September 19, 2017
AMP has confirmed it will close its Flexible Lifetime – Protection product range to new applications at the end of September.
While it will no longer accept FLP new business from 1 October 2017, an AMP spokesperson told Riskinfo the insurer will continue to invest in this product range “…to ensure it remains a contemporary and competitive offer for existing customers.” The spokesperson said AMP would maintain regular product reviews and pass back all relevant FLP improvements.
AMP’s decision to discontinue the FLP product range follows a long line of similar decisions taken by insurers who have acquired or merged with other life companies. In this case, the 2011 merger of AXA Australia with AMP has seen the insurer operate two retail product suites, namely AMP (formerly AXA’s) Elevate and AMP FLP.
While each set of circumstances are unique, similar examples of previous product rationalisations include those relating to MLC/Aviva, ANZ/ING, Westpac/St George, Prefsure/Lumley, AXA/AC&L and RSA/Tyndall.
From 1 October, the AMP Elevate product offer will become the main retail flagship for the AMP life insurance brand. However, the spokesperson noted this change does not impact other AMP insurance product offers, including AMP Flexible Super – Super Protection or Essential Protection.