AMP has announced changes to premium rates across its risk products range following a pricing review of its Death, TPD, Trauma, Income Protection and Business Overheads insurance products.
The insurer says customers with Death, TPD and Trauma cover will experience either no change, or a reduction of up to 10% as a result of the review. Approximately 1% of customers with Death, TPD or Trauma cover will experience an increase of more than 4% to their premium.
In addition, 30% of Income Protection and Business Overheads customers will experience either no change or a reduction of up to 15% in their premium.
The company has also announced an increase to the maximum sum insured for TPD in its Flexible Lifetime Protection, Flexible Lifetime Super andFlexible Super products: $5 million TPD cover is now available under Own or Any occupation definitions (previous maximum was $3 million).
This change applies to both existing and new customers holding TPD cover, with or without the Own occupation option.
The rates changes will come into effect from 1 July 2011, while the TPD maximum cover increase took effect from 1 June.
