AMP has announced upgrades to its award winning insurance offer, Elevate, with a focus on improvements for people working in the mining industry.
The enhancements, which go live on 21 May, will be launched today at AMP Expo 2012, the first in a series of nationwide expos for financial planners and advisers running throughout May.
AMP’s Director Retail Wealth Protection Michael Rogers said the enhancements mean AMP can offer an even more comprehensive and competitive insurance solution to more Australians.
“This is all about delivering on our promise to help advisers grow their risk business and making it easier for people to access the insurance they need,” Mr Rogers said.
“Through years of experience with the mining sector, we understand the important and varied roles that make up this diverse industry.”
AMP has reclassified Elevate’s mining occupations which will help advisers tailor their clients’ insurance solution to their specific job and its unique requirements.
“Reclassifying Elevates mining occupations is a reflection of the fact we recognise there are specific occupations where offering longer benefits are appropriate given the workers’ skills and experience,” Mr Rogers said.
“For certain skilled mining occupations, AMP is extending the benefit period to age 65, an enhancement from the standard five-year benefit period and the maximum monthly benefit amount will be increased for some occupations.”
AMP has also unveiled new medical and financial underwriting limits for Elevate to make it easier for advisers to do business with AMP and quicker and simpler for people to get the cover they need.
Mr Rogers said AMP has relaxed its medical requirements for underwriting so that in many cases people who apply for Elevate wealth protection will be able to get cover following the completion of a personal statement alone, without the need for blood tests and medical exams.
“We’ve also loosened Elevate’s underwriting requirements around financials so that where required a Statement of Advice and a Fact Find completed by a person’s financial adviser will replace the need for a financial questionnaire signed by the person’s accountant,” Mr Rogers added.
AMP’s SuperLink has been renamed FlexiLink and a new tool, PremierLink, is being introduced. Mr Rogers said the advantages of taking out insurance within super are well known but at claim time it can be difficult for clients to meet conditions of release and access their benefits.
“FlexiLink and the new PremierLink are simple tools to help advisers set up tax-effective and affordable structures for their clients’ insurance portfolio. The tools can help advisers ensure clients are in the best possible position to control costs at premium time, minimise their burden at tax time and access their benefits at claim time,” Mr Rogers said.
AMP Expo 2012 is a national product roadshow for AMP aligned and independent financial advisers and planners which will showcase AMP’s wealth management and wealth protection offers. The expos will take place in Adelaide (14 May), Perth (16 May), Brisbane (18 May), Sydney (21 May) and Melbourne (23 May). For more information advisers and planners can go to: www.ampexpo.com.au
Mr Rogers added: “AMP continues to support and invest in its two wealth protection product lines, Elevate and Flexible Lifetime Protection, to ensure they offer flexibility, choice and competitiveness.”