Greg Einfeld
MLC has launched a calculator on its website to help consumers determine whether or not their personal insurance cover is adequate for their needs.
Called the Insurance Gap calculator, the financial aid helps people establish the adequacy of the insurance cover they have undertaken relating to life, income protection, critical illness and total and permanent disability policies by answering a few online questions.
MLC Insurance general manager Greg Einfeld said: “This is a useful tool to help people determine if they have enough insurance cover to protect both themselves and their families if an unfortunate event was to occur, such as a critical illness or death.”
The calculator has the ability to produce a report that individuals can take to their financial planner to resolve any underinsurance issues they may have.
The new tool has been included for users of the MLC website to complement the organisation’s Retirement Savings Gap calculator introduced 18 months ago.
“With the Insurance Gap and Retirement Savings Gap calculators, customers will be able to get a more holistic view of any potential weaknesses in their financial situation,” Einfeld said.
