AMP launches new insurance product

AMP has launched North Protect, a new insurance offering designed to make it easier for eligible clients to consolidate group insurance with their superannuation and investments on North.

Underwritten by TAL, North Protect provides advisers with multiple pathways to cover, including limited-underwriting options requiring as few as three yes-or-no risk control questions.

AMP group executive, platforms Edwina Maloney said advisers had been seeking a simpler way to bring clients' financial and insurance arrangements together.

"Advisers told us they wanted a simpler way to bring their clients' super, investments and insurance together. North Protect gives them practical options to do that," Maloney said.

The offering provides three pathways; standard cover, tailored cover and insurance transfers.

Standard cover provides eligible MyNorth and North Super members with death or death and total permanent disablement (TPD) insurance following a limited underwriting process involving health and lifestyle questions. Cover is structured on a life stages basis and adjusts as clients age.

Tailored cover provides a fully underwritten death, TPD and income protection insurance, with cover amounts able to be adjusted to individual circumstances.

The Insurance Transfers option allows eligible clients to transfer existing group cover from another super fund, subject to eligibility and risk control requirements. Transfers are available up to $2 million in death and TPD cover and $20,000 a month income and protection.

Eligible clients can also transfer existing group cover to North Protect with limited underwriting, potentially helping advisers consolidate insurance arrangements without requiring full underwriting.

AMP general manager, product and pricing Gai Ferrington said the offering has been developed in response to adviser demand for greater flexibility.

"We know many advisers are looking for an easier and more practical way to help clients protect what is often their most valuable asset: their ability to earn an income," Ferrington said.

Advisers can quote, submit and track applications and manage cover through AMP's AGI portal.

North Protect also allows eligible members moving from a North or MyNorth Super account into the corresponding pension account to continue existing death cover, subject to policy terms, with cover ending at age 70.