to provide quality protection to Australians.”
Take this link for more information about the upgrades.
…And take the following link to the new Product Disclosure Statement:
