MLC upgrades insurance in business super product
MLC has upgraded the insurance component of its Masterkey Business Super product.
The changes include providing new income protection insurance options and definitions, reducing Masterkey Business Super's standard insurance premium rates by 10 per cent, and extending its income protection insurance and life insurance until age 65 and 70 respectively.
MLC has also increased the maximum sum-insured for life, total and permanent disablement and income protection and introduced automatic death and total and permanent disablement insurance.
Natalie Jarvis, the head of product at MLC Business Super, said the current market environment made it an important time for workers to consider their insurance arrangements for adequate cover.
AUTHOR
Benjamin Levy
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
