MLC Stand Alone Recovery Money
The MLC Stand Alone Recovery Money cover product may be purchased on its own and is independent of any other cover option that a policy holder has.
MLC’s Stand Alone Recovery Money policy is not linked to any other cover option that is owned by the policy holder. With this coverage, if a claim is paid on this product, the other insurances that are owned by the insured will not be reduced.
Although an insured may pay more for individual stand alone cover options than they would by bundling them, the benefit of keeping all coverages in tact, regardless of whether or not a claim is paid on one, is desirable.
When purchasing the MLC Stand Alone Recovery Money product, it could mean that income recovery insurance may be provided where death and disability cover are already in place – even through another insurance provider.
Products that may be purchased through MLC as stand alone options include:
- Life Cover
- Critical Illness
- Recovery Money
Those who apply for the MLC Stand Alone Recovery Money cover may select the amount of the lump sum benefit that is payable under the policy. This benefit is referred to as the sum insured.
Stand Alone Recovery Money through MLC also offers additional benefits such as a Child Support Benefit, a Severe Illness Benefit, and a Child Critical Illness benefit.