How to make a claim

Call MLC Life Insurance Claims on 1300 125 246

We keep claiming simple and easy. If something happens to you, just get in touch to discuss if you’re eligible to claim.

8.30am-5.30pm, Mon-Fri AEST/AEDT

A snapshot of this policy

Click through all four tabs to view details of this cover

In the event of: Your death.

Payment: We’ll pay a lump sum to your NAB personal loan account to cover the loan balance (up to $80,000).

Example of how it works: If you die and at the date of your death the loan balance on your personal loan is $15,000, we’ll pay a lump sum of $15,000 to your loan account.

What’s not covered:

  • Suicide within 13 months of the policy start date
  • Pre-existing conditions (see further detail in the 'Frequently Asked Questions' section below)
  • Involvement in criminal activity
  • Being under the influence of drugs or alcohol
  • War or warlike operations.

This summary is a guide only. For more information read the NAB Personal Loan Cover Product Disclosure Statement (PDS) (PDF, 455KB) and Financial Services Guide. The definitions, along with the terms, conditions and limitations, are outlined in the PDS.

Contact us about your existing policy

If you have existing NAB Personal Loan Cover insurance and require more information call MLC Limited (MLC) on 13 22 95 8am - 6pm Mon-Fri (AEST/AEDT).

An overview of your premium

How much does it cost?

Your premium is calculated based on your loan balance, term and repayment. You will be provided with a quote as part of the online application process.

Each year, your premium will be reviewed and adjusted (depending on your loan balance, term and loan repayment).

If there are two of you on the personal loan application you can both be protected under one policy (a premium will apply for both applicants). Only one benefit is payable to the loan account at any one time.

The minimum annual premium for this insurance policy is $150 regardless of whether one or two people are covered.

How can I pay my premium?

You can choose at the time of your loan application to pay by credit card or from your NAB transaction account, with the option to pay monthly or annually.

Otherwise, you can choose to have your annual premium charged directly to your loan account. Interest will be charged on your premium at the same rate as your loan.

Frequently asked questions

How do I speak to someone for more information?

If you have an existing NAB Personal Loan Cover and require more information call MLC Limited (MLC) on 13 22 95 8am - 6pm Mon-Fri (AEST/AEDT).

What is a Pre-Existing condition?

A pre-existing condition means any injury, illness or symptom that first occurred or appeared before the policy start date, or for which you have experienced symptoms or received medical treatment prior to the policy start date which leads to a diagnosis after the policy start date.

It’s not a pre-existing condition if you weren’t aware of the injury, illness or symptom, or could not reasonably be expected to be aware of the injury, illness or symptom.

For example, if you had a shoulder injury prior to the policy start date, you will not be covered under the policy for that shoulder injury or any death, illness or injury related to that shoulder injury.

What is gainfully employed?

Gainfully employed means being in active paid employment for at least 15 hours per week, in one occupation on a continuous basis for the six months or more prior to the date of your disablement or involuntary employment.

How am I assessed for disability if I am not gainfully employed? - What are activities of daily living and severe cognitive impairment?

Different tests for disability will apply depending on your employment status at the time of the event.

If you’re not gainfully employed (see above) immediately prior to the date you become accidentally injured or sick, then you’ll be assessed as disabled if you:

(a) are unable to do any two or more of the following groups of activities of daily living without physical help from someone else:

  • bathing or showering
  • dressing
  • moving from place to place, in and out of bed, and in and out of a chair
  • eating and drinking
  • using the toilet, or

(b) have severe cognitive impairment (with a score of 15 or less out of 30 in a mini mental state examination) which leads to a need for continuous supervision to protect yourself or other people.

When does my policy end?

Your NAB Personal Loan Cover policy ends when:

  • you cancel your policy,
  • the loan is fully repaid,
  • a variation to the loan is effected resulting in a new loan agreement,
  • you reach your policy anniversary after your 65th birthday,
  • you don’t pay premiums and the insurance is cancelled, or
  • you die.

How do I cancel my policy?

You can cancel your policy at any time by calling MLC on 13 22 95.

If you cancel your policy within 30 days of the policy start date MLC will refund any premiums already paid unless you’ve made a claim.

Where two people are insured, the request must be received from both people. The policy will be cancelled from the date MLC receives the advice.

Who do I contact if I have a complaint?

We're always trying to improve our customers' experience, but we know things don't always go the way they should. Here you can find information about how you can raise an issue with us, how it will be resolved and what to do if you're still not satisfied.

Travel insurance

This product is no longer available for sale. Learn more about the help you can receive with your existing policy.

Car insurance

Don’t be caught without car insurance. With NAB Car Insurance cover choices, you can select a level of cover you’re comfortable with that fits within your budget.

Home and contents insurance

Protect your house and the things inside that make it a home.

Important Information

  • MLC Limited (MLCL) ABN 90 000 000 402, AFSL 230694 is the insurer and issuer of this insurance which has been branded and distributed by National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686 (NAB).
  • This insurance is not a deposit with, a liability of, or guaranteed by NAB. MLC Limited uses the MLC brand under licence. MLC Limited is part of the Nippon Life Insurance Group and not a part of the NAB Group of Companies.
  • Commission of twenty per cent (20%) of your first year’s premium (excluding government charges) is paid to NAB by MLCL. The commission payable is not an additional cost as it is paid from the premium.
  • Any financial advice is general only and has not been prepared having regard to your personal circumstances. You should consider your personal circumstances before acting on any advice. You should consider the NAB Personal Loan Cover Product Disclosure Statement (PDF, 455KB) and the NAB Financial Services Guide before deciding whether to purchase or continue to hold the product or call 13 29 28 before deciding whether to acquire or continue to hold the product. If you’d like more comprehensive and individually tailored insurance, speak to a NAB Financial Planner on 1300 558 863.
  • Your access to the Best Doctors service is arranged by MLC Limited. For terms and conditions that apply to the service go to

Target Market Determinations for these products are available at