AMP’s complete insurance range gets a makeover

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AMP has announced a range of enhancements to its wealth protection product range, responding to the changing way advisers do business by offering choice and flexibility.

The enhancements, which go live today, are being launched at a series of nation-wide roadshows for financial planners and apply to Flexible Lifetime – Protection, Flexible Lifetime – Super, Flexible Lifetime – Flexible Protection and AMP Elevate. 
 
AMP’s Head of Product On-sale for Retail Wealth Protection John Ashton said medical advances and new working practices are changing the way Australians live and AMP is improving its benefits to help cover more people when it counts.
 
“Through offering choice and flexibility, the suite of changes announced today will make it easier for planners to do business in tough markets,” Mr Ashton said.
 
People’s ability to save for retirement, even when they’re off work, will be boosted with clients now able to insure up to 15 per cent of their salary through a Super Contributions option.
 
Mr Ashton said this means people who contribute above the minimum default amount into their super will be able to get coverage for this through their income protection insurance.
 
To help people get back to work after illness or injury, AMP will now give people a bonus when they return to work.
 
Mr Ashton said AMP will pay people an additional benefit when they have received total or partial disability benefit and participated in an occupational rehabilitation program for at least three months to assist people with a return to work when they’re well enough.
 
Also announced today, AMP’s telephone underwriting service has been upgraded and opened up to all AMP Life insurance offers. 
 
Mr Ashton said AMP was the first to market with this service and its success for both planners and clients is clear with more than 50 per cent of applications using the service and, with this upgrade, we anticipate the usage to increase significantly.
 
“Now, no matter what AMP insurance a client applies for, they can access this important service that lets people complete their personal statement over the phone, at a time and place convenient to them with professional, experienced interviewers.
 
“AMP’s telephone underwriting provides a streamlined approach to completing the application form with the client and can mean quicker cover for clients while freeing up time for planners to focus on their core business.
 
“AMP has also enhanced the consolidated personal statement used within the Tele Personal Statement service which means that, for example, it’s possible for a lump sum insurance application to be completed in as little as 15 minutes. 
 
“The intuitive form expands with additional questions if more information is required, saving time during the application process.”
 
In response to Australia’s changing health practices, AMP’s trauma cover definitions have been updated. FLP’s heart attack and cancer definitions and Elevate’s cancer and major head injuries definitions have been enhanced, providing more comprehensive cover.
 
In line with the enhancements to the full payment definitions for cancer, partial payment definitions for melanoma have also been improved for both FLP and Elevate.
 
Other enhancements announced today include:
 
AMP Elevate 
AMP Elevate is one of the few insurance products that allows clients, via the PremierLink option, to split their income insurance plans in and out of super, for the best of both worlds – cost-effective premiums within super and quick access to full benefits outside super. 
 
PremierLink IP complements the existing PremierLink TPD and FlexiLink options which are also available via Elevate, providing flexible ownership structures across the full range of Elevate products.
 
AMP Elevate has increased the range of life events covered by the future insurability option.  This means that people can now increase their level of cover across more life events without the need for underwriting, such as when a child starts secondary school or when a student completes an undergraduate degree.
 
AMP Flexible Lifetime Protection  
AMP is automatically converting the Children’s Trauma option to Death Cover with linked trauma at age 16, without the need for underwriting.  Rather than converting to life cover only, children that have trauma cover linked to their parents insurance, will be eligible to continue their trauma cover and maintain this important protection.
 
Mr Ashton added: “Launching enhancements to AMP’s complete insurance range ensures both wealth protection product lines continue to offer flexibility, choice and competitiveness.”
 
The changes apply automatically for new clients as well as for clients who currently have insurance under these products.

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