AMP elevates insurance offering
AMP this week announced upgrades to its Elevate insurance offering, with a particular focus on people working in the mining industry.
The company said the enhancements to the product would go live next week, with AMP director of retail wealth protection Michael Rogers saying they meant the company could offer a more comprehensive and competitive insurance solution to more Australians.
AMP has reclassified Elevate's mining occupations - something which it claims will help financial advisers tailor their clients' insurance solution to their specific job and its unique requirements.
"Reclassifying Elevates mining occupations is a reflection of the fact we recognise there are specific occupations where offering longer benefits are appropriate, given the workers' skills and experience," Rogers said.
"For certain skilled mining occupations, AMP is extending the benefit period to age 65, an enhancement from the standard five-year benefit period and the maximum monthly benefit amount will be increased for some occupations."
He said AMP has relaxed its medical requirements for underwriting so that in many cases people who apply for Elevate wealth protection will be able to get cover following the completion of a personal statement alone, without the need for blood tests and medical exams.
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