MLC launches new income protection products

29 September 2021
| By Jassmyn |
image
image
expand image

MLC Life Insurance has launched new income protection products that cover options to suit specific needs and budgets.

The two products – Income Assure and Income Assure Plus – allowed most customers to have the maximum sum insured allowable with premium stability and product sustainability, the firm said.

MLC said Income Assure provided an income replacement ratio of 70%, with tiering for income above $150,000, and Income Assure Plus provides a ratio of up to 90% for six months post claim if customers select the ‘booster’ option.

“By providing two levels of cover, each with four options, advisers can choose the product and options that best meets the needs of their client,” it said.

“Examples of the choice provided includes how cover is assessed after two years on claim, if partial disability payments are required without the customer ever being totally disabled, or the flexibility their clients require if they return to work during the waiting period.”

MLC’s chief life insurance officer, Michael Rogers, said the offering reflected contemporary needs, more sustainable premiums, and provided options to cater to specific requirements.

The new products would be be offered as part of MLC Insurance and MLC Insurance (Super) from 1 October 2021, and have been designed following customer, adviser and licensee research and analysis.

This research revealed:

  • 83% of retail insurance customers earn $150,000 or less per annum, with income replacement needs highest during the early stages of a claim.
  • 89% of retail insurance customers were able to return to full health within the first two years of making a claim.
  • Both customers and advisers value price and income replacement ratios, well above all other features.
  • Advisers wanted us to introduce products with greater certainty of future premiums, underpinned by more choice and options.
  • Customers would like greater flexibility of the conditions included in their policy.
Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 1 week ago
Kevin Gorman

Super director remuneration ...

10 months 2 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 2 weeks ago

The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members. ...

1 day 15 hours ago

Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award....

2 days 6 hours ago

APRA data shows the CFMEU accounted for 28 per cent of super fund industrial contributions, with the shadow treasurer calling for a prompt investigation into the payments...

3 days 10 hours ago