MLC Insurance and MLC Insurance (Super) Premium Discounts

At MLC Life Insurance, we reward your clients with premium discounts when the insurance or combination of insurance cover meets specific eligibility criteria.

We have three available discounts for new MLC Insurance and MLC Insurance (Super) clients:

Multi-Cover Discount (MCD)

  • What is the Multi-Cover Discount (MCD)?
    The MCD is a discount on lump sum insurance when bundled with Income Protection insurance.
  • How much is the MCD?
    10% discount on all eligible insurances.
  • What are the eligibility criteria?
    Clients must have Life Cover insurance and Total and Permanent Disability insurance with sums insured of at least $250,000 each and Income Protection insurance with any benefit amount.
  • What products and insurances does the MCD apply to?

    The MCD applies to the MLC Insurance product suite – MLC Insurance, MLC Insurance (Super), and MLC Insurance (Wrap or SMSF).

    The MCD of 10% applies to the following lump sum insurances:

    • Life Cover, including Terminal Illness Support Option
    • Total and Permanent Disability (TPD), and
    • Critical Illness.

    The MCD does not apply to the following insurances:

    • Income Protection
    • Business Expenses
    • Child Critical Illness
    • Occupationally Acquired HIV, Hepatitis B or C infection.

  • How do I select the MCD on my quotes?
    The MCD is applied automatically during the quote stage on our Adviser Portal or through insurance research software providers.

Large Case Discount (LCD)

  • What is the Large Case Discount (LCD)?
    The LCD is a tiered discount based on the sum insured for lump sum insurance and monthly benefit of Income Protection insurance.
  • What products and insurances does the LCD apply to?

    The LCD applies to the MLC Insurance product suite – MLC Insurance, MLC Insurance (Super), and MLC Insurance (Wrap or SMSF).

    The LCD applies to the following insurances:

    • Life Cover
    • Total and Permanent Disability
    • Critical Illness
    • Income Assure and Income Assure+. This includes any Super Guarantee Benefit Option.

    The LCD does not apply to the following insurances:

    • Terminal Illness Support Option
    • Business Expenses
    • Child Critical Illness
    • Occupationally Acquired HIV, Hepatitis B or C infection.
  • How much is the discount?
    The LCD varies based on the size of the sum insured, the type of insurance held, and whether the insurance is an extension/connection or stand-alone. The larger the sum insured, the larger the discount that applies.
  • How do I select the LCD on my quotes?
    The LCD is applied automatically during the quoting stage in our Adviser Portal or through insurance research software providers.

Vivo Incentive

  • Vivo incentive

    Vivo Incentive provides a lifetime discount of 7.5% on insurance premiums. Vivo Incentive applies to those clients applying for new lump sum insurance when their Body Mass Index (BMI) is between 18.5 and 28.5 (inclusive).

    For more information, please refer to Vivo Incentive.

These discounts are not guaranteed, may be varied or removed, and may not apply over the life of the policy.

Need more information?

If you have any questions, or would like more information, please contact your Distribution Representative.