KiwiSaver key to insurance future

Therese_Singleton

It launched AMP Essentials this week, which it told advisers was a way to make insurance more affordable and accessible and to stem the flow of KiwiSaver members moving to banks.

An AMP Essentials policy can be issued online without medical checks, to AMP KiwiSaver members who answer two underwriting questions. It is only available to customers who have their KiwiSaver with AMP. If they leave the scheme, they lose their AMP Essentials cover.

Eighteen- to 30-year-olds can get temporary disablement cover up to $2083 a month for a year, trauma cover of $10,000 and life cover of $100,000 for $11.

Those aged 31 to 39 would pay $12 for the same amounts and customers aged 40 to 47 would pay $22. The price increases for older customers and the policies only cover people aged up to 60.