MLC releases online tool to combat underinsurance
MLC & NAB Wealth has released a new online tool which the company hopes will help combat underinsurance in Australia.
MLC's interactive Life Stages Tool, which follows the lives of "Sally and Dan", allows both clients and financial advisers to identify different insurance needs throughout the course of a person's life.
There are six life stages: young independents, professionals, young families, mature families, pre-retirees and retirees.
Executive general of MLC Insurance, Duncan West, said the release of the online tool represented adding "new artillery in the fight against underinsurance".
As a person moves through their life, West said different insurance needs become more critical at different times.
"For example, when a couple has a baby and there is only one breadwinner for a period of time, income protection insurance is vital to ensure the family is not left financially destitute if an unforseen event was to occur and the breadwinner was unable to work," West said.
Ironically, West added, we don't question the need to insure our car or our home, but "we are much more cavalier when it comes to protecting what matters most in life - our families and our lives".
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.
