What types of insurance are available?
There are four main types of insurance that can be used to provide financial protection for you and your family.
Income Protection insurance
Income Protection Insurance can provide a monthly payment of up to 75% of your income if you are temporarily unable to work due to illness or injury.
This money can be used to meet your ongoing living expenses and financial commitments while you recover
Critical Illness insurance
can pay a lump sum if you suffer or contract a critical condition specified in the policy (eg cancer, a heart attack or a stroke).
This money could be used to:
- cover medical and other expenses such as rehabilitation, childcare and housekeeping , and
- clear some or all of your debts
Note: While many people aren’t aware of this type of insurance, its importance cannot be over emphasised.
This is because Australian males and females between age 25 and 40 are, for example, three and five times more likely to become critically ill than die1.
Total and Permanent Disability (TPD) Insurance
TPD insurance can provide a lump sum payment2 if you suffer a total and permanent disability and are unable to work again.
This money could be used to:
- clear your debts, and
- cover medical and rehabilitation expenses.
Life insurance
Life insurance can provide a lump sum payment2 in the event of your death. This money could be used to:
- clear your debts
- enable your family to meet their ongoing living expenses and maintain their lifestyle
- cover other expenses such as childcare and housekeeping and
- treat your beneficiaries equitably.
Note: These insurances are all subject to terms, conditions and exclusions. You should refer to the
relevant policy document for the full terms and conditions of the insurance cover provided by the product.
How much cover is enough?
To find out whether you have enough insurance, we recommend you seek our financial advice. We can assess your needs and tailor a protection plan for you and your spouse.
1. Based on MLC claims experience.2. If the insurance cover is held within a super fund, the benefit may also be paid in the form of an income stream.