MLC Life Cover Super MLC Personal Protection Portfolio

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