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MLC has announced annual changes to its insurance offering that include the reduction in some premium rates.
The adjustments will affect all existing and new personal protection portfolio customers, according to MLC.
Changes include a 6 per cent drop in life cover level premium rates for insurance held inside or outside superannuation, a 50 per cent reduction in the minimum premium requirements for clients increasing their existing insurance cover, and reduced critical illness (CI) premiums.
It also includes the availability of level premiums for CI and total permanent disability (TPD) standalone insurance, a MLC statement said.
“The changes make it easier for our almost 300,000 existing personal protection portfolio clients to maintain their valuable insurance and increase their cover where necessary,” MLC head of product, insurance, Sean McCormack said.
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