MLC
   
 
 


MLC Insurance, MLC Insurance (Super) and MLC Insurance (Wrap or SMSF)

We regularly review our definitions and assessment processes to ensure they are in line with contemporary medical practice and community expectations.

We have made significant enhancements to our definitions and policy terms across our MLC Insurance (MLCI), MLC Insurance (Super) (MLCIS) and MLC Insurance (Wrap or SMSF) policies for new and existing customers as a consequence of this review process.

Changes at a glance

Our Total and Permanent Disability (TPD), Critical Illness (CI) and Income Protection (IP) covers in MLCI and MLCIS will all be improved through our enhancements.

The table below provides a snapshot of the definitions that have been reviewed as part of the enhancements.



What happens next?

Your customers don't need to do anything. Under our guarantee of upgrade, changes will automatically apply to any conditions or events that start or take place after 16 April 2019. In the unlikely event that a customer is disadvantaged by a term that has changed under the guarantee of upgrade since their policy started, we will instead apply the prior version of that term that is most advantageous to them.

To view the full changes, please refer to the new supplementary product disclosure statement (SPDS).

There are also new SPDSs for PPP/LCS and Protectionfirst.
For PPP/LCS we’ve:
  • Updated the contact details for the Australian Financial Complaints Authority (AFCA) and our Privacy Officer.

For Protectionfirst we’ve:
  • Upgraded the definition of Severe Rheumatoid Arthritis (SRA),
  • Updated the contact details for the Australian Financial Complaints Authority (AFCA) and our Privacy Officer.

Please don’t destroy any existing MLC Life Insurance application kits in your office, simply replace the relevant SPDS and PDS application form here

Full kits will shortly be available to order through EasyOrder.

How will existing customers be notified?

We will be writing to customers over the coming months.

Resources

We have created a number of resources to assist you with these enhancements, including adviser FAQs, upgrade brochure and upgrade flyer for customers – learn more here.

For more information please speak with your local Distribution Team Member.

Customer Outcome Review

Our ambition is to be Australia’s leading and most trusted life insurer.

We have identified that our historical approach to upgrading our SRA definition in MLCI, PPP and Protectionfirst and our Heart Attack definition in PPP may not have always met customer expectations. To address this, we are now backdating the effective date of our 30 June 2017 definition changes for those conditions, to ensure that customers who first met the backdated definition during any period of cover from the new effective dates can make a claim on their policy.

What has changed?

Severe Rheumatoid Arthritis (SRA) definition

The definition for SRA was upgraded on 30 June 2017 in MLCI and PPP. At the time, we advised that this definition would apply only to future claims and not to claims resulting from SRA that occurred before 30 June 2017. We will now apply the new definition effective from 1 January 2014. The following covers are affected by this change:

  • MLCI Critical Illness Plus
  • PPP Critical Illness Plus

We did not update the SRA definition in the Severe Illness Benefit for Protectionfirst Recovery Money, Flexible Recovery Money, and Stand Alone Recovery Money policies in 2017. We have now upgraded the Protectionfirst definition, which is also effective from 1 January 2014.

Heart Attack definition

Similarly, the definition for Heart Attack in PPP was upgraded on 30 June 2017 and at the time we advised that this definition would apply only to future claims. However, as part of this review we will now apply the new definition effective from 10 September 2012. The following covers are affected by this change:

• PPP Critical Illness Plus
• PPP Critical Illness Standard
• PPP Income Protection Plus:
  - Child Support Income Benefit
  - Extra Benefits Option

What happens next?

Written communication - Customers who held policies with impacted covers under MLCI, PPP and Protectionfirst at any time during the relevant period will receive a letter detailing the changes and what to do if they wish to discuss further (this will also apply to customers where the policy has lapsed or been cancelled).

Review of declined claims - We are also phoning customers who had declined claims for the above conditions to speak with them about next steps.

If you feel you have an impacted customer who might not be captured in the above, please speak with your local Distribution Team Member.

For more information please view our Frequently Asked Questions.
   
 
 
   
 
 
 
Important Information.

This communication has been prepared by MLC Limited ABN 90 000 000 402 AFSL 230 694, and has been prepared for adviser use only. It is intended to provide general information, without taking into account any person's objectives, financial situation or needs. The content of this communication is correct at 16 April 2019 but may be subject to change.

MLC Limited operates the MLC Life Insurance business. MLC Limited uses the MLC brand under licence. MLC Limited is part of the Nippon Life Insurance Group and is not a part of the NAB Group of Companies.

Advice | Privacy Policy