MLC Life Insurance has announced that its base premium rates on its existing retail life insurance policies will not increase at least until 1 October 2018.
MLC said the decision was a bid to give certainty to financial planners and their retail clients as the cost of retail life insurance policies, including income protection increased across the industry.
The policies that will not increase are MLC Insurance, MLC Insurance Super, Protectionfirst, Personal Protection Portfolio and Life Cover Super.
MLC Life Insurance chief customer officer of retail advised insurance, Melissa Heyhoe, said the firm was confident they would be able to hold their premium rates for all cover types at the current levels in future.
“Our retail customers make an important financial commitment with us when they purchase one of our policies, so we have an obligation to reward that commitment by making them as affordable as we can,” she said.
“Over the last 12 months we have made a number of enhancements to our products and services, including recent changes to underwriting, and we look forward to continuing this in future.”
The pricing also extended to future premiums payable for new customers after 9 October 2017. MLC Life Insurance said it would be guaranteeing their premium rates until 1 January 2020 and limiting any potential future premium rate increases to a maximum of 10 per cent until 1 January 2022.
