MLC Income Protection
- 3rd largest life insurer
- $617.60m claims paid in 2018
MLC Income Protection insurance helps to protect you and your family by paying up to 75% 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.
- Child support income benefit provides a one-off payment the first time your child suffers a specified critical condition or if your child dies (outside super only)
- Up to 12 times your monthly benefit for rehabilitation expenses and a rehabilitation bonus for up to 12 months (outside super only)
- Death benefit of up to $60,000
MLC offer three types of insurance
- Income Protection Platinum: Provides a comprehensive range of benefits and additional options for people in most occupations
- Income Protection: Provides a wide range of benefits and additional options for people in most occupations
- Income Protection(Special Risk): Provides a range of benefits and additional options for people who work in certain occupations which are hazardous, or present special assessment difficulties such as armed security guards. After the first three years, MLC will review your Income Protection insurance each year and may offer, but don't guarantee, its renewal