MLC Launches Underinsurance Calculator

15/01/2007

MLC has launched an Insurance Gap calculator* on mlc.com.au to assist advisers and their clients to determine gaps in personal insurance cover and help address Australia's underinsurance crisis.

The calculator will enable clients to answer a few simple personal and financial questions to determine if they have adequate insurance in place including life, income protection, critical illness and total and permanent disability insurance.

The entire process will take around 15 minutes and customers can print out a report which they can discuss with their financial adviser to obtain advice for their individual needs.

"This is a useful tool to help people determine if they have enough insurance cover to protect both themselves and their families if an unfortunate event was to occur such as a critical illness or death," said Mr Greg Einfeld, General Manager, MLC Insurance.

"Insurance is the last thing most people want to think about but it's an undeniable fact that things do not always go according to plan and while injury or illness are never pleasant, having the right insurance in place means you can avoid painful damage to your finances."

The Insurance Gap Calculator complements MLC's Retirement Savings Gap calculator which was launched on mlc.com.au in June 2005.

"With the Insurance Gap and Retirement Savings Gap calculators customers will be able to get a more holistic view of any potential weaknesses in their financial situation," Mr Einfeld said.

The Underinsurance Calculator is live on mlc.com.au

*Note - the calculator is not meant to replace advice. At the end of the process the client will be able to print out a report which they can take to their adviser. If the client does not have an adviser MLC can put them in touch with an adviser in their area.

 

For further information, please contact:
Stacey Mitchell
Manager, Media Relations, MLC
National Australia Bank Limited
T (02) 9966 3035
M 0400 305 446