AMP Upgrades Miners Insurance Offering
It seems that more and more Australian insurance companies are seeing the growth opportunities in the mining industry.
Hot on the heels of the improvements announced by AIA Australia earlier this year, AMP are the latest insurance company to improve their offering to mine workers.
The Life Insurance options for miners have always been fairly limited, especially for those working underground or with explosives.
One of the companies that did offer cover for a range of mining occupations was AXA, via their Elevate package. AXA was acquired by AMP in 2011, and thankfully AMP have not only maintained the cover for miners, but have now improved on it.
The improvements made by AMP to the Elevate insurance policies will come into effect next week, and at this stage they have not released the full details of the updates.
What we have been told via AMP's Director of Retail Wealth Protection, Michael Rogers, is that they have reclassified many mining occupations which should help to provide better cover for miners. "Reclassifying Elevate's mining occupations is a reflection of the fact we recognise there are specific occupations where offering longer benefits are appropriate given the workers' skills and experience." Mr Rogers said.
Whilst many miners were only able to obtain a maximum benefit period of five years on their Income Protection Insurance, the improvements will now allow some mining occupations to obtain a benefit period through to age 65. "For certain skilled mining occupations, AMP is extending the benefit period to age 65, an enhancement from the standard five-year benefit period and the maximum monthly benefit amount will be increased for some occupations." Added Mr Rogers.
In more good news for miners and other workers, AMP will also be relaxing their requirements for medical exams. This is a good outcome for many mine workers who have difficulty in finding time to visit their doctor for an exam.
For more information on the miners insurance products offered by AMP and whether or not they may suit you, please speak with your Financial Adviser or contact AMP directly.
Please note that the information in this article has been provided as a news item only. It does not take into account any of your personal circumstances and should not be seen in any way as advice or as a recommendation or endorsement of AMP products.