MLC expands direct life insurance distribution

In a statement this morning, MLC said the product, NAB Essential Life, will be available online, over the phone and in NAB branches. 

Customers will be able to purchase the cover through “an easy and speedy application process without the need to consult a financial adviser or planner”, the statement said.

NAB Essential Life offers cover of up to $1 million with no medicals required, MLC said. Customers are provided with an “instant decision” by answering a few questions, and they can be immediately covered from the time they leave the branch or hang up the phone, the statement said.

Anand Thomas, MLC Life Insurance chief customer officer of bancassurance, digital & direct, said, “The introduction of the Essentials range is a tangible example of how MLC Life Insurance and NAB are working together to make life insurance more accessible.

“Our strategic partnership with NAB provides us with access to one of the largest distribution networks in the industry and we’re proud to be supported by a bank that believes in the value of protection.”

The national launch of NAB Essential Life follows NAB’s October sale of 80 per cent of MLC Limited – which operates the MLC life insurance business – to Japan’s Nippon Life Insurance Company.