MLC Life has guaranteed it will not increase premium rates for retail life insurance customers until at least October 1 next year.

The commitment relates to MLC Insurance, MLC Insurance Super, Protectionfirst, Personal Protection Portfolio and Life Cover Super retail customers.

Chief Customer Officer of Retail Advised Insurance Melissa Heyhoe says the guarantee is about making policies as affordable as possible.

“We are proud of the fact we’ve been able to keep premiums low against our competitors in recent times, and we are confident we can hold our premium rates for all cover types at the current levels in future,” she said.

The pricing guarantee extends to premiums payable by new customers from last Monday.

MLC Life will guarantee their premium rates until January 1 2020 and limit rate increases to a maximum of 10% until January 1 2022.