In a gesture which has been welcomed by financial advisers, AMP Limited has signalled some case by case flexibility for clients doing it tough in the face of COVID-19.
In a message to advisers and clients, AMP has urged them to make contact with respect to any concerns they might have and added that it could suspend insurance premiums on special request.
Money Management has sought greater detail from AMP around the circumstances under which insurance premiums will be suspended.
The messaging from AMP is consistent with a message from the company’s chief executive, Francesco De Ferrari pointing out that people with AMP insurance policies were covered if they were infected with COVID-19.
“…all our customers are eligible for coverage 24 hours a day, anywhere in the world – regardless of travel warnings – so long as they meet the terms and conditions of their policy,” it said.
However, it was much more specific about COVID-19 and income protection policies.
“Income protection policies are intended to cover you if you can’t work due to illness or injury. The cover of a policy is based on the impact an illness/injury has on an insured person, not the illness itself,” the AMP messaging said.
“If you're eligible to lodge a claim, it will be assessed alongside the terms and conditions of the policy and will include an assessment on whether the impact of the coronavirus on your health has caused you to be impaired and/or unable to work.”