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About MLC

With over a 125 years of insurance experience in Australia, MLC helps customers create their best futures, by empowering them to grow and manage their wealth throughout their life’s journey and well into retirement.

MLC is National Australia Bank’s wealth management partner, specialising in superannuation, insurance, investment, and financial advice for corporate, institutional and retail customers.

They understand that different people have different needs, so they offer a comprehensive range of insurance options that covers customers 24 hours a day, anywhere in the world. When it comes to claims, MLC Insurance relies on their experienced team of claims assessors and support staff to assess each claim with integrity and fairness.

MLC Life offers customers insurance options they can customise to suit their needs, protect their family and business, while supporting them reaching their financial goals. They continuously look for the most cost and tax-effective ways to improve the features and benefits of their insurance, so customers can receive better protection.

History of MLC

The National Mutual Life Association of Australasia Limited was founded in 1869 and headquartered in Melbourne. In 1886 The Citizens’ Life Assurance Company Limited was established and in 1907 the two companies merged to form Mutual Life and Citizen Assurance Company (MLC).

In 1985 MLC Life Limited became a wholly owned subsidiary of Lend Lease, a multinational property and infrastructure company, headquartered in Sydney, Australia. Then, in the year 2000, MLC was purchased by National Australia Bank (NAB).

On October 2015, Nippon Life entered into an agreement to acquire 80% of NAB’s insurance business. The partnership is set to take effect in late 2016. NAB will continue to retain 20%, including its existing investment business and superannuation, enabling them to improve upon their wealth division.


The National Mutual Life Association of Australia is established.


Citizens' Life Assurance Company is established.


The National Mutual Life Assosciation of Australia and Citizen' Life Assurance Company merge to form Mutual Life and Citizens Assurance Company.


MLC becomes a subsidiary of Lend Lease.


National Australia Bank purchase MLC.

Key Statistics

As of June 2011 MLC Insurance was ranked 2nd in Australia for personal insurance inforce premiums, with 18.4% of the market. MLC is also the second largest provider of superannuation in Australia with 20.9 % of the market.

Today, they have over 1.7 million customers and manage over $171 Billion worth of funds (August 2016). They also have a reinsurance treaty agreement with RGA, adding further reinforcement to their financial stability.

As the wealth management division of NAB, they manage over $171 billion for investors and corporate customers, with 5,000 employees in their wealth management business and 1,800 advisors in their network.

Your Questions about MLC Answered

In October 2015 NAB announced its partnership with Nippon life. The Nippon Life Insurance Company will own 80% of NAB’s insurance business, while NAB will possess the remaining 20%, including the wealth management business and MLC brand. Meaning, NAB will still continue to deliver insurance solutions to customers. The sale is not yet finalised. The transaction is to be completed later in 2016.
Best Doctors gives you access to a network of over 50,000 medical experts around the word without you even leaving your house. At no extra cost, Best Doctors will arrange for independent advice for any medical condition, injury or illness you might be experiencing.

The majority of people use Best Doctors for:

  1. Second opinion, as their condition is not improving
  2. Needing assistance on deciding treatment options
  3. Doubts about recommended surgery
  4. Diagnosis confirmation
  5. Confirmation of Specialist recommendation
  6. To better understand their medical condition

Eligible MLC Insurance policy holders have unlimited access, so any time you require medical advice you simply contact their hotline.

You have to have an eligible MLC Insurance policy in order to gain access to the Best Doctors service. You can access Best Doctors by visiting and providing them with your policy number.

Once you have access you, your children, parents, and your partner’s parent can seek a second opinion on medical scenarios. You’ll receive confidential and independent advice about a wide range of conditions, from heart attack and cancer to less critical conditions such as allergies, severe migraines and back pain.

However, Best Doctors does not replace your current relationship with your doctor or medical specialist, they merely serve to offer you a second opinion and advice on treatment.

The Accidental Injury Benefit is a feature included in you MLC life insurance policy. If you lose the ability to use your limbs or sight due to an accident, the benefit will pay you a lump sum.

You’ll receive your Life Cover insurance benefit up to $2 million, if you have an accident and lose usability of both your hands, or both your feet, lose sight in both your eyes, or lose the ability to use one hand & one foot or the loss of one hand or one foot & sight in one eye.

You’ll receive 25% of your Life Cover insurance benefit, up to $500,000, if you only lose the use of one hand or one foot or the sight in one eye.

If your policy is held inside Super, you must also meet the Permanent Incapacity definition* in order to become eligible.

*Permanent Incapacity means your ill health prevents you, the life insured, from ever again engaging in gainful employment, employment for which your level of education, skills and experience were reasonably suited for.

No, MLC removed their policy fees from new MLC Insurance policies. For the MLCI and MLCI (Superannuation) policies, the fees have been abolished. Clients on an older product such as Personal Protection Portfolio / Life Cover Super or Protection First (Aviva), the fees will still apply as per policy agreement.

MLC On Track is MLC’s wellness program, encouraging customers to increase their physical activity and maintain a healthy lifestyle with the opportunity to receive a 10% premium discount on their insurance.

MLC On Track is currently only available to eligible customers who acquire a new MLC Insurance or MLC Insurance (super) policy.

The brand name Aviva Australia no longer exists, they are now rebranded as MLC policies and are being actively managed by MLC. MLC acquired Norwich Union Life Australia Limited (Aviva) in October 2010. During that time all Aviva life insurance policies were transferred to MLC (owned by NAB) where the policy was rebranded to MLC Protection First with no adverse effects to the policyholders. You can use contact MLC for any general Aviva policy questions or us if you require specialist assistance.

Contact our experienced consultants if you have any questions about acquiring an MLC policy or about your current MLC policy. If we haven’t answered your questions about MLC please ask them below or contact us on 1300 135 205.

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Ask an Expert?


  • Greg Hancock |

    If I am a director of a company, only drawing a wage for work while employed by the company, (ie: no work, no pay,) am I entitled to be paid income protection, after the waiting period?

    Yours Sincerely,
    Greg Hancock

    • Russell SPECIALIST
      Russell |

      Thank you for your great question.

      Generally, a director of a company may be able to claim on Income Protection even though their income may be termed as ‘inconsistent or irregular’. However, the Insurer may require payment notices (proof of income received) that the director was receiving for work completed much like the common ‘pay slip’ and a copy of their previous years ‘Tax Return’ & ‘Notice of Assessment’ issued by the ATO. They may also require a copy of their work / remuneration contract with the company in which they are a director for, to understand the claimants important income producing duties and the specific remuneration paid for completing those duties.

      Important to note income protection policies generally cover personal exertion income only.

      The insured would also be required to satisfy the definition within the Policy Document and the PDS under Total Disablement or Partial Disablement for a claim to be assessed. It is also important to remember that any ‘offset’ clauses that may be within the terms of the policy may also reduce any benefits payable.

      While this information is a general guide only it is important you check your specific policy, terms and eligibility criteria with your specific insurer.

  • Adam |

    Hi, my name is Adam

    I would like Life Cover of $350,000 and Critical Illness Cover of $70,000.
    I am 37 years old and operate a bulldozer for work. I am also a non-smoker.

    Can you provide me with a quote? I am wanting to pay annually,


    • Russell SPECIALIST
      Russell |

      Hi Adam

      Not a worry, below is the link to our comparison engine where you can quickly obtain a life and critical illness cover quote. This link will allow you to compare both MLC policies and the other 10 major life insurance companies we use. When considering critical illness cover you may also want to look out for Plus policies as they offer more cover than Standard policies (We include both policy options in our results to ensure you have full visibility). If you need any assistance in understanding the features and benefits of each policy and how they may benefit you please feel free to reach out to us on 1300 135 205.

  • Yvonne Nota |

    Does this mean that existing members with MLC Life Cover will still have to pay policy fees?

  • Susan |

    My husband has MLC superannuation. Will this make it cheaper to get life insurance, or is this covered?

    • Russell SPECIALIST
      Russell |

      Hi Susan,

      Group insurance offered by superannuation funds are currently in a major state of flux, some are competitive and some are priced over the top due to wide spread claims within the superfund membership.

      Therefore I would firstly understand what is covered or offered by his existing MLC fund. Then compare premiums and rates from a number of insurer’s to see if they are competitive. Please note Retail policies can generally be funded through a super fund.

      Our extensive research is an indication of how much premiums can vary between, Retail, Direct & Group offering in the life insurance sector.

      If you need help comparing please reach out to the team once you have his existing cover details on 1300 135 205.

  • william hatton |

    ls MLC still a mutal ?

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