MLC Life Insurance has today confirmed that base premium rates on its existing retail life insurance policies will not increase for at least the next year.

For MLC Insurance, MLC Insurance Super, Protectionfirst, Personal Protection Portfolio and Life Cover Super retail customers, premium rates will stay the same until at least 1 October 2018.

The decision to guarantee premiums is designed to give certainty to financial advisers and their retail clients as the cost of retail life insurance policies, including Income Protection, increases across the industry.

Melissa Heyhoe, Chief Customer Officer of Retail Advised Insurance at MLC Life Insurance, says the decision to guarantee premiums reinforces the company’s commitment to providing life insurance products to customers at a competitive price.

 “We are proud of the fact we’ve been able to keep premiums low against our competitors in recent times, and we are confident we can hold our premium rates for all cover types at the current levels in future. Our retail customers make an important financial commitment with us when they purchase one of our policies, so we have an obligation to reward that commitment by making them as affordable as we can.

“Over the last 12 months we have made a number of enhancements to our products and services, including recent changes to underwriting, and we look forward to continuing this in future.”

The pricing guarantee also extends to future premiums payable for new customers after 9 October 2017. MLC Life Insurance will be guaranteeing their premium rates until 1 January 2020 and limiting any potential future premium rate increases to a maximum of 10% until 1 January 2022.

MLC Life Insurance has grown to become the third largest life insurer in the market, and the fastest growing life insurer in the retail advised channel.

ENDS

Notes to editor: Annual age rate and CPI increases will still apply. Also government charges (stamp duty) will still apply to insurances at the rates set by each state.