When you take out life insurance, it's important that we provide you with the highest standards of service in all your dealings with us.
That's why we've adopted the Life Insurance Code of Practice (Code). It reflects our commitment to high quality customer service and it's designed to protect you, our customer.
What the Life Insurance Code of Practice covers
The Code sets out the life insurance industry's key commitments and obligations to customers on standards of practice, disclosure and principles of conduct for their life insurance services, such as being open, fair and honest. It also sets out timeframes for insurers to respond to claims, complaints and requests for information.
The Code covers many aspects of your relationship with us, from buying insurance to making a claim, to providing options if you experience financial hardship or require additional support. It’s monitored by an independent committee, to ensure effective compliance by life insurers. Insurers can be sanctioned if they don’t correct breaches of the Code.
The Code also contains minimum standard medical definitions, which apply to trauma insurance policies issued from 1 July 2017. The Code requires insurers to assess cancer, heart attack and stroke claims against both the applicable definition in your policy document, and if different, the applicable minimum standard medical definition.
Key Code promises
1. We’ll be honest, fair, respectful, transparent, timely, and where possible we’ll use plain language in our communications with you.
2. We’ll monitor sales by our staff and our authorised representatives to ensure sales are appropriate.
3. If we discover that an inappropriate sale has occurred, we’ll discuss a remedy with you, such as a refund or a replacement policy.
4. We’ll provide additional support if you have difficulty with the process of buying insurance or making a claim.
5. When you make a claim, we’ll explain the claim process to you and keep you informed about our progress in making a decision on your claim.
6. We’ll make a decision on your claim within the timeframes defined in the Code, and if we cannot meet these timeframes you can access our complaints process.
7. If we deny your claim, we’ll explain the reasons in writing and let you know the next steps if you disagree with our decision.
8. We’ll restrict the use of investigators and surveillance, to ensure your legitimate right to privacy.
9. The independent Code Compliance Committee will monitor our compliance with the Code.
10. If we don’t correct Code breaches, sanctions can be imposed on us.
Getting a copy
You can get a copy of the Code on the FSC website at www.fsc.org.au as well as a full list of the insurance companies it covers.
AMP Life Limited has transitioned to the Code effective Friday 30 June 2017.