AMP’s Director Group Wealth Protection Rob Bergin said AMP Group Insurance builds on the strengths of the AMP and AXA stand-alone group insurance offerings and reflects a combined strong track record in helping businesses prosper and members protect their families.

“We had a look at what was working well in both operating models and are pleased to bring this new offer to the market,” Mr Bergin said.

“Group insurance plays an important role in the battle against underinsurance and AMP Group Insurance ticks all the boxes – competitive and flexible products, accessible underwriting and smooth administration and claims processing.

“AMP is now providing group insurance to more than 1.2 million Australians and in 2011 AMP paid almost $210 million in group insurance claims, giving us the scale and experience to cater for a diverse range of members.”

AMP Group Insurance has a range of enhancements and new product features available to new business, including automatic cover for new employees, under certain conditions. Mr Bergin said AMP Group Insurance offers Total and Permanent Disability cover and Salary Continuance when a non-work related illness prevents an employee from attending work on the their first day of eligibility for cover, usually the first day of work.

“AMP understands injury and illness can happen at any time. Providing cover for illness on day one will give people who are absent from work due to minor illness automatic insurance without the need for underwriting.”

This is in addition to immediate Death and Terminal Illness cover which AMP Group Insurance provides for all causes – work or non-work related health issues.

AMP Group Insurance brings together the superior features from the existing stand-alone AMP and AXA group insurance products, such as a minimum plan size of 10 and relaxing underwriting requirement for larger plans.

Mr Bergin said offering a low minimum plan size means AMP Group Insurance can fulfil the needs of small groups of employees and cater to the unique requirements of a selected group of employees within a bigger business, such as executives for which specific employee benefits need to be provided for retention or attraction purposes.

Underwriting requirements have been removed for the new AMP Group Insurance plans with more than 20 members for benefit increases of more than 30 per cent in 12 months, covering changes of employment such as receiving a salary increase or moving from part-time to full-time work. AMP Group Insurance is open now to new business.

The existing AMP and AXA-branded stand-alone group insurance products are now closed to new business. Mr Bergin added: “AMP will continue to review benefits provided to existing members on an ongoing basis to ensure their group insurance solution remains compelling and relevant. We will continue to work with advisers, brokers and research houses to deliver to the needs of our membership.”

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