MLC

MLC Life Insurance has been protecting Australians for more than 130 years, providing Life Cover, Accidental Death, TPD Insurance, Critical Illness Cover, Income Protection and Business Expenses.

Published October 12, 2016

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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.

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.

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MLC FAQ

  • Who owns MLC?

    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.
  • How does the Best Doctors service benefit me if I have an eligible MLC Policy?

    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.
  • How does Best Doctors work?

    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 askbestdoctors.com 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.
  • How does the accident injury feature work?

    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.
  • Does MLC charge policy fees on new MLC insurance policies?

    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.
  • What is MLC On Track?

    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.
  • I have an Aviva policy, should I contact MLC ?

    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.

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