AMP was awarded the Outstanding Value Insurance – Trauma Award, the same award it picked up last year. 

AMP’s Head of Technical Strategies for Retail Wealth Protection Chris Kirby said we have worked hard at getting the balance right with our trauma product range. 

“To create quality and cost effective choices, we have adopted a modular approach,” Mr Kirby said. 

“Trauma Optimum has 50 conditions for which the full sum insured is payable.  Then, based on need and affordability, the customer can choose to add 23 partial conditions, children’s cover, trauma reinstatement, buy-back and premium waver. 

“Our focus remains on ensuring existing customers’ cover remains competitive and contemporary and they receive the benefit and security of having their cover automatically enhanced without a pre-existing conditions exclusion.” 

CANSTAR’s Head of Research Chris Groth said for the second year in a row, its research showed AMP Life as offering outstanding value trauma insurance for both Standard and Optimum products. 

“The biggest trauma claims in Australia are cancer and heart attack and AMP Life excels in these areas, as well as being flexible with acceptance of new and ever-changing methods of medical diagnosis,” Mr Groth said. 

“AMP Life has kept its premium prices on trauma products low which is a measure of the strength of AMP and the life insurance industry in Australia.” 

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

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A further 14.8 per cent of planners cited low awareness of products and services as the primary barrier to women seeking financial advice.

AMP Head of Technical Strategies Wealth Protection Chris Kirby said the industry is still seeing women shy away from financial advice until later on in life, leaving them open to a number of financial risks.

“In some cases, women take care of the day-to-day financial management of their household, but aren’t involved in making major financial decisions with their partner. They often put their family or partner’s needs first, neglecting their own.

“Many women wait until they are older to seek financial advice, by which time the path to financial security has become more difficult,” Mr Kirby said.

Despite the barriers to seeking financial advice, AMP Financial Planner Claire Esmond said over half of her clients are female.

“I always encourage women to ensure they are in control of their financial futures by taking an active role in educating themselves and making financial decisions.

“Talking to a financial planner is a good starting point for building this knowledge. Whether single or in a relationship, it’s important for each individual to ensure they have a solid understanding of financial products and services,” Ms Esmond said.

Mr Kirby said the industry is looking at ways to improve the financial literacy of all Australians and promote the value of financial advice.

“It’s important that the financial services industry looks at ways to improve the financial literacy of all Australians. Lack of awareness of the value of financial advice or the specifics of financial products isn’t a gender-specific issue,” Mr Kirby said.

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