MLC has reduced its level premium insurance rates as part of a regular upgrade of its retail insurance products.
MLC head of individual risk David Evans said the reductions apply to all new and existing clients with level premiums who have life cover or total and permanent disability (TPD) insurance.
“MLC is making long-term insurance more affordable and making it easier for Australians to protect themselves and their families,” he said.
“The rate reductions on level premiums reflect MLC’s focus on ensuring clients have protection in place when they need it most. Rather than premiums skyrocketing as people get older, level premiums remain stable and more affordable. In an environment of rising household costs this is as important as ever.”
The reductions include decreases in life cover level premiums of up to 14 per cent for clients up to age 55, and decreases in TPD level premiums of up to 10 per cent for clients across all ages. All new and existing clients in these age categories will automatically receive the rate reductions from their next policy anniversary.
Evans added: “Financial advisers have the responsibility to ensure their insurance clients have considered a level premium as it can be crucial in helping to meet their long-term needs.”
These changes apply to MLC’s Personal Protection Portfolio (PPP) and Life Cover Super (LCS) retail insurance products.
