AMP has introduced new features to its AMP Elevate insurance platform to allow standard income protection plans in superannuation to link with plans held outside super.
A new inbuilt ‘buy back’ feature would allow customers to reinstate linked life insurance cover without the need to provide medical information 12 months after a total and permanent disability (TPD) claim.
In addition, customers would be able to take agreed value income insurance and pay most of the premium from their super account after linking standard income protection plans in super to plans held externally from super.
Customers would be able to apply for a TPD sum higher that their life insurance sum, insured through super.
AMP Director insurance proposition, Greg Johnson said the updates would increase AMP Elevate’s flexibility of services, as well as its market competition.
The enhancement would be available on new applications from 10 June.
