MLC Life Insurance has announced a series of upgrades to the MLC Insurance product range.

From 31 October 2022:

• Income Replacement Ratios (IRRs) for both Income Assure and Income Assure+ will be raised for customers with higher incomes so they can insure a greater portion of their earnings.
• For Income Assure+, MLC Life Insurance will use an ‘Own Occupation’ assessment for clients with a 5 Year Benefit Period for the duration of the claim.

These upgrades are in addition to other Income Assure+ features, which also includes an income replacement ratio of up to 90% for six months post claim if customers select the 'Booster' option.

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

“Informing the design of our products is extensive customer, adviser and licensee research. Advisers want to provide their customers with greater flexibility and options in their policy, including higher income replacement levels and greater certainty of future premiums. The upgrades we are making now further enable our ability to provide quality protection to Australians.”

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.

Customers also get access to Vivo, MLC Life Insurance’s health, wellness and recovery service. Launched in August, Vivo brings together all the support provided to customers insured by MLC Life Insurance under one brand, fully accessible online and offered at no additional cost.

For more information on the product upgrades, visit https://www.mlcinsurance.com.au/campaigns/october-product-upgrades