AMP Changes Are Good News For Life Insurance Buyers

AMP has revamped its offerings with an eye toward making the products more relevant for today’s consumers.

AMP's products now cover more medical conditions than ever before, and that’s good news for anyone looking for life insurance in Australia. More than 33 improvements have been made to the individual life insurance cover, including significant changes to trauma products. 

Most noteworthy among the changes is the addition of coverage for Type 1 and Type 2 diabetes to its premier and optimum offerings.

Since diabetes cases are increasing rapidly in Australia, adding coverage for this disease is essential, according to the company’s rationale. In fact, diabetes cases are increasing in number more rapidly than any other chronic disease in the nation.

As many as 275 Australians develop one of the forms of diabetes every day, according to AMP statistics. More than 3 million people in the country already have the disease or are pre-diabetic.

The addition of the disease to AMP’s trauma cover means consumers get a better level of protection.

In addition, this established company that is already involved in the financial security of millions of people now covers bacterial meningitis and meningococcal disease, fast-moving conditions about which many consumers are concerned. The additional coverage is yet another way the company is reaching out to a wider audience.

In situations where a person with a total and permanent disability policy dies without death cover, a new $10,000 payment has also been added, a further customer-orientated enhancement. 

An improved online claims service has also been implemented. That means less paperwork, better online accessibility and increased flexibility when a claim is required.

The company also made changes to its group insurance policies that will allow certain employees who hold personal insurance within flexible super plans to count when determining the automatic cover level for fund members.

All of the changes are intended to increase customer interest.

In an insurance industry increasingly concerned about managing costs, a company adding additional coverage may seem counterintuitive to some consumers. 

Still, the changes represent a significant improvement in AMP’s product offerings and brand, according to industry experts, and these changes could lead to an even stronger position for this industry leader.

To learn more about AMP’s products, speak to e Lifebroker consultant today.

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< Back 8 December 2011
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