AMP Financial Services has expanded its life insurance distribution channels by striking a deal with Bendigo Bank.

The bank will distribute AMP’s Flexible Lifetime Protection product through its 460 branches and 1.35 million customers.

The protection product covers life, trauma, total and permanent disability as well as income protection.

AMP Director Product Manufacturing Paul Sainsbury says the alliance is an opportunity to build a strategic relationship and broaden its distribution reach. 

“AMP aims to develop new channels that give more Australians greater access to products such as life insurance,” he said.

As part of the deal, AMP will be giving Bendigo Bank financial planners and its new personal advisers necessary training in life products.

“We were able to innovatively tailor a life insurance solution and provide support services that suited the needs of the bank’s network,” Mr Sainsbury said.

Initially, more than 60 of the bank’s 460 branches will have staff trained to provide limited personal advice on Tier One products including insurance.

The new distribution channel will not compete with AMP’s relationships with non-institutional life advisers, and a Bendigo Bank spokesman told insuranceNEWS.com.au the bank would not be providing referrals for AMP advisers.

“If a client requested insurance that was too complex for a Tier One adviser they would be referred to a Bendigo Bank financial planner,” he said.