MLC Life Insurance upgrades product range
MLC Life Insurance has upgraded its MLC Insurance product range.
Income replacement ratios for Income Assure and Income Assure+ would be raised for customers with higher incomes so they could insure a greater portion of their earnings.
For Income Assure+, the firm would use an ‘own occupation’ assessment for clients with a five-year benefit period for the claim’s duration.
The two products were launched in October 2021 and provided income protection insurance for specific needs and budgets.
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”.
AUTHOR
Laura Dew
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