The new line, consisting of Income Assure and Income Assure +, offers income protection insurance with different coverage options to meet specific needs and budgets and makes it easier for advisers to help their clients.
“We are really excited to bring these new products to market. Through our extensive research, we have designed products that go beyond simply meeting regulatory obligations, ”said Michael Rogers, director of life insurance at MLC Life Insurance. “We believe they provide clients with income protection coverage that reflects contemporary needs, providing more sustainable premiums while providing options to meet specific needs.
“Supported by our ambition to be Australia’s leading and most trusted life insurer, we went back to the basics of how we can meet customer needs. We have reviewed the principles of indemnifying and insuring definable, calculable and material losses caused by accident, injury or illness. We believe these products strike the right balance between benefits and affordability. “
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The new products also allow most customers to have the maximum sum insured allowed, supported by premium stability and product durability.
Income Assure provides a 70% income replacement rate, with scaling for income over $ 150,000. Meanwhile, Income Assure + offers a ratio of up to 90% for six months after claiming if customers choose the “boost” option.
By offering two levels of coverage, each with four options, advisors can choose the options that best meet their clients’ needs. Examples of choices offered include how coverage is assessed after two years of claiming, whether partial disability payments are required without the client ever being totally disabled, or the flexibility their clients need if they return. at work during the waiting period.
“With the launch of Income Assure and Income Assure +, we recognize that client needs and advisor preferences are changing, and this is our opportunity to deliver more personalized solutions through increased choice and flexibility,” said Rogers.
MLC will offer the new products as part of MLC Insurance and MLC Insurance (Super) starting October 1, 2021. In addition, it will host a series of webinars starting October 07 to help financial advisors learn about the new products. .