AMP Elevate Closure

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AMP has confirmed it is on track to implement a partial closure of its retail life insurance flagship, AMP Elevate, to new ordinary product sales from 31 January 2019.

Following confirmation of the 31 January closing date, announced in December (see: AMP Life Announces Closing Date for New Business), the insurer has reiterated that, while new ordinary (non-superannuation) business will not be accepted after 31 January, AMP will continue to accept new AMP Elevate applications if they fit one of two criteria, namely:

  • Customers who pay their premiums via one of AMP’s platforms such as My North, North, Summit, Generations and iAccess
  • An existing AMP Life customer

In outlining these two criteria, the insurer has also clarified that an AMP Life customer is defined as:

  • Any individual or entity that is a policy owner or an insured person under life policy issued by AMP Life
  • Any individual who is a member of an AMP superannuation fund

AMP advises that from 31 January any advisers submitting new business applications for AMP Elevate will be directed within the process to answer two questions in order to demonstrate the client’s eligibility. These questions relate to whether the client is an existing AMP Life customer or if they are applying through any of the following AMP platforms detailed above.

The insurer has reiterated that existing AMP Life customers will not be affected as it continues to consider alternative platform-based providers.