{"id":40609,"date":"2018-04-24T11:24:51","date_gmt":"2018-04-24T01:24:51","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=40609"},"modified":"2018-04-24T18:38:55","modified_gmt":"2018-04-24T08:38:55","slug":"amp-pricing-changes-2","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2018\/04\/24\/amp-pricing-changes-2\/","title":{"rendered":"AMP Pricing Changes"},"content":{"rendered":"<p>AMP has initiated a series of pricing adjustments for its AMP Elevate product series.<\/p>\n<p><!--more-->The changes include a 10 per cent reduction in life insurance stepped premium rates and increases to income protection and trauma premiums.<\/p>\n<p>A\u00a0 summary of the changes released by the insurer, which will apply to new business for its AMP Elevate series from 16 April 2018, includes:<\/p>\n<ul>\n<li>Life insurance stepped premium rates will reduce by 10%<\/li>\n<li>The AMP Elevate multi plan discount will increase from 5% to 10% and is available when Income Insurance is applied for with lump sum cover (other conditions apply)<\/li>\n<li>Trauma cover stepped premium rates will increase by between 4% and 13% across different ages<\/li>\n<li>Reduction of the large case discounts for Trauma policies with sums insured of $250k or more<\/li>\n<li>Blended premiums will increase by an average of 22%<\/li>\n<li>Income Insurance ordinary premium rates will increase by between 11% and 17.5% depending on waiting and benefit period combinations<\/li>\n<li>Income Insurance superannuation premium rates will now be 5% more affordable than ordinary owned policies<\/li>\n<li>The Accelerated Accident option cost for Income Protection will increase by 50% (AMP notes it is only the Accelerated Accident option that\u2019s increasing; not the IP rates, and that this takes premiums up to what AMP indicates is market averages.)<\/li>\n<\/ul>\n<p>Giving context to these pricing changes, an AMP spokesperson noted, &#8220;Broadly, this updated pricing reflects the cost of providing different types benefits to our customers with a focus on providing long term value. Whilst there are changes to the pricing of individual benefits, AMP recognises that most customers will want to hold a number of different benefits to deal with different circumstances that may arise.\u00a0 For this reason, AMP has increased the multi-plan discount that customers who bundle Elevate income and\/or business expenses insurance plans with a life, trauma or TPD insurance plan receive.\u00a0 The discount applies to their life, trauma and TPD premiums.&#8221;<\/p>\n<p>These April 16 changes follow AMP&#8217;s recent announcement of a premium discount initiative for healthy lives (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2018\/02\/13\/amp-offers-premium-discount-to-healthy-customers\/\" target=\"_blank\" rel=\"noopener\">AMP Offers Premium Discount to Healthy Customers<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AMP has initiated a series of pricing adjustments for its AMP Elevate product series.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-40609","post","type-post","status-publish","format-standard","category-products"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/40609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=40609"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/40609\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=40609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=40609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=40609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}