AMP has released pricing changes along with some features updates for its Flexible Lifetime - Protection (FLP) and Flexible Lifetime - Super (FLS) product ranges.
Pricing Changes
Reduction of Death cover stepped premium rates by up to 12.8% across the following categories:
- Male non-smokers aged 21 to 49 next birthday
- Male smokers aged 21 to 29 next birthday, 38 next birthday and 41 to 49 next birthday
- Females aged 16 to 54 next birthday
(AMP notes there will be no changes to the level premium rates for Death cover within FLP.)
- Improved discount factor for Death cover sums insured between $1m and $1,999,999 - 30% (previously 27.5%)
- The stepped premium rates for Trauma cover in FLP will be increased by between 3% and 10% for males and females aged 16 to 65 next birthday
The pricing changes for FLP took effect from 1 January 2010 and from 1 December 2009 for FLS.
Features
The TPD Definition within FLS has been eased for insured lives claiming under loss of limbs/sight, loss of independent living or loss of cognitive function clauses. Claims under these TPD definitions no longer need to meet the ‘working’ criteria, nor does the disability need to be limited to an accident event only.
