AMP Announces Enhanced Cover and Simpler Applications
Responding to changes in the lifestyles of its customers and advances in medical care, AMP has announced enhancements to its Flexible Lifetime Protection (FLP) offering, one of its two lines of wealth protection insurance.
John Ashton, AMP Head of Product On-sale for Retail Wealth Protection, said that the changes allow AMP to offer solutions that are “relevant and up-to-date,” two qualities that advisers value when counselling their clients, and that the changes allow AMP to remain competitive in the marketplace.
Ashton cited “changing work patterns, family structures and business practices, as well as ever improving medical care” as the forces motivating AMP to make several specific enhancements to the FLP product line.
The company has made it easier to increase cover under FLP’s Guaranteed Future Insurability (GFI) provision, a feature that no longer requires insureds to provide evidence of their medical status. According to Ashton, “In a world where not every client will be getting married in the traditional sense, we’ve adjusted our GFI feature to allow de facto couples to increase their cover more easily.” Ashton sees the change as an enhancement that will be of particular value for people at times of key life events, like “having or adopting a child and becoming a carer for the first time.”
AMP has also adjusted the Income Protection and Temporary Salary Continuance features of GFI to accommodate a wider range of insureds. Previously, medical issues could make customers ineligible for those features, but perfect health is no longer a prerequisite.
In addition, AMP has expanded its trauma definitions under FLP, adding enhancements that cover hypertension, lung disease and Alzheimer’s disease, a move designed to offer insurance that better reflects modern medical practice.
Ashton singled out AMP’s enhancement of its melanoma definition so that earlier stages of the disease are covered. The change was made in light of the incidence of melanoma in Australia, which Ashton said was among the highest in the world.
In addition to those substantive changes, AMP has also simplified FLP’s financial and medical underwriting requirements. For most financial questionnaires, AMP will no longer require the signature of an accountant, and medical requirements will no longer include the need for examination by a medical specialist.
According to AMP, the changes will apply to new and existing insureds under three of the company's lines: Flexible Lifetime – Protection, Flexible Lifetime – Super, and Flexible Lifetime – Flexible Protection.
For more information about these products: