AMP Elevate policyholders can now link their standard income protection cover in superannuation to plans held outside their retirement savings.

This will let policyholders take agreed-value income insurance while paying most of the premium from their super accounts.

A new inbuilt “buyback” feature will let them reinstate linked life insurance 12 months after a total and permanent disability (TPD) claim without providing additional medical information.

AMP Director Insurance Proposition Greg Johnson says the enhancements aim to make the product more flexible and competitive.

“To ensure we help customers keep their cover contemporary, options can be added to existing plans, giving advisers the ability to alter a customer’s cover without them needing to take out a new plan,” he said.

“Policyholders can also now apply for a TPD sum insured higher than their life insurance sum insured through super. This is especially important for people without dependants who may value higher TPD coverage over the need to leave a legacy behind.”

AMP has also simplified the Elevate product disclosure statement, with policy details now included in the document.

“We’re delivering on our promise to help advisers grow their life business while making it easier for people to access the insurance they need,” Mr Johnson said.