National Australia Bank (NAB) wealth management arm, MLC has included superannuation-related insurances in its premium cuts announced this week.
The company announced on Monday that effective immediately, stepped premiums for life cover insurance, as well as total and permanent disability (TPD) extension insurance, would fall by 15 per cent for new customers at, or when they reached 45 years of age or over on the MLC Insurance and MLC Insurance (Super) products.
The announcement said that MLC would also be reducing stepped premiums rates for life cover insurance and TPD extension insurance for new customers at or when they reached between 40-44 years for MLC Insurance and MLC Insurance (Super). It said these customers would receive a 2.5 per cent cumulative rate cut each year up until 45 — which in total will represent a full 15 per cent saving. It said that from age 45 onwards, the 15 per cent rate cut will apply.
MLC executive general manager, insurance, David Hackett referenced the company’s recent transaction with Nippon Life in explaining its strategy.
He said the rate reductions would make MLC significantly more competitive in the marketplace, and put it in a strong position to win new business.
“We are confident these changes, which come off the back of our partnership with Nippon Life and our recent innovation with MLC On Track, will be well received by advisers and customers,” he said.
