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What is Connected Benefits?
Connected Benefits enables a policy owner to purchase Total and Permanent Disability and/or Critical Illness insurance as part of Life Cover insurance for a given life insured, where the Life Cover insurance is issued on a separate policy with a different policy owner.
How can you use Connected Benefits to structure your insurance cover using MLC Personal Protection Portfolio?
As an example, if you wish to own Critical Illness insurance but have the Life Cover insurance and Total and Permanent Disability insurance owned by your employer or business, the Critical Illness insurance can be issued as a connected benefit with you as the owner. This connected benefit is illustrated in the diagram below.
How can you use Connected Benefits to structure your insurance cover using MLC Personal Protection Portfolio and MLC Life Cover Super?
As an example, if you wish to have Life Cover insurance within superannuation (ie issued as a LCS policy), and have Critical Illness insurance as part of the Life Cover insurance, the Critical Illness insurance can be issued as a connected benefit under a PPP policy since Critical Illness insurance is not available and cannot be issued as superannuation. This connected benefit is illustrated in the diagram below.
What is the advantage of having Connected Benefits?
Connected Benefits provides greater flexibility in how you can structure your insurance needs across policies and products where each policy has different owners for insurance on the same life insured.
Want to know more?
Contact your Financial Planner or click here to contact us.
Disclaimer
The information provided here is for general use only and has been prepared without taking into account any particular person's objectives, financial situation or needs. You should, before acting on this information, consider the appropriateness of this information having regard to your personal objectives, financial situation or needs. You should obtain financial advice specific to your situation before making any financial investment or insurance decision.
MLC Limited (ABN 90 000 000 402 AFSL 230694) is the issuer of MLC Personal Protection Portfolio.
MLC Nominees Pty Limited (ABN 93 002 814 959 AFSL 230702 RSE L0002998 Trustee of The Universal Super Scheme R1056778) is the issuer of MLC Life Cover Super. MLC Limited and MLC Nominees Pty Limited, both of 105-153 Miller Street, North Sydney NSW 2060, are members of the National Australia Group of companies.
The combined Product Disclosure Statement (‘PDS’) for MLC Personal Protection Portfolio and MLC Life Cover Super provides information about these products. You should consider this disclosure document before making any decision about whether to acquire a policy. A copy of the PDS is available upon request by contacting the MLC Service Centre on 132 652 or you can download it from our website at mlc.com.au.
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