According to a statement, 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
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, the statement said.
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.
“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, the statement said.” Since when is this new? I have written this AMP policy configuration for
years.
UNLESS you mean that Indemnity IP plans wholly held in super can have an IP fraction held outside super attached to them making the combination into an Agreed Value policy. If this can be done will the renewed Indemnity fraction be subject to a policy increase of up to 30.5% if it is Level premium?
Ask the question WHY arnt all AMP policys moving to Elevate?no commission?
Funnily enough they are apparently offering in-house advisers commission to rewrite legacy products to new products haha (what even is best interest duty).
Has the staff reporter misread the AMP press release. Buyback OF LIFE COVER AFTER A TPD payout is always available WITHOUT MEDICAL ASSESSMENT
If AMP HAS BEEN GETTING AWAY WITH THIS, WHAT ARE OUR RESEARCH HOUSES DOING