MLC Life Insurance Reviews

MLC Life Insurance Reviews

Based on MLC Life Insurance Reviews online, MLC is ranked 3rd in Australia's top 10 insurance companies with a market share of 11.7%.

Is this life insurance company the right fit for your needs? Read on to find out more about the products they offer, and the pros and cons of getting their service according to verified MLC life insurance reviews. For a list of the Best Life Insurance in Australia, read here.

MLC Insurance Product Lines

The company offers different insurance options, including the recently reformed PYS (Protecting Your Super, or simply called 'super') package. PYS is a regulatory reform designed to protect your superannuation savings from dwindling due to fees and insurance premiums. It enables you to have more money for retirement.

The company offers eight insurance options to cater to their clients' insurance necessities. These options are:

  1. Life Cover Insurance – a lump sum benefit paid in the event of death or terminal illness diagnosis. It preserves your family's financial standing when you are gone.
  2. Income Protection Insurance – a replacement for the part of your income in case of sickness or injury. You get paid up to 75% of your monthly salary if you're incapable of work, which can help cover your living expenditures.
  3. Total and Permanent Disability (TPD) Insurance – a lump sum benefit paid in the event you become totally and permanently disabled. The benefit can help you maintain your finances even if you are no longer capable of working and thus, making an income. 
  4. Accidental Death Insurance – a one-off payment made if you die by accident.
  5. Critical Illness Insurance – a benefit paid to you in case of critical illness to help preserve your finances while you are recovering or undergoing treatment.
  6. Child Critical Illness Insurance – a one-off payment to help you with the financial difficulty in case your child becomes critically ill or dies.
  7. Occupationally Acquired Infection Insurance – a one-off payment for medical professionals in case they catch an infection, such as HIV and Hepatitis B or C while on duty. This insurance is available only for specific medical occupations.
  1. Business Expenses Insurance– a monthly benefit paid to cover your business expenses in case you become disabled to attend to your small business.

Are These Insurance Products Available with Super?

Half of these insurance products are available inside and outside of super. Critical Illness insurance, Occupationally Acquired Infection insurance, and Business Expenses insurance are only available outside of super. Child Critical Illness insurance can be purchased only outside of super when a parent or guardian owns a particular MLC Life Insurance policy.

MLC Life Insurance Reviews: A List of Pros and Cons

We’ve read some MLC Life insurance reviews. Below, we summarise the pros and cons of having MLC life insurance.

Pros:

  • It offers free service via Best Doctors which enables you to connect with the medical experts.
  • It has a more affordable premium since they removed the $6.81 policy fees.
  • They automatically increase your insurance sum every year to conform to the inflation rate.
  • Add-on benefits are available for particular product lines which can widen the scope of your insurance protection.

Cons:

  • Deliberate self-inflicted injury or suicide is not covered under the Accidental Death Insurance; hence, no payment will be given in such circumstances.
  • Death resulting from wilful self-inflicted injury or suicide is not covered under Life Cover Insurance if it occurred within 13 months after the start of the policy. The same applies if death or suicide happened 13 months after it has been reinstated or increased.
  • Pre-existing injuries or sickness are not covered by Critical Illness or TPD insurance.

There are more MLC life insurance reviews that can help you decide whether this insurance provider will be able to meet your needs. Don’t forget to check out more articles here on Makes Cents to stay informed!

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