Income Protection insurance - Features at a glance
| Features | Income Protection Plus |
Income Protection Plus - Farmer Package#* |
Income Protection Standard |
|---|---|---|---|
| Premium waived while on claim | Yes | Yes | Yes |
| Return to work during the waiting period | Yes | Yes | Yes |
| Recurring disability benefit | Yes | Yes | Yes |
| Elective surgery benefit | Yes | Yes | Yes |
| Style of benefit | Agreed value benefit/ Indemnity benefit | Agreed value benefit | Indemnity benefit |
| World-wide cover | Yes | Yes | Yes |
| Death benefit | Yes | Yes | Yes |
# not available for class C
* not available for Life Cover Super
Additional options available under MLC Income Protection insurance
For an extra premium, the following options can also be added to this insurance:
| Additional Options | Income Protection Plus |
Income Protection Plus - Farmer Package#* |
Income Protection Standard |
|---|---|---|---|
| HIV/AIDS exclusion discount option | Yes | Yes | Yes |
| Indexed claim benefits option | Yes | Yes | Yes |
| Short waiting period for accidental injury option* | Yes | N/A | N/A |
| Occupational HIV, Hepatitis B or C lump sum benefit option (certain medical occupations only)* |
Yes | N/A | N/A |
| Extra benefits option* | Income Protection Plus |
Income Protection Plus - Farmer Package#* |
Income Protection Standard |
|---|---|---|---|
| Benefit during the waiting period | Yes | Yes | N/A |
| Accommodation benefit | Yes | Yes | N/A |
| Double benefits for specified sicknesses | Yes | Yes | N/A |
| No claim bonus | Yes | Yes | N/A |
| Advanced payment for certain injuries | Yes | Yes | N/A |
| Home assistance benefit | Yes | Yes | N/A |
| Transport benefit | Yes | Yes | N/A |
More information on MLC Income Protection insurance:
| Income Protection |
|---|
| Maximum Monthly Benefit 75% of the first $240,000, 50% of next $240,000, 25% of the next $240,000 of per annum earnings The maximum monthly benefit is $30,000 |
| Benefit Periods 2 years, 5 years, to age 65#^ |
| Waiting Periods 14 days^, 1 month, 3 months, 12 months#, 24 months#^ |
| Maximum Entry Age AAA, ACT, ML, AA, A - 60 next birthday BB, B, C - 55 next birthday |
| Expiry Age To age 65 |
^ not available for Farmer Package
* not available for Life Cover Super
| Occupation Category Guidelines |
|---|
| AAA - Professional white collar workers |
| ACT - Accountants |
| ML - Certain medical and legal professionals |
| AA - Other professionals |
| A - Light skilled occupations e.g. Bank teller, lab technician |
| BB - Certified or licensed tradesmen |
| B - Manual but not hazardous occupations e.g. Painters |
| C - Hazardous occupations e.g. security guards |
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