AMP launches combined group insurance offer
AMP has announced its first combined offer with AXA, with the launch of AMP Group Insurance.
The existing AMP and AXA stand-alone group insurance products are now "closed to new business", according to a statement from the company.
AMP director for group wealth protection Rob Bergin said the new offer took what was working well in both operating models.
This includes automatic cover for new employees under certain conditions, total and permanent disability and salary continuance cover for illness on 'day one', a minimum plan size of 10, and relaxed requirements for larger plans.
"Underwriting requirements have been removed for the new AMP Group Insurance plans, with more than 20 members for benefit increases of more than 30 per cent in 12 months, covering changes of employment such as receiving a salary increase or moving from part-time to full-time work," according to AMP.
Bergin said a low minimum plan size meant AMP could fulfil the needs of small groups of employees and also cater to the "unique requirements" of a selected group of employees within a bigger business.
"AMP will continue to review benefits provided to existing members on an ongoing basis to ensure their group insurance solution remains compelling and relevant. We will continue to work with advisers, brokers and research houses to deliver to the needs of our membership," he said.
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
