AMP Life products that continue to pay fees and adviser commissions
On 15 May 2020 AMP completed the fund transfers which were necessary to simplify AMP’s contemporary superannuation business and separate AMP Life’s wealth protection and superannuation and investment business from the AMP Group. As part of this process and the requirements under FOFA, it has necessitated the removal of grandfathered conflicted remuneration arrangements for impacted products. AMP Life products with Grandfathered conflicted remuneration not impacted by the fund transfers will cease from 15 August onwards.
There are products in the AMP Life portfolio that will continue to pay commission.
- Adviser commissions will continue to be paid on:
- insurance policies that are not part of a group contract (some examples are Flexible Lifetimeâ – Protection (FLP), Elevate, CrisisCare)
- whole of life, endowment and lifetime annuity policies.
- Adviser service fees will continue to be paid on the AMP Growth Bond.
Below is a list of these products.
- AC&L Product suite
- AMP Elevate
- AMP Growth Bond
- AMP Insurance
- AMP Term Life Insurance
- AMP Yearly Renewable Term Insurance
- Annual Renewable Term Plan
- Business Insurance Plan
- Children Endowment Insurance Plan
- Children’s Whole of Life Insurance Plan
- Children’s WoL Ins. Pers. Sup. Plan
- CrisisCare Insurance
- Defined Period Lifestyle Protection Plan
- Disablement Income Insurance
- Endowment Insurance Pers. Super Plan
- Endowment Insurance Plan
- Endowment Plan
- Flexible Lifetime ‐ Protection
- Guaranteed Income Plan (lifetime annuities)
- Investment Only Lifestyle Protection Plan
- Life Insurance Plan
- Open Ended Lifestyle Protection Plan
- Permanent Life Plan
- Premier Plus Lifestyle Protection Plan
- Renewable Business Expenses
- Renewable Disablement Insurance
- Renewable Income Insurance
- Risk Protection
- Term Insurance
- Term Life Insurance Plan
- Whole of Life Ins. Pers. Super Plan
- Whole of Life Insurance Plan
- Whole of Life Insurance Super Plan
- Whole of Life Plan
Further information around grandfathered commission on AMP Products can be found via Portal / Products / Grandfathered Remuneration.
AMP Life Limited ABN 84 079 300 379, AFSL No. 233671 (AMP Life), has proudly served customers in Australia since 1849. AMP Limited ABN 49 079 354 519 (AMP Limited) has sold AMP Life to the Resolution Life group whilst retaining a minority economic interest. AMP Limited has no day-to-day involvement in the management of AMP Life whose products and services are not affiliated with or guaranteed by AMP Limited. AMP Limited is not liable for products issued by AMP Life or any statements or representations made in the PDS or policy document for those products. “AMP”, “AMP Life” and any other AMP trademarks are used by AMP Life under licence from AMP Limited.
Any advice and information on this website is general in nature and is provided by AMP Life, which is part of the Resolution Life group. The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on the advice, you should consider the appropriateness of the advice, having regard to those matters as well as the relevant product disclosure statement (PDS) or policy document, available from AMP Life at amplife.com.au or by calling 133 731, before making a decision about the product. Consider speaking to a financial adviser if you have any concerns.
If you decide to purchase or vary a financial product, AMP Life and/or other companies within the Resolution Life group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium they pay or the value of their investments. You can ask us for more details.
Life Insurance Code of Practice
The Life Insurance Code of Practice is issued by the Financial Services Council (FSC) and sets out the life insurance industry’s commitment to high customer service standards, consistency and principles of conduct.
As a member of the FSC, AMP supports the Life Insurance Code of Practice. You can find more information here.