MLC Life Insurance announced today a series of changes to its line of retail income protection (IP) products that are aimed at improving the quality of coverage.

The insurer says Income Replacement Ratios (IRRs) for both Income Assure and Income Assure+ will be raised for customers with higher incomes so they can insure a greater portion of their earnings.

For Income Assure+, the insurer will use an “Own Occupation” assessment for clients with a five-year benefit period for the duration of the claim.

MLC says the upgrades, which take effect today, are in addition to other Income Assure+ features such as an income replacement ratio of up to 90% for six months post claim if customers select the “Booster” option.

“Informing the design of our products is extensive customer, adviser and licensee research,” Chief Retail Insurance Officer Michael Rogers said.

“Advisers want to provide their customers with greater flexibility and options in their policy, including higher income replacement levels and greater certainty of future premiums.

“The upgrades we are making now further enable our ability to provide quality protection to Australians.”

MLC launched Income Assure and Income Assure+ on October 1 last year, after new Australian Prudential Regulation Authority measures aimed at improving the sustainability of the IP market started that month.