MLC Life Insurance is proud to announce its participation in the Financial Services Council COVID TPD Claims Initiative. Under the initiative, until 27 September 2020, we will assess Total and Permanent (TPD) claims using the disability definition that would have applied to a customer’s employment circumstances as at 11 March 2020. This will apply to eligible customers who would otherwise be assessed under a stricter disability definition.

In an extra benefit for customers, MLC Life Insurance will go beyond the standard industry initiative to also calculate death and TPD benefit levels based on the customer’s salary at 11 March 2020, where this is higher than the salary at the date of disablement. For eligible customers whose policy specifies their benefit is linked to their salary, this will result in a higher payment.

Together, these two initiatives will provide industry leading levels of support to eligible customers who were in full-time or part-time employment at 11 March 2020, but who have subsequently been stood down or had their hours reduced.

Sean McCormack, Managing Executive, MLC Life Insurance, said:

“MLC Life Insurance recognises that our customers are looking for peace of mind. They want to know that the policy they buy in good times, is there to support them in the hard times. That is why we have announced we will be making sure customers are not disadvantaged because of the impacts of COVID-19 on their employment and salary. It is the right and fair thing to do.”

The latest initiatives build on our earlier commitment to ensure that frontline healthcare workers are not prevented from obtaining life insurance cover purely through exposure, or potential exposure, to coronavirus. It also follows on from our hardship response measures, which have seen us extend support and relief to retail customers feeling the economic effects of COVID-19.

For further information and eligibility requirements, please see FAQ below.

Frequently Asked Questions