We recently wrote to let you know that your premium rates are increasing. This is due to more claims being paid than current premium rates can support, and broader economic factors that have impacted the cost of providing insurance.
This is where you can find what this means for you in more detail, and how we can help manage your premiums. We understand that this news is never welcome, but please be assured that we are here to support you.
Premium rate changes in detail
New premium rates will apply to your policy from your next annual renewal date. You can find your new insurance premium for the year ahead in your annual renewal notice or view your policy details online at my.mlcinsurance.com.au. Keep in mind, increases due to your age and inflation proofing of your insurance cover may have also contributed to the increase.
For a breakdown of the premium rate changes that may apply to your policy, download the information relevant to your product:
- MLC Insurance and MLC Insurance (Super)
- MLC Personal Protection Portfolio and MLC Life Cover Super
- Protectionfirst range
How premiums are calculated
There are many factors which contribute to the cost of your insurance premiums, including how much cover you choose to take out and any personal risk factors, like health conditions, lifestyle and age.
Some factors that impact the cost of your premiums include:
- your age and gender
- the type and amount of insurance you take out
- the rate of inflation
- the options you choose, including extra cover options
- your health, medical history and whether you smoked when you applied for insurance or when we last reviewed your health, and
- your job and hobbies when you applied for insurance or when we last reviewed your circumstances.
Flexibility with your insurance
A common misconception is that life insurance is ‘set and forget’. Regularly reviewing your policy helps you ensure it meets your needs. Depending on your situation, you could:
- review the amount you’re insured for – the more protection you have, the higher your premiums
- evaluate any options or benefits that provide a safety net but come at an additional cost
- update us on lifestyle changes that may reduce your premiums, such as an improved BMI (Body Mass Index), quitting smoking or giving up dangerous hobbies
- opt out of inflation proofing that annually adjusts your premiums and cover in line with the changing cost of living, or
- increase your waiting period or reduce your benefit period if you hold Income Protection – you may have accrued leave or have other sources of income to rely on while you’re off work due to illness or injury.
Please speak to your financial adviser if you need to discuss your circumstances and receive tailored advice. For more information about your options, call us on 13 65 25.
If you’re facing financial difficulties, we suggest you speak to your adviser. Alternatively, you can email us at enquiries.retail@mlcinsurance.com.au, or call us on 13 65 25, 8.30am to 6pm (AEST/AEDT), Monday to Friday.
If you need professional advice but don’t have an adviser, please call our Insurance Coaches on 1300 450 316, 8.30am to 6pm (AEST/AEDT), Monday to Friday.