MLC boosts personal insurance offering
MLC has enhanced its personal illness insurance product by introducing improved features such as an increased maximum benefit, coverage of a wider variety of illnesses, and improved definitions of critical conditions.
The changes officially came into effect on November 6 and apply to all existing and new policy holders of the company’s Personal Protection Portfolio.
Specifically people with Critical Illness policies can now apply for maximum cover of $2 million as opposed to $1.5 million, which was the previous limit.
In addition, the Critical Illness Plus option will now give customers the ability to increase their cover without the need for any further medical information in certain circumstances such as the birth of a child.
Furthermore conditions such as bacterial meningitis, meningococcal septicaemia, severe osteoporosis, and severe rheumatoid arthritis are now covered, while the definitions of critical conditions like malignant cancer have been improved making it easier to make a claim.
All of the aforementioned changes have been made available to policy holders at no extra cost.
The financial services firm has also introduced a new Extra Benefits Option where people can pay for the opportunity to buy back critical illness benefits a year after it has been paid out.
Under this new facility partial payment is available for 20 health conditions including melanoma, breast and prostate cancers.
MLC Insurance general manager Greg Einfeld said: “Critical illness cover has never been more important for Australians with males having a two in five chance and women having a one in four chance of suffering a critical illness between the age of 30 and 64.”
“This reflects our commitment to continually enhance our offer and treat all customers equally, applying product changes to both new and existing policy holders,” he added.
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