MLC… simply not worth dealing with
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!
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.
MLC Steal Your Money Via Exorbitant Fees
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.
Finally got there
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!
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.
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.
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.
MLC are hopeless
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.
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.
Slow to resolve their error
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
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.
Appalling Customer Service.
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.
Waste of money
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.
Disaster - execs should be investigated
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.
Exorbitant increases, furtive service
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.
Questions & Answers
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?
A combination of extremely bad management, bad investment choices, over paid brokers, high fees, etc.. If I was you I would get my money out as fast as you can. They are a sinking ship. The NAB ...
What are your fees on $600.000. and your returns for the last 5 years please
-$100,000 and your sanity. These people literally are the devil. Forged documents. Stolen pension annuity and given to my employer. $120,000 annual salary and git 30,000 and a year and half off work. ...Some income protection if I had kept my member number to myself I would have defaulted to my employer default Fund with MLC!!! At 85%. Royal commission they have not refunded anything, or and to answer your question -1.7% earnings date when I started and charged me $1600 in fees on $4000 in super. Doubled my premiums while Ive been in claim and dont forget the 90 days waiting period and no other benefits...
Has anyone had any success claiming back their principle investment with mlc master key super?
Get an answer from our members and MLC representatives
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