MLC Life Insurance: One Of Australias most Respected Insurance Providers

MLC Life Insurance is provided by MLC through a vast network of financial advisers. MLC being the wealth management division of the National Australia Bank (NAB), providing the NAB with a wide array of quality financial planning services. These services, along with MLC Life Insurance, are provided to both individual investors and the banks corporate customers throughout Australia who account for more than $85 billion of MLC’s total fund management in Australia. MLC is also responsible for providing its customers with out-sourced investment, superannuation and employment benefit solutions.

The MLC parent body, NAB, was founded in Victoria in 1858 and was known at that time by the name of the National Bank of Australasia. It quickly become known in the community of the day as being a discreet banking institution. As the years moved on the National Bank of Australasia grew steadily in stature until it took a giant leap forward in 1981 when it merged with the Commercial Banking Company of Sydney. The new company that resulted from this merger became known as the National Australia Bank. In 2008 the named was changed to the NAB.

MLC, in 2009, reached the top position in Australia among other life insurance providers by obtaining 14.1 percent of market share according to DEXX&R Life Analysis. It was also reported by Plan for Life Quarterly Data System, in June 2009, as holding the second largest number of superannuation policies in the country, which amounted to 16.4 percent of market share. These figures meant MLC was the partner of choice for about 1,300 self employed aligned and salaried advisers throughout Australia, as well as it having sound professional relationships with over 3,000 independent licensed advisers who chose MLC’s financial products superior to that of other providers in meeting the need of their clients.

MLC Life Insurance has been highly regarded in the Australian community over the last 120 years, having received numerous industry awards during that time when, in 2007 it first reached the milestone of providing more personal insurance to Australians than any other insurance company. It has held on to this lead ever since.

MLC Life Insurance Products

MLC Life Insurance today offer a wide range of life insurance products that include the following:

• Life Cover Insurance. Keep your dependents financially secure in the event of your death or if diagnosed with terminal illness.
• Total and permanent disability insurance. Receive a lump payment in the event you suffer total and permanent disability.
• Income Protection Insurance. Recieve up to 75% of your annual wage to help you pay for everyday expenses and repayments such as mortgage, car, school.
• Business expenses insurance. Recieve payment to cover the expenses of running your own business if you are seriously ill or suffer a serious injury. Cover expenses such as utility bills, rent, staff and vehicle/equipment leasing.
• Critical Illness Cover: Critical illness cover with a range of benefits to keep your family financially protected.
• Ownership Protection: Provides ownership protection for businesses in the event of death or injury.
• Premium Waiver. Maintiain your policy for a period of time if you’re suffering financial hardship due to disablement or retrenchment.
• Occupationally Acquired HIV and Hepatititis B or C Infection Insurance. Receive a lump sum payment if you unintentionally acquire Human Immunodeficiency Virus (HIV), Hepatitis B or Hepatitis C from working within the health industry.
• Child Critical Illness: Recieve a lump sum of $200,000 in the event of your childs death or being diagnosed with a critical condition.
• Revenue Protection: Insurance to protect a businesses revenue in the event of the death or injury of a key worker.

Focus on Customer Satisfaction

In its provision of the above life insurance options, MLC Life Insurance includes education on how to wisely choose which benefits you need to include in your MLC Life Insurance policy to properly protect you and your family against the more appropriate risks, that are pertinent to your specific lifestyle. Some of the personal insurance plans on offer can be written with multiple options. This ensures the plan you finally settle on purchasing has you and your family adequately covered at the appropriate price.

There is no need to include options that you don’t really need and serve no purpose other than impose a cost on you that is unnecessary. This is done by offering two options of cover, making a ‘standard’ and a ‘plus’ policy option available on both life insurance policies and income protection insurance policies. This approach to your personal insurance needs gives you the flexibility you require, as the standard income protection insurance, for example, covers you for loss of income if you become unable to continue in your specific profession, or calling, through suffering an illness or injury. This cover will last for a period of two years, after which you will only be covered if you are unable to partake in any work at all.

If you choose the income protection plus insurance your cover will extend beyond two years, if you still find yourself unable to continue in the job you have been trained to do. You will not have to take on another job in order to be able to live that would return you a lower pay and a diminished lifestyle. MLC Life Insurance critical illness policy holders receive an extra benefit that is not available with any other personal insurers. It is the inclusion of a provision whereby you will be given access to the best doctors and medical advice no matter what the cost. This means that while you are concentrating on recovery you can be assured that the best advice is always available to you. What’s more, this benefit is available to your immediate family as well as to yourself.

It is unfair on your dependants if you take the attitude that ‘it will never happen to me’. Far too many people who have families that are fully dependant on them, unfortunately, do take this risk. If you happen to have people dependant on yourself in order to live a full life, or if you are at the stage of life where you have heavy debts that will still have to be repaid, even if you were to die, this means imposing a heavy debt on those you leave behind, those you love and those who love you, then you are remiss if you don’t rectify your situation immediately by contacting a MLC Life Insurance adviser.

MLC Life Insurance has been providing protection to Australians for more than 120 years against financial devastation compounding on emotional loss, should a person die leaving their dependants without any means of continuing the lifestyle that have grown accustomed to. It will continue this service well into the future.