AMP has introduced big changes to its insurance range in response to the changing way advisers do business.
The changes, which go live today, will apply to new and existing clients of Flexible Lifetime – Protection, Flexible Protection and Super products, as well as AMP Elevate.
Clients will now have the ability to insure up to 15 per cent of their salary through a Super Contributions option, meaning people who contribute above the minimum default amount into their super will be able to get coverage for this through their income protection insurance.
Another change includes bonus payouts when clients return to work after an illness or injury. Furthermore, additional benefits will be paid when clients have received a total or partial disability payment and participated in an occupational rehabilitation program for at least three months.
Head of product on-sale for retail wealth protection John Ashton said the enhancements would make it easier for planners to do business in tough markets, after new work practices and medical advances have changed the way Australians live.
Ashton also announced the upgrade to AMP's telephone underwriting service, which is now opened up to all AMP Life insurance offers.
"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," Ashton said.
Heart attack and cancer definitions have been changed, as well as the full payment definitions for cancer.
"Launching enhancements to AMP's complete insurance range ensures both wealth protection product lines continue to offer flexibility, choice and competitiveness," Ashton added.
