MLC Life Insurance adjusts fees for multi-cover

The company said the changes to eligibility would make it “easier for clients to get a discount” when taking out multiple policies.

The changes include lower minimum sum insured amounts when MLC Insurance (Super) policyholders bundle income protection with life and TPD insurance, removing minimum account balances for MLC Masterkey funding arrangements, simplifying discount bands and extending platform discount offers to all e-rollover accounts.

MLC Life Insurance chief customer officer for retail advised insurance Melissa Heyhoe said the additional discounts would make life insurance more affordable for the company’s clients.

“We want to reward customers for making an important financial commitment with us, so ensuring we make our policies as affordable as we can is paramount,” she said.

MLC Life Insurance recently updated its ‘MLC On Track’ health and wellness program to encourage exercise and healthy behaviour among policyholders.