MLC has cut stepped life and total and permanent disability insurance premiums by 15% for new customers.

The rate reduction, from today, will also apply to clients aged 45 and over on the MLC Insurance and MLC Insurance (Super) products.

MLC will also reduce stepped premium rates on these products for new and current customers aged 40-44. They will receive a 2.5% cumulative rate cut each year up to age 45.

EGM Insurance David Hackett says the rate cut for older customers on stepped premiums produces a significant saving.

“This will help more Australians keep life insurance for longer, which is an important component in helping to save for retirement.

“[This] announcement represents the next step towards delivering on our goal of making life insurance more affordable and accessible for more Australians.”

Mr Hackett says the move makes MLC more competitive in the market. “We are confident these changes, which [follow] our partnership with Nippon Life and our recent innovation with MLC On Track, will be well received by advisers and customers.”