Customers can buy up to a $100,000 of life cover online with the product after answering three questions about age, gender and whether or not they have smoked in the past 12 months.

AMP Chief Customer Officer Jeff Ruscoe says it is a guaranteed acceptance product with some exclusions.

He says this foray into online sales is not about AMP competing with advisers, rather it is complimentary as the sort of people who will use Quick Start Life are not the clients of advisers.

"The people who are buying this product are not going to advisers at the moment," he says.

Part of the rationale behind the product is to learn more about online sales of life insurance and also to introduce people to buying life insurance. Ruscoe says once they have done this they may buy more insurance and they could be through and adviser.

“Quick Start Life is entry level life insurance and is designed to get people thinking about the reality and importance of how life insurance can help in the event of a tragedy.  Once people are comfortable with how life insurance works, we imagine that down the track they will seek further advice around protecting their most important asset – their life,” concludes Ruscoe.

Advisers can use the product either by linking back to the main AMP site or doing it the old-fashioned way with paperwork. Advisers who sell Quick Start Life will be paid commission however the rates are "definitly at the low end", he says.

"It's really about creating opportunities for the future rahter than making a lot of money out of it now."

Ruscoe says the premiums on this product are similar to the products advisers sell.

While there are a growing amount of direct online life insurance websites this one is different to others, Ruscoe says. Most of the existing ones are about trying to sell product which is already in the market, here AMP had tried to develop a new product which is easy to buy and introduces people to life insurance.

“People always say they’re too busy to think about life insurance or it’s too hard to understand, however, Quick Start Life is about making it quick and easy for people to get life insurance – in less than the time it would take you to do daily activities such as updating your Facebook status or watching, for example, ‘Grumpy Cat’ on YouTube,” Ruscoe says.

Pre-Existing Exclusions
(Source: AMP)

If you have any existing medical conditions when you sign up for Quick Start Life, it may affect your entitlement to a lump sum payment in the event of a claim. Some examples include:

    Any disease, disorder or injury that you are aware of or ought to be aware of
    A high Body Mass Index (BMI)
    A high cholesterol/HDL ratio

General Policy Exclusions

If you do certain things once you’ve signed up to Quick Start Life, it may affect your entitlement to a lump sum payment in the event of a claim. Some examples include:

    Engaging in criminal activity
    Some forms of aviation activity (excluding being a fare paying passenger on a commercial airline on a recognised air route)
    Travelling in High Risk or Extreme Risk countries
    Intentional self-inflicted injury