MLC Life Insurance has announced its direct-to-consumer life insurance product, NAB Essential Life, will be made available through NAB’s 760 branches in a move to expand its distribution.
The product will be available online, over the phone, and now through NAB branches and will be available for customers to purchase “without the need to consult a financial adviser or planner”, MLC said yesterday.
This national launch follows NAB’s October sale of 80 per cent of MLC Limited – which operates the MLC life insurance business – to Japan’s Nippon Life Insurance Company.
MLC Life Insurance chief customer officer of bancassurance, digital & direct, Anand Thomas said, “The introduction of the Essentials range is a tangible example of how MLC Life Insurance and NAB are working together to make life insurance more accessible.
“Our strategic partnership with NAB provides us with access to one of the largest distribution networks in the industry and we’re proud to be supported by a bank that believes in the value of protection.”
NAB Essential Life offers cover of up to $1 million with no medicals required, MLC said. Customers are provided with an “instant decision” by answering a few questions, and they can be immediately covered from the time they leave the branch or hang up the phone, the statement said.