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Our commitment to existing customers

Supporting you and your customers

Rest assured existing insurance and mature customers will retain all terms and conditions of existing policies. They’ll also be able to make the same policy alterations, that they have in the past. AMP Life will continue AMP’s record of claims management.

To ensure your client’s cover remains relevant, we are committed to the Life Insurance Code of Practice. We’ll ensure our insurance products maintain contemporary terms and conditions, such as regular reviews of medical definitions.

Insurance transfer offer

Changing your clients’ superannuation doesn’t have to mean losing their insurance.

The insurance transfer offer is a way for AMP clients to retain their insurance by transferring to AMP Elevate insurance (Elevate) if they hold:

  • AMP Flexible Super – Flexible Protection (FS - FP)
  • AMP Flexible Super - Super Protection (FS-SP)
  • Flexible Lifetime – Super (FLS)
  • Summit/Generations/iAccess group insurance cover (inside super)

Where a client is closing any of the above super funds, have previously been underwritten, and want to keep their insurance, they can now benefit from a like-for-like transfer into Elevate without needing underwriting (subject to eligibility criteria and offer conditions).

Benefits include:

  • No underwriting – As no underwriting is required for the transfer, clients won’t need to go through additional and unnecessary paperwork.
  • Ease of transfer – Clients benefit from a simple transfer process as Elevate is available on MyNorth. This offer can be used for clients transferring their super account from AMP Flexible Super, Flexible Lifetime - Super, Generations, Summit or iAccess group cover to MyNorth.
  • Ability to retain insurance- Clients can retain their insurance cover when their existing AMP super account is closed (ie the offer prevents the insurance from automatically ceasing).
  • Contemporary insurance solution – Elevate is AMP Life’s flagship contemporary product and will continue to be reviewed on a regular basis, just like AMP Life’s other products.

For further information on the transfer offer including eligibility rules, commission, and information on how to apply refer to the following document.

  • Insurance Transfer Offer brochure

Need support

For clients that do not meet the above criteria, or for any additional terms and conditions on this offer please contact your business partnership managers or Adviser Support Manager on 131267.

Apply for AMP Elevate - New eligibility rules

AMP Life has a new business model and now focuses solely on supporting and managing existing customers. As part of this strategy, there will be changes to eligibility for AMP Elevate insurance (Elevate) from 1 April 2020.
Key updates to the eligibility of Elevate include:

  • Until 31 March 2020, Elevate will continue to accept new business applications from clients of MyNorth, North, Summit, ipac iAccess, and Generations.
  • From 1 April 2020, in line with AMP Life’s strategy of being an in-force specialist, only existing AMP Life customers will be eligible to access Elevate.

Who is an existing AMP Life customer?

An AMP Life customer is defined as any individual or entity that is a policy owner or an insured person under a life policy issued by AMP Life.

AMP Elevate - Still the right choice for your clients

The AMP Life business model as an in-force specialist means that we are committed to keeping the current product offering for your clients contemporary and attractive.
Outlined below is a reminder of the features and benefits of AMP Elevate.
Benefits to existing clients and advisers of AMP Elevate
Did you know that existing AMP Life customers are still eligible for AMP Elevate cover? The new Insurance Transfer Offer allows clients who are closing their super funds with FS, FLS, Summit/Generations/iAccess (clients with group insurance cover) to move to MyNorth (or elsewhere) and move the insurance to AMP Elevate without underwriting (if eligible).
Some other benefits include:

  • A commitment to the Code of Practice means we regularly review our definitions.
  • Existing customers retain all terms and conditions of existing policies and will continue to have access to a range of services including policy alterations, changes to benefit types, change of ownership, exercise options etc.
  • Strong claims paid record - in 2018 AMP we supported 12,322 customers with over $1.21bn in claims paid.

Benefits of choosing AMP Elevate as your preferred client insurance solution

Some other benefits are:

  • 12-month life buy back (on TPD) – Built-in benefit when TPD is an option (rider) attached to Life cover. It allows customers to ‘buy-back’ their Life Insurance cover 12 months after full TPD claim is paid, without providing additional medical information.
  • Future insurability – Built-in benefit on Life and TPD cover, 11 personal and 3 business events. Allows clients to increase their benefit amount to certain limits without underwriting.
  • Waiver of premium (Income Insurance) - This built-in benefit waives all premiums on the income insurance, and any attached life, TPD or trauma policies when on an IP claim.
  • Indemnity (Income Insurance) - Highest average monthly income for any consecutive 12 months over the three years prior to disability.
  • Partial rollovers – Available to fund Elevate super via an external superannuation fund.
  • Plan fee waiver – Where a spouse, family member or business partner also have an Elevate plan.

Linking options for life insurance inside super

Our linking options are designed to help your client access the benefits of holding Elevate through super while ensuring they maintain a comprehensive level of cover outside super. This means you can offer clients the:

  • Comfort and security of comprehensive benefits, and
  • cash flow benefits of buying insurance through a super plan.
  1. Flexilink

    FlexiLink TPD (any occupation and own occupation) and FlexiLink Trauma (Trauma Insurance and Trauma Plus Insurance) can be linked to life insurance through super.

  2. PremierLink

    Links TPD Insurance (own occupation) outside super to a TPD option (any occupation) held inside super, or links benefits from the Income Insurance Premier Plan outside super to an income insurance plan held in super.

  3. StandardLink

    Links benefits from the Income Insurance Plan outside super to an income insurance plan held in super.

Income Protection

  • Waiver of premium in built benefit — If your client is receiving income insurance benefits including partial disability benefits (excluding Nursing care benefit), we’ll waive premiums for all plans listed on their insurance schedule (or taken out at the same time) where they are the life insured.
  • Total disability (Premier Plan and PremierLink IP)—A three tier flexible assessment approach at claim time, based on hours, duties and income.
  • Specific injuries and sicknesses. An in-built benefit in all of our IP plans (except those in super) —If your client is diagnosed with a serious illness like cancer, we will pay your client up to six months’ worth of the claim, even if your client keeps working. The benefit is payable immediately. No waiting period needed.
  • Cover Boost – (Future insurability)—For white collar professional and sedentary occupations this is an optional benefit that provide the ability to increase the Monthly Benefit by up to 20% on every third renewal date until the life insured 55th birthday without the need to provide medical evidence.
  • Cover beyond age 65—Available to white collar professional and sedentary occupations at the plan expiry age the ability to convert to the Income
  • Superannuation contributions option – Elevate will insure up to 100% of a client’s superannuation guarantee contributions.

Life Insurance

  • Business solutions option - Clients can apply for the lesser of four times the insured benefit or $15,000,000 less the total sums insured under any other plan that provides life cover.
  • Premium waiver option - Elevate will waive premiums for up to 3 months if a client is involuntarily unemployed.

Total and Permanent Disability (TPD) insurance

  • Day one TPD in-built benefit - If your client suffers one of the listed 17 medical conditions, we would waive the requirement to be unable to work for three months.
  • Life buy back option - No waiting period applies and it is an optional benefit. Clients can buy back the life insurance in the first 60 days after the TPD claim has been paid.
  • Elevate TPD also offers an inbuilt life cover buy back feature which can be exercised 12 months after the TPD claim has been paid.

Trauma Insurance

  • Trauma reinstatement option - Clients can claim a partial benefit for heart attack and cancer events even if they have already been paid a full claim previously for either condition. Also, any claim on cancer which is found to be unrelated to the first cancer claim may result in 100% of the benefit being paid again.
    Business Insurance

Key areas that Elevate can help protect the life insurance needs of your business clients:

  1. Key person risk - In the unfortunate event that the key person dies or has to leave the business due to serious injury or illness, the business will receive a lump-sum payment.
  2. Business expense coverage - This insurance product helps business owners pay fixed monthly expenses in the event they are totally or partially disabled and unable to work full time or part time due to sickness or injury.
  3. Business succession planning – A business succession agreement is the key to ensuring that a business and its owners are protected if a co-owner departs the business. A succession agreement known as a buy/sell agreement can be used to cover the situation where a co-owner leaves the business due to death, serious injury or illness. This will provide a lump sum to the business that can be used to acquire the co-owner’s interest under the terms of the succession agreement.
  4. Business loan protection - This is intended to protect a lender from financial loss following the death or disablement of a business owner who is liable for the repayment of money borrowed by the company. AMP Life’s business loan provides a lump sum on the death or disablement of the insured to repay all or part of a loan.

Continuing to provide insurance clients with certainty and flexibility

There will be no change to your client’s existing insurance policy terms or conditions. Your clients will benefit from our expertise in managing your clients’ insurance policies and our commitment to customer service.

Keeping Elevate open for our existing AMP insurance customers enables us to continue:

  • offering the flexibility and options customers currently have available
  • honouring contractual terms in existing policies.

Elevate will continue to be the destination product for new cover as a result of:

  • transferring existing insurance cover to the latest Elevate policy (eg to change ownership, access benefits not available to them on their existing cover, etc)
  • continuation options for our Group Insurance customers and Summit/Generations/iAccess
  • clients replacing existing cover under contractual convertibility terms
  • exercising options on existing cover eg Buy back, Trauma reinstatement, etc.

Examples of how Elevate continues to be available:



Exercising an option

Client has a Life buy back option on their Flexible Lifetime – Protection (FLP) policy. Client makes a TPD claim and wants to purchase back the life cover it was attached to.

No change - Purchase new Elevate life cover as part of the buy back.

Alter existing cover

Client has a Flexible Lifetime - Super policy and wants to increase their cover amount.

No change - Continue to apply for an increase on an existing policy.

Change of ownership

Client has a Flexible Super – Super Protection policy and no longer wants the insurance cover held inside super.

No change - Transfer the cover to an Elevate ‘non- superannuation’ policy by following the ‘Transferring Cover across AMP Insurance products’ rules and if eligible, no medical underwriting will apply for the change of ownership.

Replacement option/ built in convertibility

Client as a Flexible Super – Super Protection policy with life cover and is no longer able to contribute to superannuation under superannuation law.

No change - Apply for an AMP non-superannuation insurance plan without providing any evidence of health if they meet the ‘replacement option’ terms of the contract.

Continuation Option

Client is part of a group insurance policy, leaves the employer and wants to take up a continuation option on the cover.

No change - Apply for the replacement cover under Elevate (subject to eligibility rules).

Apply for new cover

Client has existing income protection and wants to apply for life and TPD cover.

No change - Apply for new cover with Elevate.

Licensee and Facilitation Agreements

AMP Australia

  1. AMP Australia – Notice to Licensees
  2. AMP Australia –  Q&A
  3. Distribution Agreement for Licensees

AMP Life

  1. AMP Life – Notice to Licensees
  2. AMP Life – Q&A
  3. Amendment to Licensee and Facilitation Agreements

Please see the full list of AMP Life products remaining within the AMP Life Licensee and Facilitation Agreement following the sale of AMP Life to Resolution Life. Please note that the products listed are subject to change.

Advisers support

Better ways to meet client needs

Helping you manage your business

We are here to help make supporting your clients easier. Our relationship managers are business experts and can provide Insights and ideas on how to develop your practice.

Adviser alerts

Adviser alerts will tell you when a client or relevant third party has contacted AMP or AMP Life with a request or query, which may indicate they may be considering leaving.

Through analysis, we know that certain actions by or on behalf of clients often precede a loss of business.

This alert will give you the opportunity to identify clients who might be 'at risk', allowing you to look in more detail at their account and then contact them to explore ways you can preserve and grow the relationship.

Download your alert list at Portal / My business / Practice marketing / My client alerts.

Important information

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.

AMP Life is part of the Resolution Life group and can be contacted on 133 731 or via the contact us page.

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.