Review and Compare MLC Life Insurance

MLC provides its customers with a wide range of insurance products to choose from, including Life Insurance, Total and Permanent Disability (TPD) Insurance, Income Protection, and Critical Illness insurance. Compare policies to determine whether this insurer provides cover suited to your personal requirements.

Published September 26, 2022

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MLC Life Insurance at a glance

Since 1886, MLC has been protecting the lives of Australians. They are Australia’s fourth-largest life insurance provider, with more than 872.8k clients and 10.6 percent market share. They are partly owned by Nippon Life, one of Japan’s largest life insurance companies and the National Australia Bank (NAB), both very and reputable companies. 

You might want to compare MLC with other reputable insurance companies to see which company offers the best products and prices to best suit your requirements.

Types of cover from MLC

About MLC

In 1869, the National Mutual Life Association of Australasia Limited (MLC) was founded in Melbourne. In 1907 it merged with The Citizens’ Life Assurance Company Limited to form the Mutual Life and Citizen Assurance Company, also known as MLC. 

In 1985, the company became a subsidiary of a multinational company called Lend Lease before being taken over by the National Australia Bank in 2000. There was even more growth in 2009 as  National Australia Bank acquired Aviva for $825 million and merged it with MLC.  In 2016, 80% of MLC’s shares were acquired by Nippon Life, the largest insurance company in Japan by revenue. 

MLC has grown from strength to strength over the years and offers several insurance packages to suit different budgets and customer needs. They also help their customers by providing them with access to their wellness program, MLC Vivo which generally offers new clients a discount on their premium if they fall within a certain BMI range.

They also have an exclusive service called MLC Best Doctors that gives customers access to leading health care professionals if they need a second opinion regarding a diagnosis or treatment for no additional cost. 

Does the company provide value for money insurance?

Whether MLC provides value for money depends on several factors, such as your budget, requirements, and lifestyle choices. They are a reputable company with a variety of competitively priced products to suit a wide range of demographics. You may want to compare them with other leading brands to see which one best suits your requirements and budget.

Pros and Cons of MLC life insurance



MLC Insurance Policy Options

MLC offers a variety of insurance packages to protect its customers this includes Life Cover, Income Protection, Critical Illness Insurance, TPD Insurance, Business Expenses Insurance, and Chid Critical Illness Insurance. Many of the packages have different levels to accommodate different budgets, needs, and lifestyles. They’re also customizable, with extra benefits available at an extra cost. 

Life Insurance

MLC Life cover generally pays a lump sum payment in the event of terminal illness diagnosis or death. Your beneficiaries may use the money for a range of things, such as settling medical bills, paying outstanding debts, or supporting their current lifestyle.

Entry Age: 16 years old to 70 years, depending on the premium structure and premium type- stepped or level premium.
Expiry Age: 74 years old (Inside super), 100 years old (Outside super).
Minimum Cover: $25,000
Maximum Cover: No maximum amount, but special terms may apply to benefits greater than $15 million.

Total and Permanent Disability Insurance

TPD (Total and Permanent Disability) Insurance offers you a once-off payment in the event that you were to suffer a total and permanent disability. It generally covers illness or injury that could prevent you from working on your own or any other occupation. The payout can typically be used to support your family, pay medical bills, or adjust to new lifestyle changes that may occur.

Entry Age: 16 years old to 60 years old
Expiry Age: 65 years old to 100 years old depending on the premium structure and if it is linked to other policies.
Minimum Cover: $25,000
Maximum Cover: $3 million, $2 million if linked to Critical Illness and $5 million for professional occupations such as surgeons, solicitors and accountants.

Trauma Insurance

Also known as Critical Illness insurance, this type of insurance typically pays out a lump sum payment if you have a health condition that’s deemed to be critical as listed in the MLC Life Insurance PDS such as heart attack, cancer or stroke for example. The payments can be used for a variety of reasons such as to settle medical bills or assist in mortgage repayments.

Entry Age: 19 years old to 60 years old
Expiry Age: 75 years old
Minimum Cover: $25,000
Maximum Cover: $2 million

Income Protection

MLC Income Protection Insurance  typically pays out a part of your income if you are unable to work because of injury or sickness. Income Protection generally gets paid as a monthly benefit.

Entry Age: 19 years old to 60 years old
Expiry Age: 65 years old to 70 years old, depending on your premium structure (inside or outside super).
Minimum Cover: Monthly benefit of $1,500
Maximum Cover: A monthly benefit of $30,000

Business Expenses

Business Expenses Insurance  typically helps business owners and partnerships to meet their business expenses like rent and electricity if they are unable to work due to an accident or health-related problems. The money can be used to keep your business running while you can’t work.
Entry Age: 19 years old to 60 years old.
Expiry Age: 65 years old
Minimum Cover: $1,500.00
Maximum Cover: $60,000 a month

Child Critical Illness Insurance

Child Critical Illness Insurance  provides you with assistance in the event that your child was to become critically ill or die as a result of an illness as specified in the PDS.  It can only be applied for if the parent holds one of the insurance policies listed above and you’ll generally only be able to cover a maximum of 5 children.

Entry Age: 3 years old to 18 years old
Expiry Age: 21 years old
Minimum Cover: $10 000
Maximum Cover: $200 000

We make it easy for you to compare policies online with our powerful comparison engine.

Buy with confidence today for peace of mind tomorrow.

What are some of the features offered by MLC insurance policies?

Insurance in Super with MLC

MLC life insurance generally gives you the option to take out cover through your superannuation fund, which lets you package several types of cover within one policy. This allows you to tailor cover to suit your needs and may also let you take advantage of a number of tax concessions which are usually unavailable if your cover is outside of your super.

How to apply for an MLC life insurance policy

To apply for cover from this insurer, you’ll generally need to follow the following steps:

  • Apply for a policy with MLC through our comparison site.
  • To apply, you have to meet certain criteria, including health, age, and occupational parameters.
  • Decide which cover meets your  your budget and requirements.
  • Disclose any current or past medical issues during your application. MLC may require you to complete additional medical examinations.
  • When coming to a final decision, the insurer may decide to adjust the terms of your policy. They may choose to issue revised terms such as an exclusion or loading if they see you as a higher risk.
  • Your policy will then be approved, and you will be issued with a policy schedule, containing all the details of your policy including special conditions, exclusions, benefit amounts, your policy commencement date and other important information.

How to lodge an MLC Insurance Claim

  • Yourself or your beneficiary must notify us or contact MLC directly on 1300 125 246 between 8:30 am to 6 pm Monday to Friday.
  • The consultant on the phone will then guide you through the process of lodging a claim and will supply you with a claims form.
  • You must then send MLC your completed form along with any additional documents they may have requested. 
  • After receiving the documents, they will then refer you to your dedicated claims assessor who will then notify you of the outcome.

MLC Vivo

If you’re considering purchasing life insurance from MLC, it’s important to know about the Vivo discount program. The Vivo discount is a way for MLC to encourage customers to live healthier lifestyles. Customers who are eligible for the Vivo discount can save up to 7.5% on their insurance premiums. To be eligible for the Vivo discount, customers must fall within a qualifying BMI range of between 18.5 to 28.5. This is confirmed during the underwriting process and the discount is then automatically applied to your premium.

Frequently asked questions and answers

  • What does MLC Life Insurance stand for?

    MLC Life Insurance is formally known as Mutual Life & Citizens Assurance Company Limited. It was initially founded as Citizens’ Assurance Company Limited. The company has been providing Australians with life insurance products since 1869 and is one of the largest providers of life insurance products in the country.
  • How do I contact MLC life insurance?

    To contact MLC life insurance, you can call them on 13 65 25 or Toll free on 1800 062 061. Their offices are open Mondays to Fridays between 8.30am to 6pm. It’s generally a good idea to have your policy number and any relevant documents on hand prior to calling to ensure that you get the help that you require.
  • How do I claim my MLC life insurance?

    To make a claim from this insurer, there are generally a couple of options available to you. You could contact the insurer directly, fill in the online MLC claim form or you could contact your financial advisor. If you need to make a claim, it’s typically a good idea to contact the insurer as soon as possible.
  • Who owns MLC life insurance?

    In 2016, Nippon Life purchased an 80% stake in MLC. The other 20% is still owned by the National Australia Bank (NAB). The Nippon Life Insurance Company is one of the world’s largest mutual life insurance companies and has been around since 1889.
  • How can I cancel MLC life insurance?

    You can cancel your MLC life insurance policy at any time as long as you advise MLC in writing. You also have a 14-day cooling-off period in which you can cancel your policy and receive a full refund.

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