MLC Life Insurance has announced a series of enhancements to its Income Assure and Income Assure+ product range, following feedback from advisers.

Considering cost-of-living pressures, customers will now have the option to ‘inflation-proof’ their cover to ensure the benefits they receive at claim stage keep pace with future increases to earnings. An annual increase in cover level up to 3% can be suspended for any year or be turned off completely, should customers wish.

Other enhancements include the option for customers unemployed for more than 12 months to keep their cover regardless of employment status. In addition, customers who hold their policy inside superannuation can access a Certificate of Disability for Unemployment at no extra cost. This means if they are unemployed when making a claim, and do not satisfy the relevant condition of release, MLC Life Insurance can assess the claim outside of superannuation.

The enhancements came into effect on 27 June 2022.

Michael Rogers, Chief Life Insurance Officer, MLC Life Insurance, said:

“Our goal is to ensure our customers have income protection cover that reflects contemporary needs, offering more sustainable premiums, while providing options to cater to specific requirements. We will continue to make enhancements over time.”

Income Assure and Income Assure+ were launched on 1 October 2021. They provide income protection insurance with a range of cover options to suit specific needs and budgets, making it easier for advisers to help clients protect what’s important to them.

Informing the design of the products was extensive customer, adviser and licensee research. It revealed customers wanted greater flexibility of the conditions included in their policy, had high income replacement needs during the early stages of a claim, and wanted greater certainty of future premiums.

Income Assure and Income Assure+ enables most customers to have the maximum sum insured allowable, underpinned with premium stability and product sustainability. Income Assure provides an income replacement ratio of 70 per cent, with tiering for income above $150,000, and Income Assure+ provides a ratio of up to 90% for six months post claim if customers select the ‘booster’ option.

For more information on Income Assure and Income Assure+, visit https://www.mlcinsurance.com.au/partnering-with-us/financial-advisers/income-assure