Insurance blunders - don't deal with them
Just like to weigh in with my opinion of MLC in that their credit card insurance is as bad or worse than their superannuation packages mentioned here. Enough loopholes to keep a circus act going for a long while.
Believe they may have been successfully sued over selling people bogus insurance with major banks too recently.
MLC Just Thieves
They are the most dishonest company we have ever dealt with. They keep increasing their fees by at least 20% a year. If you opt out you've lost everything you have contributed. Talk about bad advice, the policy was supposed to be a maturing policy not a death only, absolutely pulled the wool over our eyes. If you go with MLC you need psychiatric help.
- Verified customer
Fees, bad advise and lies. A must read if you want to invest with nab or mlc
As I was a NAB customer for some ten years I thought that trusting my retirement funds with an Australian company as large as NAB was a good choice. I could not have made a worse choice if I tried.
I met with a NAB 'financial adviser' just prior to my retirement and discussed all my financial details and my desired outcomes. The advise I received was that they will take all my funds that was well over the purchase cost of a very good house in a very good suburb and will manage these funds with the promise of excellent management f my retireme...
FEES, FEES and more FEES - MLC Super.
Just walked away from MLC after 17 years. Fees and more fees every month - much higher than an industry super fund. An advisor fee every month of over $175.00 then when advice is received once a year I had to pay additional thousands. No service - just fees.
Employer signed me up by default for about last 2 years. I have never seen so many different fees on a statement, meanwhile offering no investment growth. Online services lacking, they didn't respond to changes in investment option and the only way to cancel insurance is over phone.
PS: funds can now sign you up for TPD and Death insurance without your consent or even notification. You have to activley cancel if you don't want it, some make it as difficult as possible to do this.
They charge administration fee every month
I have been with MLC since last year August. When I opened my superannuation account with them, they didn't tell me that there will be a monthly charge of an administration fee. They can't chase who paid me superannuation. My tiny super money already has half left now.
MLC super Poor performance
I have been with this fund since 1994 and in the early years returns were ok but compared to other retail funds performed well down the list. This last year performance was woeful and particularly since July 2018 recorded a negative 2.5% return.!!!! Then there are the fees - high admin and advisor fees for no service. Then when I changed the composition to the Horizon type (for growth) I later found out that this fund was created on borrowings with my account debited with $15000 ( my capital was reduced by this amount.). If I could change I would but I am trapped. The only conclusion I can reach is that this Fund is a cash cow for NAB - customers come a sad last.
MLC Masterkey Superannuation Retirement Fund
An NAB Financial Adviser suggested MLC was my best option for my retirement plans. I invested a lot of money on her advice, I was advised the cost for her services would be $2500.00, it was closer to $3000.00, however that isn’t my gripe. What I wasn’t told was there was an advisory service fee, oh yes they snuck that one in. I blame myself for not monitoring my investment, however once I did, I noticed every month $208.33 was being debited for Advisory Service Fee, so since January 2018 to November I’ve been debited over $2000.00 for yes you g...uessed it, NO SERVICE ! Rang MLC they said I need to contact NAB, which I did of course. The original adviser from NAB left months ago, so her replacement was now getting this fee, and for what ? I received the usual spin you get, I was speechless, and demanded a refund. This is still under review from some resolution team within NAB. My savings are dwindling, and I wan furious, Once possible I will take all my money out, and find somewhere that isn’t ripping me off. Shocking service, no transparency on hidden fees, the Banks are still ripping us off.
Worst service ever
Followed up a refund today 6 weeks after I was told it would turn up in 3-4 weeks. After speaking to three different people and on hold for more then 30 minutes during this time finally have been told It has just been processed today. I doubt this would have happened if I hadn't called. When i first contacted MLC 6 weeks ago spoke to 7 different people over a five day period and got 7 different answers. the company is the worst second only to centrelink.
Retired NAB staff member ripped off.
Retired in April and new retirement plan was delayed until Oct.Had to pay an unreasonable fee for plan not suited to my future needs.Planner fought hard to retain my money not in my best interests.Whose I wonder?? Having investigated the super and pension accounts recommended by Senior financial planner found exhorbitant fees had been charged over the years. Concluded that fees a lot less in Plum. Do not leave your retirement super funds with MLC you will run out of money.After 29 years with NAB the lack of service provided by MLC was marred somewhat by what I considered a fantastic career.
WORST COMPANY IN AUSTRALIA
Unfortunately, I have been with MLC for over 3 years and since then I just have issues and wasting my time. The company I was working for didn' provide my full name and since then it has been a nightmare. I can't do anything because they need me to proof my change of name which they only accept if you got married in Australia (which I didn't). Everything has to be posted by mail (which year they are???) and even when I offered to handle it in person because of their office and PO BOX its cross street from where I am, they still want me to post ...it. They have the worse process to help you, but when comes to a company to set you with them, they don't even bother to ask for a photocopy of an id to confirm the person they are setting up exist. Basically they want your money to go there and don't help you at all. If you are thinking to join them, re-think. I had over 15 phone calls and documents sent to them during those 3 years with the hope this would be sorted and keep having issues. No more. I am moving to somewhere else.
I have lost trust and faith!!!!
MLC life insurance--Sadly, at the time I was asked to sign a really important health insurance documentation I was suffering from clinical depression following a bout of glandular fever. At the time I was still working and managing a family. While I was unwell I was asked to sign documentation allowing MLC to deduct double the base premium. They did not inform me at the time that someone with clinical depression is twice as likely to suffer a heart attack or develop cancer -that was news to me when I enquired about the high premium. I am proact...ive in regards to my health. I am diligent about my diet and sport and physical activity are a big part of my life. My condition improved however, I neglected to tell MLC this. Consequently, they continued deducted the large premium from my account. They intimated that I was the idiot who should have been managing this. To date I have given MLC $50,000. I feel really sad that I allowed this to happen, however, apparently I am in the wrong. Am I really???
Stay far away from this mob
These thieves skillfully drained half of my super account by forcing on me their "opt out only" junk disability and death insurance with premiums that balloon out at over $1300 per year, yet I could never qualify to make a claim or get any benefit for. The super trustee has a duty to look after your superannuation for retirement, but not these guys, they're happy to have your funds dwindle away to nothing via this disability death insurance scam. MLC you guys belong in jail.
Real crap lousy insurer
My hubby was with Nab bank n he was put on funeral insurance with MLC where he pays $40 a wk n if he dies, we can claim only $5,000 for funeral expenses. The amount paid over the years already amounted to $11,500 n wen we tried to surrender the policy we were rudely told we can't, only his estranged son (Not on speaking terms for 25 yrs,) can do it. We told MLC we wouldn't pay the weekly premiums anymore yet they kept sending us a reminder that fees are due. Only after we wrote in big red pen "Not interested, u cheated us enuf" did MLC finally get the message! Real CHEATS!
This mob have drained what little super I had in an employer started account for some temp work with unsolicited premium for TPD. I never received a welcome package or signed any paperwork for them to even allow them to accept my contributions let alone insurance premiums. I received a check the other day for $7.52, what a joke, they may as well of taken the lot. Would love to see some these high flying prickles go to jail and do some time. Theft is theft and these mongrels are good at. Beware if your employer or future employer uses this company, very dodgy, steer clear.
NEVER use MLC...The are the most useless, corrupt, complicit, lying, incompetent, pathetic, thieving, dishonest 'company' that I have ever dealt with. After they took almost $40'000 in life insurance premiums from my super, I made a claim for IP and TPD. Had the IP rejected, although I have now been diagnosed with 3 medical conditions. The claim has spanned over a year, and I swear, I dont know how the business operates? (oh thats right...Its owned by a big Australian bank). Dealing with the employees with MLC, I can only say, I have never ...dealt with more incompetent people in my life. Losing documents, never returning phone calls, not understanding medical documents...on and on.....and during the claim, they closed my insurance as they had drained my super fund. Lets go social media, main stream media, insurance council of Australia, Financial ombundsman, Lawyers,Internal complaints and The Royal commission into the financial industry.
I had around 26000 AUD with them since 2015, nothing was added to that in last 4 years and they just took massive fees off my account. An example, without my consent or knowledge they'd insured me for death and disability for a premium about 1600 $ per annum. The falsely say the return is 9 % but there was absolutely no return on my investment. Im going to sue them for misleading people. Stay away from this company they are being investigated by royal commissioner for their suspicious conduct.
Questions & Answers
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?
Looking to change super funds sick of MLC
Sunsuper is pretty good but check your strategy dont stay on the default plan wherever you go. MLC defaults me to year one rates but how can they steal a lifetime annuity from Philip Morris Employees?? I couldnt even update my income even though I was actively at work at time of claim. Oh yah Club Super is awesome but check the industry your in they may have a fund just for your industry, they are the best and if you dont change your policy right away update your income, if they actually process it!!! :( I hope they rot in hell
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