How to pay your insurance premiums

You can choose to pay your insurance premiums in different ways. In some cases, premiums can be paid directly from superannuation or investment products offered by other providers. This table shows your payment options depending on the type of policy you have:

MLC Insurance (Super) and Protectionfirst range (inside super) MLC Insurance (Wrap or SMSF) and Protectionfirst range1 MLC Insurance and Protectionfirst range (outside super) MLC Personal Protection Portfolio   MLC Life Cover Super
Direct debit check
 check (SMSF only)
 check
 check check
Credit card check
 check (SMSF only)
 check
 check check
Cheque (not available for monthly payments) check
 check (SMSF only)
 check
 check check
BPAY (not available monthly payments) check
 check (SMSF only)
 check
 check check
Rollover from an external super fund2 (available for annual payments only) check
   check

Eligible wrap account (see point A. below)

   check
 check
    
1 For Protectionfirst range polices where you’ve selected to pay your premium through a wrap account or through your self-managed super fund (SMSF) account.
2 We can’t accept certain rollovers, such as pension or super amounts transferred from the UK or from New Zealand KiwiSaver, or untaxed amounts. It’s your responsibility to ensure these types of amounts do not form part of your benefit in your nominated external super fund account.

 

A. Paying from an eligible wrap account

Acenda is an integrated insurer on multiple wrap platforms that investors and financial advisers use. This means MLC Insurance and Protectionfirst range policies can be paid for directly from the superannuation and investment products offered by a few selected providers external to Acenda as follows:

Super wrap accounts eligible to pay for MLC Insurance (Wrap or SMSF) and Protectionfirst range1  Wrap accounts eligible to pay for MLC Insurance and Protectionfirst range (outside super)
  • Expand Extra Super
  • Expand Essential Super
  • IOOF Personal Super
  • Shadforth Portfolio Service – Super

Please refer to the relevant Product Disclosure Statement for the types of insurance that can be paid for from an eligible super wrap account.
  • Expand Extra Investment
  • Expand Essential Investment

If you wish to change your payment method to an eligible wrap account, we may need to cancel and reissue your existing policy. This option to pay your insurance premiums is not available to be updated through our digital portal.