MLC Life Insurance Review 2024

MLC Life Insurance has been providing life cover to Australians since 1886, in partnership with Nippon Life Insurance Group.

With 1.15 million customers¹ and 11% market share, it’s Australia’s third largest life insurer.

Members have access to the Best Doctors program, which connects you with a network of medical specialists, including mental health experts.

What types of cover does MLC offer?

Nobody likes thinking about falling ill, having an accident or worse, but it’s important to be prepared if something were to happen to you. It’s all about providing a secure financial future for anyone who depends on you.

If you’ve got no dependents but not much in the way of savings, you may simply want income protection to cover your bills. Have a history of illness in your family? You may want to consider trauma (critical illness) cover. And if you have a growing family or big financial commitments like a mortgage, you might prefer the reassurance of life cover.

MLC offers a wide range of options, some of which you can take out as part of your super. 

Life cover

MLC Life Cover provides a one-off payment that can be used to pay off debts, cover day-to-day expenses, and provide financial peace of mind for your loved ones.

Key features:

• A one-off payment if you die or are diagnosed with a terminal illness.

• A one-off payment if you lose the use of your limbs or sight.

• A one-off payment of up to $20,000 in advance to help with expenses like funeral costs.

Critical illness cover

MLC Critical Illness gives you a one-off payment for specified illnesses such as cancer and heart disease. You can choose from two products – Critical Illness Standard or Critical Illness Plus. Make sure you check the Product Disclosure Statement - it details what illnesses MLC will and won’t cover.

Critical Illness Standard key features:

• A one-off payment if you’re diagnosed with a specified illness that’s included in MLC’s list of inclusions.

• If you’ve received a payout of $100,000 or more, you’ll get an extra $5,000 to cover financial advice.

Critical Illness Plus offers additional features:

• Cover for a more extensive range of critical conditions than the Standard policy.

• Partial payments for less severe conditions.

• $10,000 child support benefit with cover of $100,000 or more.

• Option to apply for extra cover when certain events occur, with no medical evidence.

Total permanent disability (TPD)

If you suffer a serious injury or illness, you may not be able to continue working. TPD cover gives you one less thing to worry about, and can be taken out alongside other forms of life insurance. Our TPD guide has more information on how this type of cover works.

Key features:

• One-off payment if you suffer a total and permanent disability.

• Life Cover buy-back option – restore Life Cover 12 months after a TPD benefit is paid.

• Partial payment if you lose the use of one limb or sight in one eye.

Income protection

Your ability to earn an income is your greatest asset so it makes sense to protect it. MLC’s Income Protection pays up to 70% of your income each month, giving you peace of mind that your finances are covered even if you’re temporarily unable to work.

Key features:

• Monthly payments to replace part of your income if you’re sick or injured and can’t work.

Your insurance premium is automatically waived while you receive payments.

What member benefits does MLC offer?

Members have free access to the Best Doctors program, which offers a range of services. You can submit questions to an Australian GP and receive an answer within 24 hours. 

You can also find a specialist in your area, and connect with mental health experts through telehealth. There’s also an online library of medical resources.

Can I get MLC Life insurance through my superannuation?

Yes, you can get Life, TPD and Income Protection through your super. Compare Club can help with this. 

Trauma/Critical Illness cover isn't available with your superannuation through any insurer. 

Performance of MLC

Between June 2018 and December 2020, MLC Life Insurance took an average of 1.5 weeks to resolve life cover claims. 

They resolved 160 of 211 disputes across death cover, total permanent disability, trauma and income protection.

Maximum cover amount

• Life cover – $3 million

• TPD – $5 million

• Critical illness – $2 million

• Income protection – $60,000 per month

Maximum expiry age

• Life cover – 100 (outside super) or 74(within super) 

• TPD – 100 (outside super) or 74 (inside super)

• Critical illness – 75

• Income protection – 70 (outside super) or 65 (inside super)

MLC life insurance costs

Everybody’s different, so your premium will be based on your individual circumstances, including your age, occupation and your family’s needs.

That's where Compare Club's specialists can help, by working out what type of policy could be right for you at a cost that fits in with your budget.

Of course, it’s worth consulting a financial advisor before making any financial decisions.

Frequently Asked Questions

Who owns MLC Life?

MLC Life Insurance is owned by Nippon Life (80% holding) and NAB (20%).

Do I need a medical exam to get life insurance with MLC?

Probably. Most people who buy a MLC life insurance product through Compare Club may need to undertake a medical examination. Your Compare Club specialist will let you know if this is required.

Does smoking affect my premiums?

Yes. Smokers can pay up to 50% more for their premiums than non-smokers.

Does MLC life insurance include a funeral benefit?

Yes, an advanced payment of up to $20,000 is included with Life Cover insurance.

Is it easy to cancel MLC Life Insurance?

Yes. You can cancel in writing within the cooling off period, which is 28 days from the day you receive your insurance policy and schedule to incur no charge. You are also able to cancel at any time with a written cancellation letter, however, no refund is applicable after the cooling off period if premiums are paid monthly. Annually paid premiums can be refunded on a pro rata basis

If you cancel after the cooling off period and you pay monthly premiums, your insurance will end when your next premium is due. If you pay quarterly, half-yearly or yearly, your insurance will end when MLC receives your request to cancel. 

Where can I buy life insurance with MLC?

Compare Club can help you apply and take care of the paperwork for you. We’ll compare MLC with other insurers on our panel to make sure you’re getting a policy that’s right for you.

Related Articles

AIA Life Insurance Review

AMP Life Insurance Review

Bt Life Insurance Review

Clearview Life Insurance Review

Integrity Life Insurance Review

Metlife Life Insurance Review

MLC Life Insurance Review

Neos Life Insurance Review

Nobleoak Life Insurance Review

Onepath Life Insurance Review

TAL Life Insurance Review

Zurich Life Insurance Review

Sources

1. As at 31 December 2020.

Matthew Lang is the general manager of life insurance at Compare Club. Matthew leads a team of dedicated professionals who are passionate about helping individuals and families make informed decisions about their life insurance needs. Whether it's finding the right coverage for your specific circumstances, comparing policies, or optimizing your existing policy, Matthew and his team are here to provide expert guidance and support.

Meet our life insurance expert, Matthew Lang

Matthew's top life insurance tips

• 1

  Identify what you want out of life insurance before you buy. Knowing the purpose of your life cover will help you choose a policy that meets your needs.

• 2

  It's easy to assume that the sole purpose of life cover is to leave money behind for your family, but there's more to it than that.

• 3

  Life insurers like those on our panel pay an average of 97% of claims in full.

• 4

  There are different types of life insurance, including term life insurance, income protection, trauma cover and total and permanent disability cover.