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MLC

MLC

1.2 from 159 reviews · View Statistics
See the Best Retail Superannuation Funds in 2022 as rated by Australians on ProductReview.com.au.
Listing monitored by MLC

Reviews

  • Transparency
    1.3 (60)
  • Customer Service
    1.3 (65)
  • Insurance Options
    1.3 (37)
  • Income Protection
    1.3 (34)
  • Rates and Fees
    1.4 (48)
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Jim from Castle Hill
Jim from Castle HillBALLARAT
  • 14 reviews
  • 12 likes

MLC… simply not worth dealing with

published

I have dealt with MLC as both a customer, and as an IT consultant.

Perhaps in the past, say 1950s, they were a worthwhile company to insure with. But since the 1990s, there is simply “a bolt missing”.

Their I.T. systems are antiquated… it took me multiple phone calls to find a staff member that could use their aging internal system to update my address details.

The correspondence I get from them on my legacy whole-of-life policy is heavy on marketing, frequently redundant, and has little useful content.

In their latest bulk mailout correspondence to me, I was directed to contact an advisor titled an “MLC Life ORPHAN Advisor”. Wow. Orphan eh? Makes me feel like a really valued customer!

Transparency
3/5
Customer Service
1/5
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sam
samSydney, NSW
  • 52 reviews
  • 61 likes
  • Verified

Dishonest Organisation

published

I have had income protection and SMSF insurance with MLC. All I have to say I have been dealing with bunch of dishonest people and the company itself is not one of the worst but the worst company I have been dealing with. They have ripped me off big time by increasing premiums massively.

Transparency
1/5
Customer Service
1/5
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Elaine
Elaine Central Highlands and Goldfields, VIC

MLC Steal Your Money Via Exorbitant Fees

published

Superannuation paid in 2899.00
Fees deducted. 2398.00
Don’t bother with this company you could end up with nothing they will whittle your money away in fees
The rich getting richer on our money. Three years prior attempted to have MLC transfer funds to a industry superannuation company and MLC Refused to do so until their form was filled in and returned. enquired 3 times as to why MLC had not acted and was Informed firstly they had not received paperwork and then it was filled out incorrectly and they will not release the fund’s until correct paperwork was submitted.

Transparency
1/5
Customer Service
1/5
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Aaron
AaronMetropolitan Adelaide, SA
  • 5 reviews

Finally got there

published

After an extremely frustrating live chat experience I called & my consultant Douglas helped me exactly the way I needed. I know it would be tough as I’m actually ending my membership but Douglas only cared about what was right for me. Thank you Douglas!

Transparency
5/5
Customer Service
5/5
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Fred
FredSydney, NSW

Abysmal Service

published

Would not invest my money with MLC. After having invested with them for many years trying to withdraw my money is extremely difficult. I rang the company and after being transferred 3 times finally spoke to a person who knew what he was talking about. Promised to send out the withdrawal forms but they did not arrive in my e-mail. Had to ring two days later and finally got the forms. Also I have been informed it my take 4 months before I get my funds.

Transparency
1/5
Customer Service
1/5
Incentivised Review No
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Stuart Cloney
Stuart CloneySydney, NSW
  • 2 reviews
  • 1 like

Terrible Service

published

Have been with MLC a very long time, during COVID they took way to long to complete a roll over for me effectively voiding the policy and despite many calls and completing forms several times the team is now putting my back through underwriting.

Transparency
1/5
Customer Service
1/5
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  • Verified

Disgusting!!!

published

Nearly 2 years and I’m still waiting for them to make a decision on my valid tpd claim. Avoid them like the plague. They are liars and thieves. They keep collecting my money but won’t decide on my claim and make excuses! It was meant to be resolved 1.5 years ago. Still no decision. 5 drs agree with my tpd state. Yet they refuse to make a decision. Definitely avoid!!!! I paid for expensive insurance and basically they stole my money.

Transparency
1/5
Customer Service
1/5
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Next

MLC are hopeless

published

MLC are hopeless. Withdrew money from them 2 years ago and it was a big hassle providing all the info they required but we understood the requirements. We registered a Power of Attorney with them at the time and we also provided ID documents. We found we had one policy that we didn't withdraw, now they want all information again to withdraw that policy.

Transparency
1/5
Customer Service
1/5
Incentivised Review No
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Craig
CraigGreater Melbourne (Metropolitan), VIC
  • 23 reviews
  • 21 likes

Terrible.

published

Have been trying to role over to another fund. Have provided then with my details and tax file number...nothing...they have a copy of court orders from a divorce...nothing.....I refile the roll over form and include a statutory declaration and nothing but a letter saying I need to provide my information to them yet again. But oh wait they are happy to send me endless letters talking their product up. Cut the delaying tactics.....give me my money. Just reading a view reviews on here should be obvious to not deal with them. It's a pity as MLC has been around a long time... But then again so had AMP.

Transparency
1/5
Customer Service
1/5
Incentivised Review No
Similar opinion? Write a review on ProductReview.com.au!
Retail Superannuation Funds

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Slow to resolve their error

published

Mlc closed my super account as a result of an error by them. I have consistently requested it be reopened. During the last 6 weeks there has been no clear answers from mlc. Be cautious if dealing with mlc

Transparency
1/5
Customer Service
1/5
Incentivised Review No
Similar opinion? Write a review on ProductReview.com.au!
Niranjan
NiranjanTasmania

WORST INSURANCE

published

I have been with them since 6 years and my credit card was lost.They didnt even bother sending me an email or phone call.But claims to have sent a post which I did not get it.They just simply cancelled it.My question is if they can send their silly ADVERTS in email why not this pressing matter?never with MLC again.

Transparency
1/5
Customer Service
1/5
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Bob Warburton
Bob WarburtonMildura
  • 13 reviews
  • 8 likes

Appalling Customer Service.

published

About ready to leave this lot."Mediocre" is the best word I can think of.Cannot contact them at any time and they do not return calls. Are or have moved off shore. More than obvious NAB are involved with this lot.3rd World country banking.

Transparency
1/5
Customer Service
1/5
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Retail Superannuation Funds

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Unhappy customer
Unhappy customerPerth
  • 4 reviews
  • 8 likes

Waste of money

published

I have mortgage insurance and I am attempting to cancel it because it’s a waste of money. I called today and was transferred three times and placed on hold for 20 minutes to get a guy who tried to help although didn’t have the training to assist. On Monday at 10am supposedly there is no one available within the company that can help me cancel the insurance. They are available immediately to take my money, but when I need help or want to cancel…. Crickets.

Transparency
1/5
Customer Service
2/5
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Tim P
Tim PMetropolitan Adelaide, SA
  • Verified

Disaster - execs should be investigated

published

I’ve had super in MLC for 20 years. My balance has barely moved compared to market in that time. I have 59k. How is this even possible? When the market has increased so much in 20 years.

Transparency
1/5
Customer Service
1/5
Similar opinion? Write a review on ProductReview.com.au!
Jon
JonSouth East Queensland, QLD

Exorbitant increases, furtive service

published

I have been with them for nearly 20 years, be aware that as you get older life cover increases exponentially, no communication, no will to negotiate.
TPD cover equally misleading policy detail.
Never will I deal with this company again.

Transparency
1/5
Customer Service
1/5
Similar opinion? Write a review on ProductReview.com.au!

Questions & Answers

JohnK
JohnKasked

We do not have much in Super ... we are both pensioners but have always been self employed. We had everything in MLC Navigator retirement plan.
We had around $260000 between us & recurve an income stream of $1300/ month
Just received statements we are down
$37000 since Nov 2019!
Is this normal or bad management?

1 answer
Pedro B.
Pedro B.
Smithy
Smithyasked

What are your fees on $600.000. and your returns for the last 5 years please

1 answer
Pat H.
Pat H.asked

Has anyone had any success claiming back their principle investment with mlc master key super?

No answers
See all MLC questions

Get an answer from our members and MLC representatives

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