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:
The fund has hired a former ART executive as its new head of group strategy.
The sovereign wealth fund has revealed six internal hires to support the execution of key strategies.
The fund has announced the departure of a second senior executive in as many months, with its chief member officer to finish up mid-December.
The $89 billion fund has announced a new leadership role within its private markets team.