AMP has launched a series of new features and improvements to AMP Elevate insurance, giving advisers and customers more choice and flexibility when it comes to life insurance.
Standard income protection plans in super can now be linked to plans held outside super, allowing customers to take agreed value income insurance while paying most of the premium from their super account.
A new inbuilt ‘buy back' feature will allow customers to reinstate linked life insurance cover 12 months after a TPD claim without providing additional medical information.
AMP Director Insurance Proposition Greg Johnson said the enhancements are all about making AMP Elevate even more flexible and competitive.
To ensure we help customers keep their cover contemporary, options can be added to existing AMP Elevate insurance plans, giving advisers the ability to alter a customer's cover without them needing to take out a new plan.
Customers can also now apply for a TPD sum insured higher than their life insurance sum insured through super. This is especially important for people without dependents who may value higher TPD coverage over the need to leave a legacy behind.
The AMP Elevate Product Disclosure Statement has been simplified and policy documents are now incorporated into the PDS so all important information is in one place.
Mr Johnson added: "We're delivering on our promise to help advisers grow their risk business while making it easier for people to access the insurance they need."
The enhancements are available for new applications from 10 June 2017.