MLC Life Cover Super MLC Personal Protection Portfolio

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Setting upyour insuranceHow to payPremiumsWhat is your premium?You pay premiums to purchase your insurance. Thepremium for the types of insurance and the amount ofinsured benefits you initially apply for will be calculatedby your financial adviser and confirmed by MLC. If youdon’t have a financial adviser please contact the MLCClient Service Centre on 132 652 for a quotation beforecompleting an application.Your premium will differ according to your individualcircumstances as the life insured, including but not limitedto your:• age at policy commencement and chosen premiumstructure – in a stepped premium structure premiumsgenerally increase with age, while in a level premiumstructure premiums are based on your age when thepolicy begins• sex• occupation – MLC or your financial adviser can provideyou with more information• smoking status – premiums are higher for smokers thannon-smokers• medical history – your state of health and/or your family’smedical history• lifestyle and leisure activities – the greater the risk of theactivities you undertake, the higher the premium.• frequency of premium payments and applicable policy fee• the financial arrangement agreed with yourfinancial adviser.Your initial premium will be stated in the Schedule.The premium for both your initial cover and for subsequent changes, excluding policy fees, will be at least:Frequency ofpremium paymentsMinimum premium(for new applications)Minimum premium(for increases toexisting insurance)Minimum premium(for TPD and Critical Illnessas a Connected Benefit)Monthly $20 $10 $10Half-yearly $130 $65 $65Yearly $250 $125 $125How can you pay premiums?All premiums must be paid in advance.For LCS premiums that are paid by deduction from eligible MLC MasterKey superannuation products only one deductionmay operate on any account.Your premium will be higher the more frequently you pay. MLC can change these percentages at any time and will notifyyou and the Trustee (for LCS) of any change.Frequency ofpremium paymentsdirectdebitPayment methods availablecreditcard cheque BPAY ® MLC MasterKey(LCS only)Current loading onfrequent paymentsMonthly • • • yearly plus 7%Half-yearly • • • • • yearly plus 4%Yearly • • • • • yearlyPage 46 MLC Life Cover Super and MLC Personal Protection Portfolio PDS
How is your first premium treated?Any premium paid by direct debit, credit card or chequestays in a trust account while your application is beingconsidered until your application is accepted or declined(in which case the premium is refunded). Any interestearned on monies in the trust account will be retainedby MLC.Selecting a benefit and premium structureFor certain insurance benefits you can choose from threeinsured benefit and premium structures:• Level premiumYour insured benefit stays the same and the premiumwill be based on your age at the time you take out yourpolicy. When you renew your policy, your premiums willonly vary if a change is made to MLC’s premium rates• Stepped premiumYour insured benefit stays the same, while thepremiums vary each year with the age of those insuredand MLC’s premium rates at the time you renewyour policy• Decreasing cover (not available forTPD stand‐alone, Income Protection orBusiness Expenses)Your premium stays the same, while your insuredbenefit varies each year with the age of those insuredand MLC’s premium rates at the time you renewyour policy.Stepped and level premium rates are subject to anyInflation Linked Option variations (see ‘Policy fee and othercharges on pages 48 to 49’) and other increases to thelevel of benefits.What happens if your premiums are not paid?If your premium is not paid in full by the due date and it isstill not paid in full by the end of the notice period:• MLC will cancel the policy and your insurance will cease• MLC will deduct any unpaid premium from any benefitsthat have been paid during the notice period• for LCS, your interest in LCS will cease and, if it is youronly interest in the Scheme, your membership of theScheme will also cease.If the policy is cancelled due to non-payment of premiums,you or the Trustee (for LCS) can apply to have it reinstatedon terms set by MLC up to 6 months after the date thepolicy was cancelled. However:• the policy will not be reinstated until MLC approvesthe reinstatement• MLC is under no obligation to approve the applicationfor reinstatement• you must tell MLC (in writing) about any event that couldinfluence MLC’s decision to reinstate the policy as partof your Duty of Disclosure• payment of overdue amounts does not automaticallyreinstate the policy.If the policy is not reinstated:• MLC will refund any premiums you sent after the policywas cancelled• for LCS, the Trustee will not accept a contribution if MLCdoes not accept the premium, so the money will bereturned to you or to the MLC MasterKey account fromwhich it was deducted.How it all worksYou can make different selections for different types ofinsurance. However, if you purchase Critical Illness orTotal and Permanent Disability and Loss of Independenceinsurance as part of your Life Cover or as a ConnectedBenefit, the premium structure(s) chosen must be thesame as for Life Cover. You can also choose to split yourcover between different premium structures for the onetype of insurance.MLC Life Cover Super and MLC Personal Protection Portfolio PDS Page 47
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Policy FeesThese fees apply to:•
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Policy fees as at20 May 2013Policy
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Upgrades (continued)Type of insuran
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Policy fees as at21 May 2012Policy
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Making sure you’rewell protectedW
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Summary ofpolicy upgradesat a glanc
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ProductupgradesImprovements to Tota
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ProductupgradesNew! Child Support B
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ProductupgradesImproved definitions
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ProductupgradesIncome Protection -
Page 21 and 22: Insurance from MLCImportant informa
Page 23 and 24: Policy fees as at12 November 2010Po
Page 25 and 26: This page has been left blank inten
Page 27 and 28: Welcome to MLCAt MLC we protect you
Page 29 and 30: Contents1You’re makingthe right c
Page 31 and 32: You’re makingthe right choicewith
Page 33 and 34: Tailoring your insuranceWe also und
Page 35 and 36: The typesof insuranceofferedMLC Lif
Page 37 and 38: Life CoverinsuranceLife Cover insur
Page 39 and 40: How does a claim affect your insura
Page 41 and 42: How can you structure TPD andLoss o
Page 43 and 44: Critical IllnessinsuranceCritical I
Page 45 and 46: Critical conditionCriticalIllnessSt
Page 47 and 48: Additional critical conditions forw
Page 49 and 50: Information common toLife Cover, To
Page 51 and 52: During the first six months after c
Page 53 and 54: IncomeProtectioninsuranceIncome Pro
Page 55 and 56: When will MLC pay?Total DisabilityT
Page 57 and 58: What features are built in?Choice o
Page 59 and 60: Extra Benefits Option (for PPP Plus
Page 61 and 62: Home assistanceIf MLC is paying you
Page 63 and 64: BusinessExpensesinsuranceFor PPP (o
Page 65 and 66: How does Business Expensesinsurance
Page 67 and 68: When won’t MLC waive?MLC will not
Page 69 and 70: How itall worksMLC Life Cover Super
Page 71: When does your insurance start?If M
Page 75 and 76: Government chargesMLC and the Trust
Page 77 and 78: Contributing toMLC Life Cover Super
Page 79 and 80: Using yourinsuranceHow to claimMLC
Page 81 and 82: MLC Life Cover SuperHow can you con
Page 83 and 84: Who should use MLC Super Estate Opt
Page 85 and 86: Accessing yourMLC Life Cover Super
Page 87 and 88: MLC Life Cover SuperWhen is your fi
Page 89 and 90: Changing,replacing, transferring,re
Page 91 and 92: Transfers out of MLC LifeCover Supe
Page 93 and 94: PrivacyNotificationUsing and disclo
Page 95 and 96: DefinitionsMLC Life Cover Super PDS
Page 97 and 98: Gainfully employedKey person / reve
Page 99 and 100: Total and PermanentDisability (TPD)
Page 101 and 102: Critical IllnessDefinitionsCritical
Page 103 and 104: HIV contracted throughyour workInte
Page 105 and 106: Severe osteoporosisSevere rheumatoi
Page 107 and 108: Diagnosed multiplesclerosisDiagnose
Page 109 and 110: Interim AccidentInsurance Certifica
Page 111 and 112: Your application for LCS and/or PPP
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MLC Life Cover Super MLC Personal Protection Portfolio

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