Money Calculators 
Masterclass 
Podcast MLC Life
Insurance Review
Looking for life insurance cover?
Here’s what we like about MLC Life Insurance.
About MLC Life Insurance
If you’re considering life insurance then it’s worth reviewing cover from MLC. Some of the standout features include:
- You can connect with over 50 0000 doctors worldwide to receive the best possible consultation for your condition.
- Maintain your policy for a period of time if you’re suffering financial hardship due to disablement or retrenchment.
- Option to fund cover with super.
| Pros | Cons |
|---|---|
|
Option to buy cover inside super
|
Policy on top of premium
|
|
Access to the best doctors support network for medical advice
|
No counselling benefit option
|
|
Award winning cover (Adviser Choice Risk Company of the year)
|
No premium and cover suspension option
|
|
MLC On Track Program that offers discounts to healthy customers
|
Compare with other companies
| Company | Rating | Maximum Entry Age | Funeral Benefit | Minimum Sum Insured | |
|---|---|---|---|---|---|
One Path
|
|
78 | $15,000 | $100,000 | Get Quote Website |
One Path
|
|
78 | $15,000 | $100,000 | Get Quote Website |
One Path
|
|
78 | $15,000 | $100,000 | Get Quote Website |
One Path
|
|
78 | $15,000 | $100,000 | Get Quote Website |
One Path
|
|
78 | $15,000 | $100,000 | Get Quote Website |
Important Information
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Your Life Insurance
Questions Answered
Last updated 1/2/2022
Don’t I already have life insurance covered in my super? Why would I need more cover?
Both funds are popular industry super funds, with AustralianSuper the larger of the two having significantly more members and more funds under management than Hostplus.
The two default MySuper options are AustralianSuper Balanced and Hostplus Balanced. These two products are very similar; both are authorised MySuper products, both are pre-mixed, diversified funds and both have exposure to unlisted assets (like infrastructure).
AustralianSuper Balanced is a higher-risk investment option than Hostplus Balanced. AustralianSuper Balanced has a standard risk measure of “High” and predicts 5 negative annual returns in every 20-year period. Hostplus Balanced has a standard risk measure of “Medium to High” and predicts 3 to 4 negative annual returns in every 20-year period.
Can my life insurer cancel my policy?
Looking at the default options, AustralianSuper has slightly delivered better returns over the past three, five and ten year periods. The difference in these figures is only minor and both funds are top-performing funds compared to others in the market.
In terms of fees, AustralianSuper Balanced charges lower fees than Hostplus Balanced. So if you’re looking at both these default options, you’d be paying more with Hostplus. This becomes increasingly apparent the larger your balance is: with a balance of $100,000 the fees charged by Hostplus Balanced are almost double that of AustralianSuper Balanced.
However, Hostplus does offer several low-fee indexed investment options (more on this below).
How long does it take for life insurance to be paid out?
Hostplus offers more investment options to choose between than AustralianSuper. Hostplus offers six additional pre-mixed options, while AustralianSuper offers five. Hostplus also offers a pre-mixed lifecycle product, Hostplus LIFE, which invests your super in line with your age. The idea with this option is that Hostplus will invest less of your super in risky assets (like shares) as you get closer to retirement, to protect your wealth. AustralianSuper doesn’t offer any lifecycle investment options.
Hostplus is also well-known for its Indexed Balanced investment option, thanks to the Barefoot Investor declaring it’s his chosen super fund. This is an incredibly low-fee option which charges around $103 p.a. on a $50,000 balance. It’s so cheap because it invests your super in a mix of index funds (also known as exchange-traded funds) which simply track an index or market. So if low fees are your top priority, the Indexed Balanced fund offered by HostPlus is one of the lowest-fee options available for your super. AustralianSuper’s Indexed Diversified option also charges low fees at around $230 p.a. on a $50,000 balance, however it’s not as low as Hostplus.
If you want to be more hands-on with your super and design your own portfolio, you’ve got more choice with Hostplus than with AustralianSuper. Hostplus offers eight individual asset class options while AustralianSuper only offers five. The main difference is that Hostplus offers International Shares (Indexed) and International Shares Hedged (Indexed) as single asset classes that you’re able to invest in.
If you’re unsure how these different options work with your super fund, here’s a guide on superannuation investment options and how to choose between them.
How to cancel a life insurance policy
Both AustralianSuper Socially Aware and Hostplus Socially Responsible Investment Balanced avoid investments in fossil fuels, tobacco and gambling among many other harmful industries. Both fund are very transparent with their investments; both list their total fund holdings on their websites for you to see exactly which companies they invest in. Hostplus also lists the companies that it actively does not invest in.
These two ethical investment options have delivered very similar returns over the past three-year period, with Hostplus Socially Responsible Investment Balanced performing slightly better. However, Hostplus again charges higher fees for its ethical investment option than AustralianSuper does.
If you’re interested in investing your super ethically, you can compare these funds with a range of additional ethical super funds in our guide.
Do I already have life cover in my superannuation?
Both funds are popular industry super funds, with AustralianSuper the larger of the two having significantly more members and more funds under management than Hostplus.
The two default MySuper options are AustralianSuper Balanced and Hostplus Balanced. These two products are very similar; both are authorised MySuper products, both are pre-mixed, diversified funds and both have exposure to unlisted assets (like infrastructure).
AustralianSuper Balanced is a higher-risk investment option than Hostplus Balanced. AustralianSuper Balanced has a standard risk measure of “High” and predicts 5 negative annual returns in every 20-year period. Hostplus Balanced has a standard risk measure of “Medium to High” and predicts 3 to 4 negative annual returns in every 20-year period.
Can you have more than one life insurance policy?
Looking at the default options, AustralianSuper has slightly delivered better returns over the past three, five and ten year periods. The difference in these figures is only minor and both funds are top-performing funds compared to others in the market.
In terms of fees, AustralianSuper Balanced charges lower fees than Hostplus Balanced. So if you’re looking at both these default options, you’d be paying more with Hostplus. This becomes increasingly apparent the larger your balance is: with a balance of $100,000 the fees charged by Hostplus Balanced are almost double that of AustralianSuper Balanced.
However, Hostplus does offer several low-fee indexed investment options (more on this below).
Do I need a medical examination prior to my application?
Hostplus offers more investment options to choose between than AustralianSuper. Hostplus offers six additional pre-mixed options, while AustralianSuper offers five. Hostplus also offers a pre-mixed lifecycle product, Hostplus LIFE, which invests your super in line with your age. The idea with this option is that Hostplus will invest less of your super in risky assets (like shares) as you get closer to retirement, to protect your wealth. AustralianSuper doesn’t offer any lifecycle investment options.
Hostplus is also well-known for its Indexed Balanced investment option, thanks to the Barefoot Investor declaring it’s his chosen super fund. This is an incredibly low-fee option which charges around $103 p.a. on a $50,000 balance. It’s so cheap because it invests your super in a mix of index funds (also known as exchange-traded funds) which simply track an index or market. So if low fees are your top priority, the Indexed Balanced fund offered by HostPlus is one of the lowest-fee options available for your super. AustralianSuper’s Indexed Diversified option also charges low fees at around $230 p.a. on a $50,000 balance, however it’s not as low as Hostplus.
If you want to be more hands-on with your super and design your own portfolio, you’ve got more choice with Hostplus than with AustralianSuper. Hostplus offers eight individual asset class options while AustralianSuper only offers five. The main difference is that Hostplus offers International Shares (Indexed) and International Shares Hedged (Indexed) as single asset classes that you’re able to invest in.
If you’re unsure how these different options work with your super fund, here’s a guide on superannuation investment options and how to choose between them.
How is the cost of my premium determined?
Both AustralianSuper Socially Aware and Hostplus Socially Responsible Investment Balanced avoid investments in fossil fuels, tobacco and gambling among many other harmful industries. Both fund are very transparent with their investments; both list their total fund holdings on their websites for you to see exactly which companies they invest in. Hostplus also lists the companies that it actively does not invest in.
These two ethical investment options have delivered very similar returns over the past three-year period, with Hostplus Socially Responsible Investment Balanced performing slightly better. However, Hostplus again charges higher fees for its ethical investment option than AustralianSuper does.
If you’re interested in investing your super ethically, you can compare these funds with a range of additional ethical super funds in our guide.
What is indexation and does it apply to life insurance?
Both AustralianSuper Socially Aware and Hostplus Socially Responsible Investment Balanced avoid investments in fossil fuels, tobacco and gambling among many other harmful industries. Both fund are very transparent with their investments; both list their total fund holdings on their websites for you to see exactly which companies they invest in. Hostplus also lists the companies that it actively does not invest in.
These two ethical investment options have delivered very similar returns over the past three-year period, with Hostplus Socially Responsible Investment Balanced performing slightly better. However, Hostplus again charges higher fees for its ethical investment option than AustralianSuper does.
If you’re interested in investing your super ethically, you can compare these funds with a range of additional ethical super funds in our guide.
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Disclaimers
Disclaimers
This is a model, not a prediction. Amounts and repayment periods are estimates only, actual amounts may be higher or lower.
- It applies to loans where your regular repayment includes both interest and the gradual repayment of the amount borrowed.
- Initial inputs will be displayed on the left hand side of the graph. Your ‘What if’ scenario (if applicable) will be displayed on the right hand side of the graph.
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Disclaimers
Disclaimers
This is a model, not a prediction. Amounts and repayment periods are estimates only, actual amounts may be higher or lower.
- It applies to loans where your regular repayment includes both interest and the gradual repayment of the amount borrowed.
- Initial inputs will be displayed on the left hand side of the graph. Your ‘What if’ scenario (if applicable) will be displayed on the right hand side of the graph.
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Disclaimers
Disclaimers
This is a model, not a prediction. Amounts and repayment periods are estimates only, actual amounts may be higher or lower.
- It applies to loans where your regular repayment includes both interest and the gradual repayment of the amount borrowed.
- Initial inputs will be displayed on the left hand side of the graph. Your ‘What if’ scenario (if applicable) will be displayed on the right hand side of the graph.
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Disclaimers
Disclaimers
This is a model, not a prediction. Amounts and repayment periods are estimates only, actual amounts may be higher or lower.
- It applies to loans where your regular repayment includes both interest and the gradual repayment of the amount borrowed.
- Initial inputs will be displayed on the left hand side of the graph. Your ‘What if’ scenario (if applicable) will be displayed on the right hand side of the graph.
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Disclaimers
Disclaimers
This is a model, not a prediction. Amounts and repayment periods are estimates only, actual amounts may be higher or lower.
- It applies to loans where your regular repayment includes both interest and the gradual repayment of the amount borrowed.
- Initial inputs will be displayed on the left hand side of the graph. Your ‘What if’ scenario (if applicable) will be displayed on the right hand side of the graph.
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Disclaimers
Disclaimers
This is a model, not a prediction. Amounts and repayment periods are estimates only, actual amounts may be higher or lower.
- It applies to loans where your regular repayment includes both interest and the gradual repayment of the amount borrowed.
- Initial inputs will be displayed on the left hand side of the graph. Your ‘What if’ scenario (if applicable) will be displayed on the right hand side of the graph.
