AMP enhances insurance platform
AMP has introduced new features to its AMP Elevate insurance platform to allow standard income protection plans in superannuation to link with plans held outside super.
A new inbuilt ‘buy back’ feature would allow customers to reinstate linked life insurance cover without the need to provide medical information 12 months after a total and permanent disability (TPD) claim.
In addition, customers would be able to take agreed value income insurance and pay most of the premium from their super account after linking standard income protection plans in super to plans held externally from super.
Customers would be able to apply for a TPD sum higher that their life insurance sum, insured through super.
AMP Director insurance proposition, Greg Johnson said the updates would increase AMP Elevate’s flexibility of services, as well as its market competition.
The enhancement would be available on new applications from 10 June.
AUTHOR
Hope William-Smith
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
