MLC has switched its default insurance premium option to level premiums for its life cover superannuation and personal protection portfolio products on its adviser quoting software.
The change will make it easier for advisers to demonstrate the value of holding insurance by automatically generating a level premium structure when providing an insurance quote for a client.
There has been a 73 per cent increase in new level premiums outside super and a 430 per cent increase inside super. Forty-three per cent of all new business is being written on level premiums inside superannuation.
MLC head of product insurance Sean McCormack said level premiums were an important tool for advisers to use with their clients to make insurance more affordable over the long term.
