{"id":50408,"date":"2020-06-16T15:42:02","date_gmt":"2020-06-16T05:42:02","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=50408"},"modified":"2024-10-30T08:45:25","modified_gmt":"2024-10-29T22:45:25","slug":"mlc-life-insurance-premium-adjustments","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2020\/06\/16\/mlc-life-insurance-premium-adjustments\/","title":{"rendered":"MLC Life Insurance Premium Adjustments"},"content":{"rendered":"

MLC Life Insurance released details to advisers last week regarding tailored premium adjustments that it will be making across its insurance product portfolios.<\/p>\n

In what it says was a difficult decision, but one made necessary in order to achieve long-term sustainability, the insurer will be adjusting premiums for new customers from 15 July 2020, and for existing customers from 1 October 2020.<\/p>\n

Originally planned to have been implemented earlier this year, Sean Williamson<\/strong>, MLC Life Insurance’s Acting Chief of Group and Retail Partners, notes in a statement<\/a> that these premium adjustments, which comprise increases as well as some reductions, were postponed due to the onset of the Covid-19 crisis and the potential impact these changes may have had on its customers during such a difficult period for the entire community.<\/p>\n

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MLC Life Insurance Acting Chief – Group and Retail Partners, Sean Williamson …taking steps to achieve long-term sustainability<\/figcaption><\/figure>\n

Giving additional context to these premium and rates adjustments, Williamson also referred to the critical importance of other factors that must contribute to the achievement of long-term sustainability for both MLC Life Insurance and the broader life insurance sector. He singled out technology as a key component in the quest to deliver greater efficiencies within the advice process and leading to a reduction in the costs associated with placing life insurance business on the books.<\/p>\n

He also noted the importance associated with future product innovation which addresses benefits, definitions and product design, which will be shaped to achieve a better balance between benefits, affordability and fairness for its claimants.<\/p>\n

Details relating to the nature and extent of the premium increases can be accessed via the MLC Life Insurance Adviser Portal’s Knowledge Base. Find out more here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

MLC Life Insurance released details to advisers last week regarding tailored premium adjustments that it will be making across its insurance product portfolios. In what it says was a difficult decision, but one made necessary in order to achieve long-term sustainability, the insurer will be adjusting premiums for new customers from 15 July 2020, and […]<\/p>\n","protected":false},"author":3,"featured_media":50414,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,7],"tags":[],"class_list":["post-50408","post","type-post","status-publish","format-standard","has-post-thumbnail","category-products","category-technology"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/50408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=50408"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/50408\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/50414"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=50408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=50408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=50408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}