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MLC Life Cover

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

MLC Life Cover Insurance provides a one-off payment if you pass away or are diagnosed with a terminal illness. This money can be used to pay off debts, pay day-to-day expenses, or be invested for your family's future needs.

Key features of MLC Life Cover Insurance include:

  • A one-off payment if you die
  • A one-off payment if you’re diagnosed with a terminal illness (if you survive you won't have to return this)
  • A payment if you lose the use of your hands or feet or your sight
  • A one-off payment of $20,000 advanced from the death benefit to help with urgent costs such as funeral expenses
  • If MLC have paid a one-off payment of $100,000 or more, they will reimburse up to $5,000 for the cost of a financial plan from a qualified adviser

You can apply for these options at an additional cost:

  • Business safeguard option: when certain business events occur, you can apply to increase your Life Cover if you hold your insurance for a specified business purpose without further medical evidence
  • Terminal illness support insurance: receive a one-off payment if you’re diagnosed with a terminal illness and survive 30 days after you’ve informed MLC
  • You can also apply to add Total and Permanent Disability extensions to your Life Cover insurance

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

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