MLC Income Daily Living
The Income Daily Living coverage from MLC offers coverage to insured policy holders who are unable to work due to a qualifying injury or serious illness.
If a policy holder who possesses an Income Daily Living policy through MLC is unable to work due to a qualifying illness or injury, they will be paid income coverage benefits. Some of the provisions that are applicable to all Income Daily Living policies include:
- Indexation. This benefit guarantees to increase the policy holder’s monthly benefit on each annual renewal date up to the insured’s 64th birthday.
- Daily Living Benefit. After the waiting period on the Income Daily Living policy has elapsed, the monthly benefit will begin to accrue.
- Death Benefit. Should the policy holder die whilst receiving any policy benefit, a death benefit may be paid to a nominated beneficiary.
- Waiver of Premium. Once the insured has been substantially disabled for longer than the waiting period, the premiums of the Income Daily Living policy will be waived.
- Recurrent Claim Benefit. If the policy holder suffers a substantial disability within six months of a disability claim from the same or related cause, then the waiting period will not be applied again.
- Critical Conditions Benefit. Should the insured be diagnosed as having a qualifying critical condition, the daily living benefit will be paid for six months, even if the insured is working.
There are also optional benefits that may be chosen by the policy holder of an Income Daily Living policy. One such benefit is the Income Business Expenses option.