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MLC Life 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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Information on this page was last updated on 01/10/2021 and is subject to change by the product issuer. While Choosi makes best endeavours to ensure the accuracy of this information, we recommend that you always consider the most up-to-date information on a product you are interested in, which will be available on each brand’s own website.
 

Life Insurance

  • No general maximum benefit amount (special terms may apply for benefit amounts greater than $15 million worth of cover)
  • Terminal illness cover paid if you have less than 24 months to live
  • Built-in Accidental Injury benefit
  • Includes a Financial Planning benefit of up to $5,000 when a lump sum benefit of $100,000 or more is paid and the policy is held outside super
  • Access to the Best Doctors network for you, your partner, your children, your parents and your partner's parents
  • 14-day cooling off period

Total and Permanent Disability Insurance

  • Up to $5 million worth of cover for select professional occupations, otherwise up to $3 million for other occupations
  • Includes a Financial Planning benefit of up to $5,000 when a lump sum benefit of $100,000 or more is paid and the policy is held outside super
  • Access to the Best Doctors network for you, your partner, your children, your parents and your partner's parents
  • 14-day cooling off period

Critical Illness Insurance

  • Up to $2 million worth of cover
  • Access to the Best Doctors network for you, your partner, your children, your parents and your partner's parents
  • Built-in Child Support benefit (Plus Cover) provides a lump sum up to $10,000 when your sum insured is $100,000 or more and should your child be over 2 years old and suffers a child support benefit condition
  • Includes a Financial Planning benefit of up to $5,000 when a lump sum benefit of $100,000 or more is paid
  • 14-day cooling off period

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