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MLC Income Protection Insurance

MLC Life Insurance is a specialised life insurance business. It represents a landmark strategic partnership between National Australia Bank (NAB) and Nippon Life Insurance under which NAB retains a 20% shareholding and Nippon Life Insurance holds a majority 80% of the shares in MLC Limited, the entity which operates the MLC Life Insurance business. The Australian-led and managed business aims to leverage Nippon Life Insurance’s global presence (built over 127 years), alongside MLC Life Insurance’s significant experience in understanding and meeting the insurance needs of everyday Australians since 1886.

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Income Protection

  • Covers up to 75% of your monthly income depending on your earnings
  • Provides a wide range of benefits and additional options for people in most occupations
  • Monthly benefit payments of up to $30,000 – $60,000 (depending on your age and occupation)
  • Built-in benefits
    • Total, Partial and Recurring Disability Benefit
    • Rehabilitation Expenses and Bonus when policy is held outside super
    • Death Benefit which entitles you to up to six times your Monthly Income Benefit (maximum of $60,000)
    • Elective Surgery Benefit
    • Child Support Income Benefit – maximum of $25,000 when policy is held outside super
  • Built-in features:
    • Premium waiver
    • Return to work during the Waiting Period
    • Waiting Period Conversion
    • Increase Income Benefit when a specified personal event occurs without the requirement of going through full underwriting or providing further medical evidence
    • Ability to extend cover (Benefit Period) to age 70
    • Inflation Proofing
  • Extra Benefit Options such as Critical Illness, Accommodation, Transport and Home Assistance
  • Choice of Stepped or Level premiums
  • Flexible payment options – monthly, half-yearly or annually
  • 14-day cooling off period

Income Protection Platinum

  • Covers up to 75% of your monthly income depending on your earnings
  • Provides a comprehensive range of benefits and additional options for people in most occupations
  • Monthly benefit payments of up to $30,000 – $60,000 (depending on your age and occupation)
  • Lump Sum Benefit Option1
  • Built-in benefits
    • Total, Partial and Recurring Disability Benefit
    • Rehabilitation Expenses and Bonus when policy is held outside super
    • Death Benefit which entitles you to up to six times your Monthly Income Benefit (maximum of $60,000)
    • Elective Surgery Benefit
    • Child Support Income Benefit - maximum of $25,000 when policy is held outside super
  • Built-in features:
    • Premium waiver
    • Return to work during the Waiting Period
    • Waiting Period Conversion
    • Increase Income Benefit when a specified personal event occurs without the requirement of going through full underwriting or providing further medical evidence
    • Ability to extend cover (Benefit Period) to age 70
    • Inflation Proofing
  • Extra Benefit Options such as Critical Illness, Accommodation, Transport and Home Assistance
  • Choice of Stepped or Level premiums
  • Flexible payment options – monthly, half-yearly or annually
  • 14-day cooling off period

Income Protection – Special Risk Occupations

  • Covers up to 75% of your monthly income depending on your earnings
  • Provides a range of benefits and additional options for people who work in certain occupation which are hazardous or present special assessment difficulties such as armed security guards
  • Monthly benefit payments of up to $30,000
  • Non-Occupational Cover Option available that can reduce the premiums you pay
  • Built-in benefits
    • Total, Partial and Recurring Disability Benefit
    • Rehabilitation Expenses and Bonus when policy is held outside super
    • Death Benefit which entitles you to up to six times your Monthly Income Benefit (maximum of $60,000)
    • Elective Surgery Benefit
    • Child Support Income Benefit – maximum of $25,000 when policy is held outside super
  • Built-in features:
    • Premium waiver
    • Return to work during the Waiting Period
    • Inflation Proofing
  • Extra Benefit Options such as Critical Illness, Accommodation, Transport and Home Assistance
  • Choice of Stepped or Level premiums
  • Flexible payment options – monthly, half-yearly or annually
  • 14-day cooling off period

  1. Lump Sum Benefit Option is available when your policy is held outside of super.

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