MLC Life Insurance is raising the income replacement ratios for Income Assure and Income Assure+ customers with higher incomes, which will allow them to insure a larger portion of their earnings.
It is also adding an ‘Own Occupation’ assessment for Income Assure+ clients with a five-year benefit period for the duration of the claim.
Michael Rogers, chief retail insurance officer at MLC Life Insurance, said, “Informing the design of our products is extensive customer, adviser and licensee research. Advisers want to provide their customers with greater flexibility and options in their policy, including higher income replacement levels and greater certainty of future premiums. The upgrades we are making now further enable our ability to provide quality protection to Australians.”
Income Assure and Income Assure+ were both launched on 1 October 2021. At the time, Mr Rogers said the products were a boost for advisers who can choose the product and option best fit for their clients, while also giving customers more flexibility in their own choices.
Customers also get access to Vivo, MLC Life Insurance’s health, wellness and recovery service. Launched in August, Vivo brings together all the support provided to customers insured by MLC Life Insurance under one brand, fully accessible online and offered at no additional cost.
