MLC Income Protection Insurance
- 2nd largest life insurer
- $747m claims paid in 2022
MLC Income Protection insurance helps to protect you and your family by paying up to 70% of your earnings if you're unable to work. This can help cover your living expenses, such as your mortgage, school fees and car repayments.
By providing you with a monthly payment, income protection allows you to focus on your recovery.
Key features of MLC Income Protection Insurance include:
- Monthly payments to replace part of your income when you’re sick or injured and can’t work
- Your Income Protection premium is automatically waived while you are receiving payments
- If you return to work following a claim, but your disability recurs within a certain time, you can continue your claim without re-sitting the waiting period
- Choose a waiting period of 14, 30 or 90 days, or 1 year or 2 years.
- Up to 12 times your monthly benefit approved for rehabilitation expenses (outside super only)
- Death benefit of six times your insured monthly benefit, up to $60,000
MLC offer two types of Income Protection cover:
- Income Assure+: Provides a comprehensive range of benefits and additional options for people in most occupations.
- Income Assure: Provides an entry level cover that prioritises affordability while still providing customers with useful income protection. Income Protection Assure payments will only continue after 2 years if you are severely disabled.