The news that MLC Life Insurance will no longer be offering level premiums to new business customers for its MLC Insurance product suite drew very strong reader interest this week…
MLC Life Insurance has announced it will no longer be offering level premiums to new business customers for its MLC Insurance product suite.
This development coincides with the imminent release of a Supplementary Product Disclosure Statement which will come into effect on 3 February 2024.
Applying to the MLC Insurance, MLC Insurance (Super) and MLC Insurance (SMSF or WRAP) products, changes include:
- Removal of level premium base rates
- No change to stepped premium base rates
MLC Life notes the changes do not impact existing customers “…who can continue to have and make changes to their premium policies.”
MLC Life’s General Manager of Distribution, Michael Downey, had said in an adviser video update in December that the company would be removing level premiums from new business sales “…as we look to simplify our offer and provide products in line with the advice [advisers] are giving today.”
Well it’s hardly actual “level” premiums is it? Thought an increase in one year of 15% + & level premiums should not be used in same sentence (not MLC specific)
I recall back in the early 90s for quite a while it was common among advisers to discuss how MLC had the only “true” level premium available. The MLC BDMs at the time quite reveled in that acknowledgement. What a shame now that ‘true’ level premiums are a distant memory. Was good while it lasted I suppose.
Comments are closed.