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MLC wins HIP insurance mandate
The industry fund Health Industry Plan (HIP) has negotiated an upgrade of its group insurance and handed its mandate to MLC Group Insurance.
The HIP group insurance mandate had previously been held by ING.
The fund announced this week that the changes negotiated with MLC included an increase in death cover of up to a total of four units without the need to provide supporting health statement, a 20 per cent increase in the benefit for each unit of death cover, an increase in the level of income protection cover from $770 to $1500 a unit of cover, and a new terminal illness benefit.
The upgraded arrangements took effect from the beginning of the month, with HIP chairman Anthony Wallace saying it was part of a strategic partnership with MLC.
AUTHOR
Mike Taylor
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