AMP has raised premiums on some life insurance products by up to 30.25%, citing claims experience and market conditions.

The increases apply to some legacy products from National Mutual and Australian Casualty and Life (ACL), and to Elevate policies taken out before 2013.

In a briefing note to advisers, obtained by insuranceNEWS.com.au, AMP says the increases apply to both stepped and level premiums.

AMP Elevate Risk Protection Package level premiums with less than a two-month waiting period will rise 20%, or 7.5% for a longer waiting period.

The stepped premium will rise 10.25% for the shorter waiting period and 1.75% for longer.

The biggest increase is on the Flexible Lifetime Protection product, with level premiums for the shorter waiting period up 30.25%, and 23% for longer periods.

Stepped premium increases are 15.25% and 11% respectively.

ACL level premiums will rise 29.75% for the shorter waiting period and 11.25% for longer.

Stepped premium increases are 16.50% and 4.25% respectively.

A spokesman told insuranceNEWS.com.au AMP has kept the increases to a minimum.

“About 60% of existing lump sum customers and 30% of existing income protection customers have seen no change or a reduction in premiums.”

The changes will take effect from April 29 and apply to policies on their anniversary dates, unless there are changes to the cover before then.

The AMP briefing note does not rule out further premium increases.

If advisers act in clients’ best interests, insuranceNEWS.com.au understands a number of policies may be switched to AMP’s competitors – although many have also increased premiums in recent months.

The spokesman says AMP will work with advisers whose clients look to reduce or stop their policies.