Newly-launched improvements to AMP's life insurance offering are aiming to give advisers and customers greater flexibility and choice.
To ensure customers' cover stays contemporary, AMP director of insurance proposition Greg Johnson said options can be added to existing AMP Elevate insurance plans, giving advisers the ability to alter a cover without the need to take out a new plan.
One of the new features includes linking members' standard income protection plans in super to plans held outside superannuation. This enables having an agreed value income insurance while most of the premium can be paid from the member's super account.
In another improvement, a new in-built 'buy back' feature allows customers to reinstate linked life insurance cover 12 months after a total permanent and death (TPD) claim without providing additional medical information.
Customers can also apply for a TPD sum insured higher than their life insurance sum insured through their super.
This is especially important for people without dependents who may value higher TPD coverage over the need to leave a legacy behind, Johnson added.
The enhancements will help advisers grow their risk business while making it easier for people to access the insurance they need, he said.