Income Assure and Income Assure+

• Monthly benefit of up to $30,000 (including Super Guarantee Benefit and the Booster Option, if you’ve chosen these options) to replace part of your income when you’re sick or injured and can’t work. This maximum includes all Income Protection insurances you hold with MLC and other insurers.
• While you're receiving payments, we'll automatically waive your premium.
• Recurring disability benefit if your disability recurs within a certain time period, as well as an elective surgery benefit.
• Choose a waiting period of 14 days, 30 days, 90 days, one year or two years (depending on your occupation).
• Choose a benefit period of 2 years, 5 years, up to age 65 or up to age 70 (depending on your occupation and type of insurance).
• Rehabilitation expenses paid to the rehabilitation service provider for up to 12 times your monthly benefit (outside super only).
• Death benefit of up to $60,000.

How does it work?

You'll receive a monthly benefit for each month of your benefit period while you're Totally or Partially Disabled.

We offer two types of insurance. Your financial adviser will help you decide which is the most appropriate for you.

Insurance types

• Income Assure: provides our standard level of insurance.

• Income Assure+: provides our highest level of insurance.

Cover amounts

A Monthly Benefit for each month you're Totally Disabled or Partially Disabled between $1,500 to $30,000 (including Super Guarantee Benefit and the Booster Option, which depends on your income).

Waiting and benefit periods

1. Choice of Waiting Period

There is a waiting period before your benefit is paid.

A shorter waiting period means your benefit will be paid sooner.

Your premiums will generally cost more for shorter waiting periods.

2. Choice of Benefit Period

Your Benefit Period is the maximum period you'll receive your Monthly Benefit for.

A longer Benefit Period means your benefit can be paid for a longer time period.

You premiums will generally cost more for longer Benefit Periods.

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Funding options

Income Protection insurance is available both inside and outside super.

You can apply for these options at an additional cost:

• Super Guarantee Benefit: If selected, you're eligible to have contributions to super made on your behalf while receiving a Total Disability Benefit or a Partial Disability Benefit. This means we'll pay a Super Guarantee Benefit into your nominated super fund in addition to the Monthly Benefit for either Total Disability or Partial Disability.
• Indexed Claim Benefit: Keeping your benefits in line with the rising costs of living and inflation. Your Monthly Benefit and Earnings Before Disability will be increased annually by the CPI rate up to $30,000 after your Monthly Benefit has been paid continuously for an entire year.
• Short Waiting Period for Accidental Injury (Income Assure only and only where 14 days or 30 days Waiting Periods apply): If you’ve selected the Short Waiting Period Option, you can receive benefits sooner. We’ll pay you a benefit during the Waiting Period if you’re Totally Disabled for at least three consecutive days because of an accident.
• Short Waiting Period for Accidental Injury and Critical Illness Option (Income Assure+ and only where 14 days or 30 days Waiting Periods apply): You can receive benefits sooner if you've selected the Short Waiting Period Option. We’ll pay you a benefit during the Waiting Period if you’re Totally Disabled for at least three consecutive days because of an accident or a Critical Illness.
• Booster Option (Income Assure+ only): If you select the Booster Option and you’re Totally or Partially Disabled, we’ll pay the Booster Option amount for up to 6 months; and add 20% to the percentage used to calculate your Income Replacement Ratio amount.
• Severe Disability Terms Removal Option (Income Assure only): If you’ve selected the Severe Disability Terms Removal Option, after two years on a claim, the definitions of Total Disability and Partial Disability will not require you to be Severely Disabled.