MLC Insurance and MLC Insurance (Super) Premium Discounts

We believe you should be rewarded for doing more to protect yourself and your family.

That’s why we have a range of premium discounts available to eligible customers applying for MLC Insurance and MLC Insurance (Super): Multi-Cover Discount (MCD), Large Case Discount (LCD), and Vivo Incentive.

Multi-Cover Discount (MCD)

  • What is the Multi-Cover Discount (MCD)?
    The MCD is a discount we offer when you bundle your lump sum insurance with Income Protection insurance.
  • How much will I save with the MCD?
    The MCD gives you a 10% discount on all eligible types of insurance.
  • What are the eligibility criteria?
    To be eligible for the MCD you must have Life Cover insurance and Total and Permanent Disability insurance with sums insured of at least $250,000 each, as well as Income Protection insurance (with any benefit amount).
  • What products and insurances does the MCD apply to?

    The MCD applies to MLC Insurance, MLC Insurance (Super), and MLC Insurance (Wrap or SMSF) products.

    The MCD applies to the following lump sum insurance:

    • Life Cover, including Terminal Illness Support Option
    • Total and Permanent Disability (TPD)
    • Critical Illness.

    The MCD doesn’t apply to the following types of insurance:

    • Income Protection
    • Business Expenses
    • Child Critical Illness
    • Occupationally Acquired HIV, Hepatitis B or C infection.

Large Case Discount (LCD)

  • What is the Large Case Discount (LCD)?
    The LCD is a tiered discount that’s based on the sum insured for lump sum insurance and monthly benefit of Income Protection insurance.
  • How much will I save with the LCD?
    The LCD is calculated on the type of insurance you hold, amount of your sum insured, and whether you have structured your insurance as stand-alone or an extension/connection benefit. The larger your sum insured, the bigger the discount you’ll get.
  • What products and insurances does the LCD apply to?

    The LCD applies to MLC Insurance, MLC Insurance (Super), and MLC Insurance (Wrap or SMSF) products.

    The LCD applies to the following types of insurance:

    • Life Cover
    • Total and Permanent Disability
    • Critical Illness
    • Income Assure and Income Assure+. This includes any Super Guarantee Benefit Option.

    The LCD doesn’t apply to the following types of insurance:

    • Terminal Illness Support Option
    • Business Expenses
    • Child Critical Illness
    • Occupationally Acquired HIV, Hepatitis B or C infection.

Vivo Incentive

  • What is Vivo Incentive?
    Vivo Incentive provides a lifetime discount of 7.5% on insurance premiums. Vivo Incentive applies to clients applying for new lump sum insurance when their Body Mass Index (BMI) is between 18.5 and 28.5 (inclusive).
  • What types of products and insurance does Vivo Incentive apply to?

    Vivo Incentive is available to you if you’re a new customer, or have joined since 1 October 2021 and are applying for new or additional lump sum insurance.

    The Vivo Incentive applies to MLC Insurance, MLC Insurance (Super), and MLC Insurance (Wrap or SMSF) products.

    It applies to the following types of insurance:

    • Life Cover (and all options, including Terminal Illness Support)
    • TPD (and all options)
    • Critical Illness (and all options).
These discounts are not guaranteed, may be varied or removed, and may not apply over the life of the policy.