AMP has made improvements and added new features to its life insurance platform in order to give advisers and customers more choice and flexibility.
A new inbuilt ‘buy back’ feature within the AMP Elevate insurance platform will allow customers to reinstate linked life insurance cover 12 months after a TPD claim without providing additional medical information, AMP said in a statement.
Standard income protection plans in superannuation can now be linked to plans held outside super, allowing customers to take agreed value income insurance while paying most of the premium from their super account.
In addition, the AMP Elevate product disclosure statement (PDS) has been simplified and policy documents are now incorporated into the PDS so all important information is in one place.
AMP director for insurance proposition Greg Johnson said the enhancements are all about increasing flexibility and competitiveness.
“To ensure we help customers keep their cover contemporary, options can be added to existing AMP Elevate insurance plans, giving advisers the ability to alter a customer’s cover without them needing to take out a new plan,” Mr Johnson said.
“We’re delivering on our promise to help advisers grow their risk business while making it easier for people to access the insurance they need.”
The enhancements will be available for new applications from 10 June.