We’ve updated our pricing

At MLC Life Insurance, we’re focused on providing quality insurance solutions. We regularly review and improve our products so you can continue to get value for money while meeting your clients’ needs.

Last year, we launched Vivo Incentive – a way for new customers to access affordable lump sum protection. We also enhanced Income Assure and Income Assure+, raising the Income Replacement Ratios (IRRs) so clients with higher incomes can insure a greater portion of their earnings.

This year, we've introduced new MLCI/S pricing as of 26 June 2023. This new pricing includes two new discounts for your clients:

  • a Multi-Cover Discount (MCD) on lump sum covers
  • the Large Case Discount (LCD) on Income Protection.

 

Product discounts in detail

  • Multi-Cover Discount
    What is the Multi-Cover Discount (MCD)?  The MCD is a discount on lump sum covers when bundled with Income Protection.
    How much is the MCD?  The MCD is a 10% discount on all eligible covers.
    What are the eligibility criteria?  To be eligible for the MCD, clients must have Life and TPD cover with sums insured of at least $250,000 each and Income Protection cover with any benefit amount.
    What products and covers 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 lump sum covers on the policy (or connected policy), including:

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

    The MCD does not apply to the following covers:

    • Income Protection
    • Business Expenses
    • Child Critical Illness
    • Occupationally Acquired HIV, Hepatitis B, or C infection
    Does the MCD apply to policies with the Vivo Incentive?  Yes, policies with or without the Vivo Incentive can also apply the MCD The MCD is automatically applied at the quote stage to eligible policies.
    Can the MCD be applied to existing clients?  The MCD is available to new MLC Insurance product suite policies only.
    How do I select the MCD on my quotes?  The MCD is applied automatically during the quote stage on our Adviser Portal or through adviser software providers.

  • Income Protection Large Case Discount (LCD)
    What is the Large Case Discount (LCD)?  The LCD applies a tiered discount to large monthly benefit amounts of Income Protection cover.
    What products and covers 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 Income Protection cover. This includes Income Assure or Income Assure+ and any Super Guarantee Benefit Option (SGBO). The LCD does not apply to Business Expenses cover.
    How much is the discount?  The LCD is a tiered discount based on the monthly sum insured of both the Income Protection cover and any SGBO.
    Can the LCD be applied to existing clients?  The LCD is available to new MLC Insurance product suite policies only.
    How do I select the LCD on my quotes?  The LCD is applied automatically during the quote stage on our Adviser Portal or through adviser software providers.

Case study: meet Joe, a 40-year-old advertising executive

 

Joe is married with a young family and has recently started a new job. He’s in good shape with a Body Mass Index (BMI) of 23 and wants to get insurance cover. After speaking to his financial adviser, he applies for insurance consisting of $1 million Life Cover, $1 million TPD, $250,000 Critical Illness (Trauma), and $8,000 Income Protection.

New pricing   
 Life insurance four cover types $2,580.11
 Multi-Cover Discount -$111.93
 Income Protection Large-Case Discount -$116.86
 Vivo Incentive -$75.55
 Total yearly premium  $2,275.77
By applying the MCD, the Income Protection LCD, and the Vivo Incentive, Joe will save $304.34 off his yearly premium*. 

*Case study is based on a hypothetical scenario, male, aged 40, non-smoker, advertising executive (occupation class AAA), stepped premiums, TPD Any definition, Critical Illness Plus with Extra Benefit Option, IP Assure+ with 30 day Waiting Period and to Age 65 Benefit Period. For each client, the premium amount, and any savings (if applicable), will differ depending on several factors, such as age, gender, and occupation. To determine specific client premiums, please quote on the Adviser Portal or through your adviser software.

When is the new pricing available?

You can access the new pricing now through the Adviser Portal or your adviser software.

Need more information?

If you have any questions or would like more information, please get in touch with your Distribution Representative.