MLC Life insurance will allow policy owners of its Income Assure and Income Assure+ products to "inflation proof" their cover to ensure benefits they receive at claim stage keep pace with future increases in their earnings.
This enhancement, along with allowing customers unemployed for more than a year to keep their cover, have been added to the product range following feedback from advisers.
Customers who hold their policy inside superannuation can also access a Certificate of Disability for Unemployment. This means if they are unemployed when making a claim, and do not satisfy the relevant condition of release, MLC Life Insurance can assess the claim outside of superannuation, MLC said.
MLC Life Insurance research around income insurance product design found that customers wanted greater flexibility of the conditions included in their claim, along with greater certainty of future premiums.
"Our goal is to ensure our customers have income protection cover that reflects contemporary needs, offering more sustainable premiums, while providing options to cater to specific requirements. We will continue to make enhancements over time," MLC Life Insurance chief life insurance officer Michael Rogers said.