MLC reducing some life insurance premium rates

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MLC’s Head of Product – Insurance, Sean McCormack said, “At MLC we are focused on sustainable insurance which has greatly benefited our customers. We continue to fine tune our offer in areas that advisers and their clients have told us are important to them and will further enhance that sustainability.”

Enhancements made as part of the 2009 upgrade include:

  • Availability of level premium for Critical Illness (CI) and Total and Permanent Disability (TPD) stand-alone insurance making insurance more affordable for the long term.
  • For the second year running, Life Cover level premium rates have been reduced by up to 6% for insurance held inside or outside superannuation.
  • Minimum premium requirements for clients increasing their existing insurance cover have been reduced by 50%.
  • CI level premiums have been reduced and for the 35-40 age group this translates to a reduction of up to 8%.

Changes have also been made to the Product Disclosure Statement (PDS) including simplification of the introductory content, improved readability and printing on 100% environmentally friendly paper.

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