Chat with us, powered by LiveChat MLC Life Insurance Products & Benefits Review

MLC Life Insurance Review

Protecting you sits at the very heart of everything MLC does. Partnering with one of the world’s leading life insurers – Nippon Life Insurance Group – they provide even better life insurance options for every Australian – making sure you have access to life insurance products that are innovative, competitive and flexible enough to change as your needs change.

With over 120 years of insurance experience in Australia, MLC provides long-term, sustainable insurance to our customers. We make insurance easy so you can be confident your future is protected through your different life stages.

Year after year, MLC has won insurance industry awards for being innovative and having the best products.


AFA Strategic Insight Life Company of the Year 2017

  • Winner: Risk Product Innovation Award for UnderwriteMe
  • Winner: Innovation in Group Life Insurance award for LifeView


Adviser Choice Risk Awards


  • Risk Company of the year 2017 (for the third year in a row!)
  • Terms & TPD products 2017 – MLC Life Insurance Life Cover & TPD
  • Trauma products 2017 – MLC Insurance Critical Illness Plus with Extra
  • Business overheard products 2017 – Insurance Business Expense Platinum
  • Inside super individual – MLC Insurance Life Cover & TPD


  • Disability Income Products 2017 – MLC Insurance Income Protection Platinum
  • Inside Super Disability – MLC Insurance Income Protection Platinum Super

Financial Services Council (FSC) Life Insurance Awards

  • Winner: Russell Hannah, General Manager, retail Advised Insurance Sales – Industry Mentor award


Money Management Adviser Choice Risk Awards

  • Winner: Risk Company of the Year 2016
  • Winner: Term & TPD Products 2016- MLC Insurance: Life Cover & TPD
  • Winner: Business Overhead Products 2016 -MLC Insurance: Business Expense Platinum
  • Winner: Super Term & TPD Rider 2016 – MLC Insurance Life Cover & TPD (MLC MasterKey)
  • Winner: Super Disability Income Product 2016 – MLC Insurance Income Protection Platinum Super (MLC MasterKey)

Financial Review Smart Investor Blue Ribbon Awards 2016

  • Winner: Life company of the year
  • Winner: Best term / TPD policy
  • Winner: Best term / TPD policy for super

Chant West Awards

  • Winner: Insurance Best Fund 2016 – MLC MasterKey Business Super

FSC (Financial Services Council)

  • Winner: Fiona Guscott FSC Life Industry Pioneer for 2016

Financial Insights Innovation Awards IDC Financial Insights Asia/Pacific

  • Winner: Big Data and Analytics – MLC On Track
  • If you are starting a family, buying a home, getting ready to retire or simply want to protect your lifestyle, there are insurance policies to suit your needs.
  • MLC partners with Best Doctors to give you and your family the opportunity to seek a second opinion on a diagnosis or ask for advice about a current treatment plan, without extra cost or the need to be on a claim.
  • Offers a flexible design of products, both inside and outside of super, to protect lifestyle, family, and business when unexpected events occur.
  • Actively searches for the most cost-effective and tax-effective ways to purchase insurance, making sure the best cover is possible in your insurance.

Life Cover – available either inside or outside super. Total & Permanent Disability or Critical Illness insurance extensions can be added to this Life Cover.

Accidental Death – protects your family should you die due to an accident, and is available inside or outside of super.

Total & Permanent Disability stand-alone – Protects your financial security if you suffer Total & Permanent Disability. This can be applied as an extension to Life Cover or Critical Illness insurance, either inside or outside of super, or as a stand-alone insurance.

Critical Illness – If you become critically ill, this insurance protects your finances and can be an extension to Life Cover or a stand-alone policy. It is only available outside of super.

Income Protection – helps to replace your earnings if you can’t work due to sickness or injury, letting you focus on recovering. Income protection includes Premium Waiver cover. Available inside or outside of super.

Business Expenses – While you are unable to work due to sickness or injury, this cover helps your business keep moving forward by reimbursing your fixed expenses and is available outside of super.

MLC Lifestage Insurance – a combination of Death and Total & Permanent Disability (TPD) insurance; premiums are higher when you’re more likely to have a high mortgage or children at home, and lower when you’re more likely to be financially secure.

The following policies can be taken out as riders, or options, along with TPD, Trauma insurance, Income Protection and Life Cover. Note that they are not stand-alone covers.

Child Critical Illness – protects your finances if you have a child who becomes critically ill, easing the additional expenses. Parent must hold one of either the Life Cover, TPD, Critical Illness, Income Protection or Business Expenses cover, and is only available outside of super.

Occupationally Acquired Infection – medical professionals can stay financially protected at work by having this cover. It is available outside of super only.

Premium Waiver – pays the premium on your insurance if you are disabled or retrenched, available with Life Cover, Accidental Death, TPD, Critical Illness and Child Critical Illness, Occupationally Acquired Infection cover; automatically included on Income Protection.

Commiting to value is one of the reasons MLC is a leader among Australia’s insurance claims payers. For the 12 months leading up to September 2016, they paid $898.1M total in claims with:

  • Over $450m in Life and TPD claims
  • Over $220m in Income Protection claims
  • Over $121m in Critical Illness claims

MLC is there to support you if and when you need to make a claim. If you’d like to make a claim, notify MLC as soon as possible on 1300 125 246. You or your representative can contact them. Claim assistants will tell you what you need to do in order to make a claim, discussing the process and making sure you understand each step along the way.

Once your information has been received, you will be put in touch with a dedicated claims assessor, who will assess your claim with integrity and fairness. MLC will stay in contact with you through each step of the assessment process and will notify you of the outcome of your claim.

  • For Life Insured, you can receive 5% off your premium for the first 12 months just for signing up to MLC On Track* when you apply for an eligible MLC Life Insurance policy.
    • Accept the authorisation email, create an account and get stepping.
    • To encourage you to make walking part of your daily routine, we’ll extend your 5% discount for the second year of your policy and then each year after that providing you meet your step target. We’ll support you all the way with reminders and updates on how you’re tracking.
  •  MLC On Track allows you to monitor your step information through your own fitness tracker, helping you measure your wellness and supporting you to achieve your target.


1300 125 246

8:30 am to 5:30 pm

Melbourne and Sydney Time

Monday to Friday

Or write:


P.O. Box 200 North Sydney, NSW 2059

FAX 1800 550 081

MLC Insurance Website: 25/04/2018;

Compare life insurance policies & save

Compare now