Life Insurance

At the Banking Royal Commission today AMP admitted continuing to charge Life Insurance Premiums even after families had notified them that the “deceased” had died. Some I’m told have condemned AMP for this practice but instead of condemning them without research I asked Mr. Ima Lyre, the CEO of AMP, to provide the rationale for such practices.

Ima assured me that in fact no maleficence had occurred. It would appear his company, which was once a mutual organisation, was so dedicated to its members that even when friends, family members and neighbours had given up all hope; AMP remained steadfast and anticipated the best. Ima Lyre assured me that his company prayed for happy outcomes. He advised me that AMP had come across instances where members had written to the company to inform them that they, the members, had been born again.

The entire AMP board believed that even if “the deceased” was not likely to be born again that there was every chance that they might require Life Insurance in the after-life. So, they did not want to cancel polices prematurely in order not to inconvenience the dearly departed should they wish to persevere with their life cover even in the event of burial or cremation.