MLC launches insurance tool

MLC has unveiled a new underwriting tool that will allow the group to consider giving critical illness cover to clients who otherwise may have been without cover.

Its ‘critical illness-special risk’ tool can also be tailored to meet the needs of the client and ensures they are only paying for the cover they are receiving, according to MLC’s chief underwriter Tracey Crowe.

“For example, a client who has experienced a stroke may still obtain critical illness cover, excluding cardiovascular disease, and obtain it at a discounted premium to account for the cover no longer included in their policy.”

The tool will also render the sales process easier for advisers, Crowe said, as the “underwriters will assess the application on the basis of the critical illness-special risk”.

“Planners will not experience the difficult situation of recommending a limited product based on their client’s medical history”, she said.

MLC also unveiled significant changes to its underwriting capability yesterday, including the provision of field development underwriters to support advisers through the insurance process.

It also established an initiative to ensure large cases (premium greater than $10,000 annually, or life insurance benefit greater than $2 million) are handled efficiently through dedicated teams.