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 | |||||
Credit card | |||||
Cheque (not available for monthly payments) | |||||
BPAY (not available monthly payments) | |||||
Rollover from an external super fund2 (available for annual payments only) | |||||
Eligible wrap account (see point A. below) |
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) |
---|---|
Please refer to the relevant Product Disclosure Statement for the types of insurance that can be paid for from an eligible super wrap account. |
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. |