Edwina Maloney
AMP has launched North Protect, giving eligible clients a simpler way to access or transfer group insurance with as few as three yes-or-no risk control questions*.
Underwritten by TAL, North Protect brings group insurance together with super and investments on North, giving advisers flexible cover options and a streamlined way to help clients consolidate their existing insurance arrangements.
Edwina Maloney, AMP Group Executive, Platforms, said: “Advisers told us they wanted a simpler way to bring their clients’ super, investments and insurance together. North Protect gives them practical options to do that.
“For clients with super and insurance spread across different funds, consolidation can be complicated by the need to retain appropriate protection. North Protect gives advisers another option to help simplify those arrangements.”
Three pathways to cover
North Protect complements North’s existing retail insurance offer through:
- Standard Cover – providing eligible clients with access to straightforward death and TPD insurance through a small number of risk control questions. Cover automatically adjusts as clients age.
- Tailored Cover – offering fully underwritten death, TPD and income protection insurance for eligible clients requiring greater flexibility.
- Insurance Transfers – allowing eligible clients to transfer existing cover from another super fund. Transfer limits include up to $2 million in death and TPD cover and up to $20,000 a month in income protection cover, subject to risk control questions and eligibility requirements.
Eligible clients can also continue existing North Protect death cover when moving from a North or MyNorth Super account into the corresponding pension account. This continuation applies to death cover only, with cover ending at age 70, subject to policy terms.
Advisers can generate quotes, submit and track applications, and manage cover online through the AGI portal.
Gai Ferrington, AMP General Manager, Product and Pricing, said: “We know many advisers are looking for an easier and more practical way to help clients protect what is often their most valuable asset: their ability to earn an income.
“They also want greater flexibility in how they support different client needs, from straightforward insurance requirements through to more tailored solutions as clients’ circumstances change over time.
“North Protect has been shaped by that feedback, giving advisers more ways to support their clients’ protection needs.”
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