Learn more about how to make changes or seek more information on your policy

• I want my financial advisers’ details
• I want to cancel my insurance cover or policy and replace it
• I want to cancel my insurance policy or reduce my level of cover
• I want to know how much I’m covered for
• I want to know how my premium is calculated
• I want to know why my premium changes each year
• I want to know information about definitions, terms, and conditions of my insurance
• I want to make changes to my cover
• I want to restart my cover or policy
• I want to see who is listed as a beneficiary on my policy
• I want to access my super early

I want my financial advisers’ details

For most policies, your adviser’s details can be found online under the Your Adviser section.

If you are experiencing issues logging into your portal or to obtain your current sum insured for your policies, please give us a call on 13 65 25 between 8.30am to 6pm (AEST/AEDT), Monday to Friday.

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I want to cancel my insurance cover or policy and replace it

If you want to cancel and replace your cover with something else, there are a few things to consider first:

• Don't cancel any existing cover until we accept your new application.
• There are general risks associated with replacing your existing cover. This includes the loss of any accrued benefits or grandfathered terms, the possibility of waiting periods starting again (if applicable), and the implications of any non-disclosure on an application for cover (even where unintentional).
• Once we’ve accepted your new cover, if you don't cancel your previous cover, you may be unable to claim on multiple insurance covers (depending on the terms of your policy/s).

You should always consider your personal circumstances and speak with your financial adviser before deciding to cancel and replace your cover.

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I want to cancel my insurance policy or reduce my level of cover

We always recommend speaking to your financial adviser before deciding to cancel your insurance policy or reduce your cover. By understanding your personal circumstances, they can help you decide what type and level of insurance is best for your needs now and in the future. You can cancel or reduce your insurance cover at any time. If you choose to cancel your policy, any regular premium deductions will also cease.

You can choose to reduce your cover or cancel part of it as long as your policy’s terms and conditions permit this. This action will also reduce the premiums payable.

It’s important to know that if you cancel your insurance cover or policy, you’ll no longer be able to make a claim for events or conditions that happen after the cancellation date. Also, you may not be able to reinstate your policy on the same contract terms and underwriting may be required.

You can cancel or reduce your cover by:

• calling us on 13 65 25 between 8.30am and 6pm (AEST/AEDT), Monday to Friday
• emailing us a signed and dated request to enquiries.retail@mlcinsurance.com.au, or
• sending a signed and dated request to MLC Life Insurance, PO Box 23455, Docklands VIC 3008.

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I want to know how much I’m covered for

For most policies, you can view your current sum insured, including waiting and benefit periods where applicable online.

If you are experiencing issues logging into your portal or to obtain your current sum insured for your policies, please give us a call on 13 65 25 between 8.30am to 6pm (AEST/AEDT), Monday to Friday.

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I want to know how my premium is calculated

We calculate your premiums based on a range factors including your age, occupation, and lifestyle. The structure, options and amount of cover you have selected can also impact the cost of your cover. When you apply for cover, we ask you a series of questions to ensure we can provide you with the cover and whether we need to apply any special terms.

Contributing factors to cost:

• age
• gender
• health and family history
• pre-existing medical conditions
• your occupation
• lifestyle choices (smoker status, sports and recreational pursuits
• premium structure (variable age-stepped vs level premiums)
• any discounts (if you are eligible)
• policy fees (if applicable)
• inflation proofing
• your state of residence (this determines any stamp duty that may be applicable
• other factors

You can read more about how we calculate your premium here.

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I want to know why my premium changes each year

We recalculate the premiums for your policy each year at your Review Date, and your premiums may change as a result. Factors that impact your premiums at your Review Date include:

• your age, if you have variable age-stepped premiums (also known as stepped premiums)
• there are changes to your eligibility for discounts
• the length of time since you applied for cover has increased, where applicable
• your benefit amount changes due to inflation proofing or if you decide to change your cover amount
• your cover changes, because there is an automatic change to the terms of your cover when you reach a particular age as set out in your policy
• there are changes to stamp duty or other government charges
• there are changes to policy fees (if applicable)
• we make changes to our standard premium rates, or the discounts we offer.

Premium rates, discounts and other factors are not guaranteed to stay the same and may change in the future. We regularly review our standard premium rates to ensure they remain appropriate, and if we increase these then your premium will also increase.

When we review our standard premium rates, we will look at various factors. You can read more about how premium rates may change here, or you can refer to your Product Disclosure Statement (PDS).

If we make changes to our standard premium rates, we will always act reasonably and with utmost good faith, and any changes will be applied consistently for policies of the same kind. This means your policy will not be singled out for a change in premium rates.

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I want to know information about definitions, terms, and conditions of my insurance

Visit the Product Disclosure Statement page and download the relevant PDS.

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I want to make changes to my cover

Step 1

Consider your insurance needs. Speak with a financial adviser or one of our friendly staff by calling 13 65 25 between 8:30am to 6pm (AEST/AEDT), Monday to Friday.

Step 2

If you are increasing your benefit or requesting a review of your medical loading or exclusion, smoker status or occupation class, you will need to complete the relevant form for your product found here. 

If you are decreasing your benefit, please call us on 13 65 25 between 8:30am to 6pm (AEST/AEDT), Monday to Friday and we will assist with your request over the phone. Alternatively, you can send us a letter signed and dated by the policy owner/s to the below address.

Step 3

Send us your completed paperwork.

Email

enquiries.retail@mlcinsurance.com.au

Postal Address

MLC Life Insurance

PO Box 23455

Docklands VIC 3008

Step 4

Once the paperwork has been received, we'll proceed with your request. We'll contact you or your adviser if we need any additional information.

Step 5

Once completed, you'll receive a letter of acknowledgement and a new policy schedule for your records.

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I want to restart my cover or policy

If you want to restart your cover after if it has stopped, you may be required to provide satisfactory evidence of good health, financial details and other information. There may also be additional terms that apply before we can reinstate it. You'll also need to pay missed premiums or a portion of policy debts, depending on the product, in order to reinstate your policy if it has lapsed.

We encourage you to speak with your financial adviser first. Or you can call our team on 13 65 25 between 8:30am to 6pm (AEST/AEDT), Monday to Friday, who will be happy to help.

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I want to see who is listed as a beneficiary on my policy

For most policies, any beneficiaries on your policy can be viewed, changed, or amended online.

If you are experiencing issues logging into your portal or to obtain your current sum insured for your policies, please give us a call on 13 65 25 between 8.30am to 6pm (AEST/AEDT), Monday to Friday.

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I want to access my super early

Early release of superannuation

Super is savings for your future, so there are rules about when you can access it. Generally, you need to wait until retirement, but you may be able to access it sooner in some circumstances.

Can I access my super balance early?

To access your super early, you must meet at least one condition of release.

The most common conditions are:

• severe financial hardship
• compassionate grounds
• terminal medical condition
• temporary or permanent incapacity
• valid release authority issued by the Australian Taxation Officer (ATO).

For more information on all conditions of release and accessing your super, you can visit the ATO website

How to access your super

If you think you meet one of the conditions of release and want to access your super early, please speak with your financial adviser or call us on 13 65 25, 8.30am to 6pm (AEST/AEDT), Monday to Friday.

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