AMP wealth protection gets makeover

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AMP has announced a makeover of its insurance range, saying planners will now find it easier to do business in tough markets.

AMP’s head of product on-sale for Retail Wealth Protection, John Ashton, said medical advances and new working practices were changing the way Australians lived, and the changes were to keep up with this.

Clients will be able to insure up to 15% of their salary, so those who contribute above the minimum default amount will be able to get coverage through their income protection insurance. The bank will also give clients a bonus when they return to work after illness or injury.

Ashton said AMP will pay people an additional benefit when they have received total or partial disability benefit and taken part in an occupational rehabilitation program for at least three months.

In response to Australia’s changing health practices, AMP’s trauma cover definitions have been updated. FLP’s heart attack and cancer definitions and Elevate’s cancer and major head injuries definitions have been enhanced, providing more comprehensive cover.

In line with the enhancements to the full payment definitions for cancer, partial payment definitions for melanoma have also been improved for both FLP and Elevate.

Other enhancements announced include:

AMP Elevate

AMP Elevate allows clients, via the PremierLink option, to split their income insurance plans in and out of super. 

Elevate has increased the range of life events covered by the future insurability option. Clients can increase their level of cover across more life events without the need for underwriting, such as when a child starts secondary school or when a student completes an undergraduate degree.

AMP Flexible Lifetime Protection

AMP is automatically converting the Children’s Trauma option to Death Cover with linked trauma at age 16, without the need for underwriting.  Rather than converting to life cover only, children that have trauma cover linked to their parents insurance, will be eligible to continue their trauma cover and maintain this important protection.

Ashton added: “Launching enhancements to AMP's complete insurance range ensures both wealth protection product lines continue to offer flexibility, choice and competitiveness.”

The changes apply automatically for new clients as well as for clients who currently have insurance under these products.