AMP has announced new features and improvements to its life insurance platform to give advisers and customers more choice and flexibility.
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.
Leaders in financial services have the opportunity to widen their moats against upstart competitors. ...
The advice industry is currently in a budding phase but will “bloom in the next three to five years”, according to a new white paper. ...
ASIC has banned a Melbourne-based adviser from providing financial services and performing any function in a financial services business for six years...