AMP makes changes to insurance cover
AMP has made several additions to its insurance offering as it works to stay ahead of the ever-changing work patterns, family structures and business practices of Australians.
Under the new Guaranteed Future Instability feature, the Flexible Lifetime Protection (FLP) plan now allows de facto couples to increase their cover more easily, according to AMP.
The addition also makes it easier to increase cover at key times in an individual's life - such as having a child - without having to provide any evidence of health status.
"Medical procedures and diagnostic tests are rapidly changing, so we've enhanced the trauma definitions in FLP of certain conditions (such as Alzheimer's disease, lung disease and hypertension) to reflect current medical practices and ensure we're using the most up-to-date medical intelligence when making a claim assessment," AMP head of product on-sale for retail wealth protection John Ashton said.
In addition to the policy changes, Ashton said AMP has removed the need for accountants' signatures on most financial questionnaires and has removed specialist medical examinations from the mandatory medical requirements.
The changes apply to Flexible Lifetime - Protection, Flexible Lifetime - Super, and Flexible Lifetime - Flexible Protection. They also apply automatically for new clients and existing clients who have policies under these products.
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