New MLC Insurance pricing and PDS coming 16 November 2024

We’re updating our MLC Insurance pricing and product to ensure our offerings remain competitive while fostering sustainable, long-term benefits.

From 16 November 2024, the product changes will:

Update several medical definitions including aligning to new changes in medical diagnostic techniques.
Improve product features between super and non-super products. For example, the Life Cover maximum entry age in super will increase to a maximum entry age of 70 age next birthday (ANB) up from age 65 ANB.
Align our premium structure labels with the new CALI industry standards by renaming ‘stepped’ premiums as ‘variable age-stepped’ premiums.

As for our pricing we're updating it to maintain a competitive and sustainable product. These updates are part of our ongoing efforts to ensure we provide you and your clients with the best possible solutions.

Scheduled maintenance to deliver these updates

The Adviser Portal will be offline from Friday, 15 November 8pm AEDT, to Monday, 18 November 8am AEDT as we make these updates.

Advice in progress

Current pricing and PDS: Applies for applications submitted by 8pm AEDT 15 November 2024.
New pricing and PDS: Applies for applications received from 16 November 2024.

FAQs

Product changes

When do the product changes take effect?
The product changes take effect on 16 November 2024.
What products are changing?
MLC Insurance, MLC Insurance (Super), and MLC Insurance (Wrap or SMSF).
Why are you notifying advisers now?
To give advisers enough notice to submit and complete any new or existing applications.
Will there be a new PDS, Supplementary PDS (SPDS), and Policy Document?
Yes, a new PDS, SPDS, and Policy Document will apply as of 16 November 2024.
Where can I find the new disclosure documents?

The new MLC Insurance and MLC Insurance (Super) PDS and SPDS will be available on our website as of 16 November 2024.

Please visit: mlcinsurance.com.au/pds
Do these product changes apply to new policies?
Yes, a new PDS and Policy Document both dated 16 November 2024 will apply to all new MLC Insurance policies from Saturday, 16 November, 2024.
Do these product changes impact existing customers?
Where applicable, existing customers will benefit from the changes to several definitions with reference to current medical diagnostic techniques.
Will there be new MLC Insurance and MLC Insurance Super Target Market Determinations (TMD)?
Yes, we will publish a new:
- MLC Insurance and MLC Insurance Super TMD, and
- MLC Insurance Super TMD - NULIS, dated 16 November 2024.
Please visit: mlcinsurance.com.au/tmd
How are premium labels changing?

We're updating the 'Stepped' premium label for new and existing MLC Insurance policies to align with the new CALI standards.

Starting 16 November 2024, 'Stepped' premiums will become 'Variable age-stepped' premiums. Since we no longer provide a 'Level' premium structure for new policies, the label for this structure will stay the same for existing policies.
Has the adviser guide been updated?

Yes, you can log into the Adviser Portal to view the updated adviser guide in the Knowledge Base.

Please visit: partner.mlcinsurance.com.au/knowledge-base/financial-adviser-guide
How will you support advisers and their clients through these changes?
We will communicate regularly and further assist you and your new business clients. We will also work with you to submit draft applications by 8 pm (AEDT) on Friday, 15 November 2024.
Will the applications I’ve already submitted be affected by these product changes?
No, we will honour all submitted applications. We will work with you to ensure you’ve submitted your applications before 8 pm (AEDT) on Friday, 15 November 2024. Applications not submitted by this date will be automatically updated with the new premiums. You will be required to approve the new premiums prior to progressing.

Pricing changes

When does the new pricing take effect?
The new pricing will take effect on the MLC Life Insurance Adviser Portal and adviser software providers from Monday, 18 November 2024.
Who is the new pricing for?
Customers who purchase a new policy in the MLC Insurance product suite from Monday, 18 November 2024.
Which products will have the new pricing?
Only new policies in the MLC Insurance product suite, including MLC Insurance, MLC Insurance (Super), and MLC Insurance (Wrap or SMSF).
Will the new pricing effect any existing policies?
No, only new policies in the MLC Insurance product suite from 16 November 2024.
When will advisers be able to quote the new pricing?
The MLC Life Insurance Adviser Portal and adviser software providers will be updated from 8am (AEDT) Monday 18 November 2024.
When is the cutoff date for quoting and applying for new business on the existing PDS and current pricing?
8pm (AEDT) Friday, 15 November 2024 is the cutoff date for quoting and applying for new business on the existing PDS and current pricing. After that, our Adviser Portal will automatically update draft quotes and applications based on the new pricing. You will need to approve the new premiums before progressing.

Transition rules

These rules only apply to quotes and applications commenced before 8pm (AEDT) on Friday 15 November, 2024.

Product and Pricing changes

Commenced prior to 8pm (AEDT) Friday 15 November, 2024	Actioned prior to 8pm (AEDT) Friday 15 November, 2024	Actioned from 8pm (AEDT) Friday 15 November, 2024
Draft Adviser Portal quotes	Quotes submitted with an application by this date won’t require further action from you.	When you select the quote, all draft quotes will automatically be updated to the new premiums. You’ll need to approve the new premiums before proceeding.
Draft Adviser Portal applications	Applications submitted by this date will match the premiums in the quote. You don’t need to do anything further.	When you select the application, all draft applications will automatically be updated to the new premiums. You’ll need to approve the new premiums before proceeding.
Applications submitted but awaiting policy to be issued	Policies issued before this date will be issued with the quoted premiums.	If you submit the application before this date but we issue the policy after this date, the policy will be issued with the quoted premiums.*

*_{Policies issued from 12am (AEDT) Saturday, 16 November 2024, based on the PDS dated 3 July 2023 and existing (pre-16 November) premiums will receive a transition flyer. The flyer will highlight the sections of the 16 November 2024 Policy Document that applies and will include a Significant Event Notice (SEN) section outlining the new PDS features that will be passed back to existing customers.}

The rules below apply to quotes and applications commenced from 12am (AEDT) Saturday, 16 November 2024.

Commenced from 12am (AEDT) Saturday 16 November, 2024	Actioned prior to 12am (AEDT) Saturday 16 November, 2024	Actioned from 12am (AEDT) Saturday 16 November, 2024
New Adviser Portal quotes and applications	Not applicable	Progress with application under new PDS dated 16 November 2024 and new premiums.

Scheduled maintenance