MLC moves to protect retirement savings

retirement-savings/retirement/equity-markets/

20 September 2012
| By Staff |
image
image
expand image

MLC has launched a new insurance product – MLC MasterKey Investment Protection.

The company announced the new product this week saying it was aimed at helping Australians protect their retirement savings from ongoing volatility in equity markets.

It said there were two forms of protection - protected capital and protected income – with clients being able to protect their savings for 10 and 20-year terms, as well as for life.

According to the promotional material surrounding the product, it is designed for people approaching or in retirement, with accumulated retirement savings between $30,000 and $2 million and provides a minimum level of income paid into the member’s account over a specific term and can increase due to positive market performance.

Commenting on the product, MLC Retirement Solutions general manager Andrew Barnett said there were a number of risks that threatened people’s ability to live a comfortable retirement.

“Market downturns, particularly those immediately before or after retirement, can decimate savings, while longevity risk – the risk we’ll outlive our money – is becoming more pronounced,” he said.

Barnett said MLC Investment Protection was intended to give peace of mind to people who wanted to actively manage these risks and protect their money.

“Not only does it protect savings from periods of negative or lower returns, it also gives investors the confidence to remain invested in the market so that they can take advantage of market increases,” he said.

The new product will be made available to customers in November.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS