At Acenda, we believe in empowering our customers with the knowledge and confidence to make informed decisions about their life insurance.
On this page we’ll help you:
- Understand more about how your policy works
- Explore ways to reduce your premiums
- Help you understand when and how you may want to review or adjust your cover, and
- Find the right support.
Life insurance as a safety net
Imagine life insurance as a safety net set up for you and your loved ones. If a fall occurs, the net provides financial support that could soften the blow or help you bounce back. Knowing it’s there helps give you the confidence to live free of fear and full of life.
How the safety net is built:
We also assess risk (called underwriting), to work out what kind of safety net we can provide
Just as a net made from stronger materials can catch heavier falls, a more robust policy will provide greater cover.
For help, speak with a financial adviser – they can:
- guide you through the process of determining the right safety net, and
- work with us to build it to meet your needs.
Meet Vivo
Our award-winning health, wellness, and recovery program that’s all about helping you achieve your goals.
Start your journey to better healthTips for reducing life insurance premiums
There may come a time when it is necessary to reduce insurance premiums. The options available will generally mean being covered for less and require careful consideration. Options that may be available on your policy include:
Waiting periods
Adjusting the waiting or benefit periods on Income Protection insurance.
Inflation proofing
Switch off inflation proofing in the Customer Portal.
Payment frequency
Paying premiums annually or through your superannuation.
Optional extras
Removing optional extras from a policy.
Review loadings
Requesting a review of any premium loadings on a policy if there have been positive changes to health, smoking status, occupation, or pastimes.
Reduce the amount of cover
Decreasing the sum insured for one or all cover types can reduce premiums. It means being covered for a lower amount in the event of a claim.
TPD definitions
Adjusting the Total and Permanent Disability (TPD) definition setting on TPD insurance.
The MoneySmart life insurance calculator can be used to assess individual needs. We advise speaking with a financial adviser to determine the most appropriate options for your specific circumstances.
Some things to keep in mind if you’re changing your cover:
- changing your cover may affect your ability to claim, or the amount that can be claimed
- you may require additional underwriting if you increase cover later
Variable age-stepped premiums vs. level premiumsVariable age-stepped premiums (also known as stepped premiums) increase each year to reflect the increased likelihood of you claiming as you age. Level premiums* spread the premiums’ costs over a number of years. This means level premiums start higher than variable age-stepped premiums, which increase as you age. Depending on how long you hold your insurance, the cost may be lower at some point in the future. Regardless of structure, your premiums may vary if we change our premium rates or if the sum insured changes, whether by voluntary increases or indexation. *We offered level premium structures up until 2 February 2024. We have since discontinued level premiums for new MLC Insurance and MLC Insurance Super policies. If your policy was current on 2 February 2024, you can still switch between variable age-stepped and level premium structures. |
Your support options
We offer a range of options to ensure you can get the right advice.
This information does not take into account your personal objectives, financial situation and needs. Please consider the appropriateness of the information having regard to your personal circumstances. Please read the relevant Product Disclosure Statement (PDS), which is available at acenda.com.au or by contacting Acenda on 13 65 25 before making any decision.