MasterKey insurance changes, effective 29 September 2023
This article is relevant for the following products:
- MLC MasterKey Personal Superannuation
- MLC MasterKey Business Superannuation
You’ll receive a communication about this if you’re a member of these products.
On 29 September 2023, we made some changes to the insurance in your superannuation.
We regularly review this to ensure it continues to be fair and provided at a competitive cost.
We updated the insurance offer in MLC MasterKey Business Super and MLC MasterKey Personal Super on 29 September 2023 by
- reducing the standard Death and Total and Permanent Disablement (TPD) insurance premium rates for standard plans for MLC MasterKey Business Super and MLC MasterKey Personal Super
- reducing the Income Protection insurance premium rates for MLC MasterKey Personal Super
- changing the TPD definitions, increasing the maximum advanced Death benefit for a Terminal Illness and changing the suicide exclusions to improve insurance outcomes for members when they may need it most.
- removing the MLC MasterKey Business Super Continuation option.
If members have fixed Death and TPD premiums, the cost changes are shown as an increased sum insured.
For more information
We encourage you to take the time to read this information and understand what the changes mean for you.
You can read the Product Disclosure Statement (PDS) and the Insurance Guide for more information
|Insurance calculator||Check out our insurance calculator at mlc.com.au/insurance-calculator It may help you determine the most appropriate insurance cover for your personal circumstances.|
|Insurance in super
||You can find out more about insurance in super by visiting mlc.com.au/superinsurance|
|Cancel, reduce, or apply for more cover
||You can apply to change your insurance cover at any time by completing an insurance form located at mlc.com.au/useful-forms or call us to cancel over the phone.|
||Speak to your financial adviser to review your insurance needs and to see if they continue to suit your personal and financial circumstances.