AMP’s new wealth protection offer reflects a changing world

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AMP has announced the addition of a range of enhancements and new product features to its award-winning insurance offer, Flexible Lifetime Protection (FLP).

AMP’s Head of Product On-sale for Retail Wealth Protection John Ashton said changing work patterns, family structures and business practices, as well as ever improving medical care, means insurance solutions need to be continually updated to remain competitive.

“We know the importance planners and advisers place on making sure their clients’ insurance cover stays relevant and up-to-date, which is why we continually work on developing enhancements to our insurance offer,” Mr Ashton said.

“In a world where not every client will be getting married in the traditional sense, we’ve adjusted our Guaranteed Future Insurability (GFI) feature to allow de facto couples to increase their cover more easily.”

GFI is a feature that makes it easy to increase cover at key times in a person’s life, such as having or adopting a child and becoming a carer for the first time, without having to provide any evidence of health status.

AMP has also changed its eligibility criteria for FLP’s in-built GFI for Income Protection and Temporary Salary Continuance, which will allow more people to access this feature.

Mr Ashton said this valuable feature was previously only available to people with a clean bill of health but recognising that we live in a world where not everyone enjoys perfect health, we’re now pleased to be able to offer this benefit to a broader range of customers.

“Medical procedures and diagnostic tests are rapidly changing, so we’ve enhanced the trauma definitions in FLP of certain conditions, such as Alzheimer’s disease, lung disease and hypertension, to reflect current medical practices and ensure we are using the most up-to-date medical intelligence when making a claim assessment,” Mr Ashton said.

“Australia has one of the highest rates of skin melanoma in the world, so AMP has enhanced its trauma payment definition to cover early forms of melanoma which will enable many clients to receive valuable financial assistance at an earlier stage of diagnosis.”

AMP has also unveiled service enhancements to make it easier for people to get the cover they need and easier for advisers to do business with AMP.

Mr Ashton said AMP has updated its medical and financial underwriting requirements for FLP, including removing the need for accountants’ signatures on most financial questionnaires and removing specialist medical examinations from the mandatory medical requirements.

The enhancements, which are now live, apply to Flexible Lifetime – Protection, Flexible Lifetime – Super and Flexible Lifetime – Flexible Protection. The changes apply automatically for new clients as well as for clients who currently have insurance under these products.

Mr Ashton added: “AMP continues to support and invest in its two wealth protection product lines, Flexible Lifetime Protection and Elevate, to ensure they offer flexibility, choice and competitiveness.”

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