MLC Life Cover Super MLC Personal Protection Portfolio

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Using yourinsuranceDefault pensionsIf a pension is selected, the Trustee will pay a pensionaccording to the current terms. The current defaultpension is MLC MasterKey Pension Fundamentals.How do you make a category selectionunder MLC Super Estate Optimiser?To make a category selection under MLC SuperEstate Optimiser, complete the Super Estate Optimiserquestions in your application and send it to MLC with yourapplication for LCS. To assist the Trustee in administeringa claim you may name Children and/or your Spouse inthe Selection Form, but all persons who fulfil the categoryat the date of your death will receive the death benefitwhether or not they are named on the Selection Form.How do you change your category selectionunder MLC Super Estate Optimiser?You can change your category selection at any time bycompleting the Super Estate Optimiser questions in yourapplication. Of course you should also regularly updateyour Will.What is the impact of super splittingunder the Family Law Act?You should be aware that in certain circumstances uponthe breakdown of your marriage, your MLC Super EstateOptimiser death benefit category selection may beoverridden in whole or in part and the payment of benefitsmay be delayed by various actions taken under thesuperannuation provisions of the Family Law Act. Shouldyour marriage break down, you should review your currentcategory selection under the MLC Super Estate Optimiser.Page 58 MLC Life Cover Super and MLC Personal Protection Portfolio PDS
Accessing yourMLC Life Cover Super benefitAre your Life Cover, TPD and IncomeProtection benefits under LCS restricted?Benefits payable by MLC under LCS are paid to theTrustee, who then passes the benefit to you. The Trusteeis restricted from passing benefits to you if you do notsatisfy a superannuation condition of release. If you do notsatisfy a condition of release, the Trustee must hold yourbenefit in the Scheme as a preserved benefit until you dosatisfy a condition of release.Typically, TPD, Income Protection and TerminalIllness benefits paid under LCS may be affected bythis restriction:• for TPD benefits paid to the Trustee, you must satisfythe condition of release of permanent incapacity,which means that the Trustee is satisfied that you areunlikely, because of health reasons, to engage in gainfulemployment for which you are reasonably qualified byyour education, training and experience• for Income Protection benefits paid to the Trustee,you must satisfy the condition of release of temporaryincapacity, which means that you have ceased to begainfully employed or ceased temporarily to receiveany gain or reward due to ill health. The Trustee maynot be able to pass benefits to you or may reducebenefits if you receive any income provided or arrangedby an employer, partnership or business, includingfully paid leave such as sick leave, or if governmentregulations otherwise limit the benefit that can be paid.A benefit can not be paid for longer than the period oftemporary incapacity.• for Terminal Illness you must have a terminal medicalcondition and have two medical practitioners (at leastone of them a specialist in the area of the illness orinjury) certify that you are suffering from an illness, orhave incurred an injury, which in the normal coursewould result in death within 12 months from the date ofcertification (known as the ‘certification period’).Other conditions of release are set out on this page underthe 'Conditions of release'. The Trustee will write to you ifit is unable to release benefits to you and will explain youroptions in relation to any preserved benefits. You maytransfer your preserved benefits to any other complyingsuperannuation fund, approved deposit fund or retirementsavings account.How can you access your LCS benefits?This type of benefitPreserved benefitUnrestricted non-preservedbenefitCan be withdrawnwhen you satisfy acondition of releaseat any timeConditions of releaseYou may generally withdraw your benefits from thesuperannuation environment if you:• reach age 65• cease employment with an employer after age 60• reach your preservation age and permanently retire• are permanently incapacitated – the definition forrelease of preserved benefits on the grounds ofpermanent incapacity is different to that used for TPDinsurance, so you may not be able to access this benefitheld for you by the Trustee (if, for example, you arestill employed)• are suffering from a terminal medical condition• qualify on the grounds of severe financial hardship– to find out if you qualify contact your financial adviseror the MLC Client Service Centre on 132 652• are granted access on compassionate groundsapproved by APRA• are a temporary resident holding a specified class ofvisa and have permanently departed Australia, unlessone of the following applies, you:– are a New Zealand citizen– become an Australian permanent resident/citizen– hold an eligible retirement visa.If you don’t meet any of these conditions of release andyou are over your preservation age, you may be ableto use your benefit, including preserved benefits, tocommence a transition to retirement pension. In somecases, benefits may only be withdrawn as a lump sum.Please see your financial adviser for more information.What is your preservation age?The preservation age is 55 years for individuals bornbefore 1 July 1960 and progressively increases to60 years for individuals born between 1 July 1960 and1 July 1964.How it all worksMLC Life Cover Super and MLC Personal Protection Portfolio PDS Page 59
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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 -
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Insurance from MLCImportant informa
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Policy fees as at12 November 2010Po
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This page has been left blank inten
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Welcome to MLCAt MLC we protect you
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Contents1You’re makingthe right c
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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 and 72: When does your insurance start?If M
Page 73 and 74: How is your first premium treated?A
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: Who should use MLC Super Estate Opt
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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