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MLC Critical Illness

  • 3rd largest life insurer
  • $890m claims paid in 2016

Critical Illness insurance (also known as trauma cover) gives you a one-off payment if you suffer one of the specified critical illnesses MLC cover.

There are two types of Critical Illness insurance available:

Critical Illness Standard:

  • A one-off payment if you suffer a critical condition
  • Cover for the most common critical conditions
  • If MLC have paid a one-off payment of $100,000 or more, they’ll reimburse up to $5,000 for the cost of a financial plan from a qualified adviser

Critical Illness Plus:

  • Cover for an extensive range of critical conditions in addition to the common critical conditions
  • Child support benefit – $10,000 benefit the first time your child suffers a specified critical condition or if your child dies, available with cover of $100,000 or more
  • Option to apply for additional cover when certain events occur without the need to provide further medical evidence
  • A death benefit of $5,000 should you die within 14 days of suffering a critical condition and don’t qualify for the full cover amount (Critical Illness stand-alone only)

You can apply for these options at an additional cost:

  • Life Cover buy back (when Critical Illness is purchased as an extension to Life Cover): 12 months after MLC receive your valid Critical Illness insurance claim form, you can ask to restore your Life Cover by the same amount as the benefit paid
  • Business safeguard option: under certain circumstances you can apply to increase your Critical Illness insurance for certain business purposes without further medical evidence 

The following are available as additional options with Critical Illness Plus only:

  • Double Critical Illness (Life Cover buy back with premium waiver): your Life Cover will be automatically restored up to the same amount as the Critical Illness insurance benefit paid if you live for 14 days after you receive your Critical Illness insurance benefit
  • Critical Illness buy back: 12 months after MLC have paid your Critical Illness insurance benefit, you can ask to restore your Critical Illness insurance by the same amount as the benefit paid
  • Extra benefits option- partial benefits: you'll receive a partial benefit if you suffer one of the additional critical conditions listed in the product disclosure statement

To learn more about the benefits and features of MLC Critical Illness Insurance, read the MLC Insurance PDS or start an insurance comparison online.

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