MLC Life Insurance has launched a new line of income protection (IP) insurance products, offering what it says is “the right balance between benefits and affordability” for consumers.

The insurer says the Income Assure and Income Assure+ range of cover options has been designed to cater to specific needs and budgets and will be offered as part of MLC Insurance and MLC Insurance (Super).

The rollout of the products last week came as new Australian Prudential Regulation Authority (APRA) measures aimed at improving the sustainability of the IP market started this month.

IP products have lost billions in the last several years, forcing the prudential regulator to introduce the sustainability measures and other actions in a bid to stem the deteriorating situation.

“Our research shows that customers value income protection as a product, but the sobering reality is that the traditional offers in the market have not been sustainable,” Chief Life Insurance Officer Michael Rogers said.

“This needs to change. We believe these products strike the right balance between benefits and affordability.”

According to MLC research, customers want greater flexibility of the conditions included in their policy and advisers want products with greater certainty of future premiums, underpinned by more choice and options.

MLC says the new IP offerings enable most customers to have the maximum sum insured allowable, supported with premium stability and product sustainability.

The insurer will host a series of webinars to help financial advisers learn about the new products from Thursday.

Click here for the webinar registration details.