AMP Insurance Policy Enhancements 2011

AMP Insurance has recently announced 33 policy enhancements for 2011,which will be passed back to existing policy holders at no additional cost.

The changes will take effect as of 7 November 2011 for AMP Flexible Lifetime – Protection®, and 21 November 2011 for AMP Flexible Super®, Flexible Lifetime – Super®, SignatureSuper® and CustomSuper®.

The following is a summary of the enhancements made to AMP’s insurance policies.

AMP Life Insurance

• Interim accident cover has been extended to include cover for illness after 30 days.
• The Guaranteed Future Insurability benefit is now available to insured lives with a premium loading of up to 50% or an exclusion. It now also allows for increases in relation to business insurance events supporting partnership protection, key person cover and loan protection.
• The home duties definition of TPD now includes the ‘any occupation’ definition.
• The three-month disablement period required for TPD claims will be waived if the customer experiences one of 18 specified health conditions or injuries.
• AMP will now reimburse reasonable accommodation expenses of an immediate family member of the insured person for life insurance, TPD insurance or Trauma Insurance policies, if the insured person is bedridden and over 100km from home, or if they need to travel for medical treatment. AMP pay up to $250/day, up to a maximum of 14 days.
• If the TPD or Trauma insurance policy does not include Death cover, then AMP will pay $10,000 under the death benefit feature if the insured person dies.

AMP Income Protection Insurance

• Interim cover has been extended to include cover for illness.
• Employed customers who change jobs can reduce their waiting period to the next shortest available, without underwriting. This is available for waiting periods up to 90 days.
• Customers who have a personal plan with a two-year waiting period to supplement an employer group plan, will be able to reduce the waiting period on their personal plan in the event that their employer group plan is cancelled when they change employers. The customer can reduce their personal plan waiting period from two years to 52, 26 or 13 weeks.
• If the insured person dies while on claim, six times the monthly benefit is payable to a maximum of $60,000.
• The enhanced definitions of cancer and major head trauma have been applied to the trauma feature under Income Protection Advanced.
• The trauma feature pays a guaranteed benefit for six months if the insured is diagnosed with one of 22 trauma conditions.

AMP Trauma Insurance

• If the insurance plan does not include Death cover, then AMP will pay $10,000 under the death benefit feature if the insured person dies.
• AMP will now reimburse reasonable accommodation expenses of an immediate family member of the insured person, if the insured person is bedridden and over 100km from home, or if they need to travel for medical treatment. AMP pay up to $250/day, up to a maximum of 14 days.
• The Guaranteed Future Insurability benefit is now available to insured lives with a premium loading of up to 50% or an exclusion.
• AMP have added Loss of independent Living to the trauma conditions covered under Interim cover which covers customers applying for Trauma cover Optimum.
• Addition of new types of Trauma covered with full payment including:
  • Bacterial meningitis and meningococcal disease
  • Diabetes
  • Tetraplegia
• Addition of new types of Trauma covered with partial payment including:
  • Type 1 diabetes
  • Carcinoma in situ of the penis
  • Carcinoma in situ of the perineum
  • Loss of use of one limb
• Improvements to existing Trauma conditions including:
  • Benign tumour of the brain and spinal cord
  • Cancer
  • Multiple sclerosis
  • Major head trauma
  • Severe rheumatoid arthritis
  • Prostate cancer

AMP Childrens Insurance

• For Childrens Insurance, AMP will now reimburse reasonable accommodation expenses of an immediate family member of the insured child, if the insured child is bedridden and over 100km from home, or if they need to travel for medical treatment. AMP pay up to $250/day, up to a maximum of 14 days.
• Improved definitions for:
  • Major head trauma
  • Meningococcal disease
  • Benign tumour of the brain and spinal cord

For more information on AMP Insurance policies please contact an xLife adviser on 1300 135 205.

Source: AMP 2011

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