AMP Life Insurance Products

AMP insurance understands how critical it is to have your assets properly covered. After merging with AXA in 2011 this leading wealth management company has grown from strength to strength, with an intense focus on customer-centricity.

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Whether you’re reviewing their products for the first time or received a renewal notice and want to make sure they are still offering you value it is always a good idea to compare your current policy with similar policies from Australia’s top life insurance companies.

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AMP stands for the Australian Mutual Provident Society and is one of Australia’s oldest life insurance companies. With over 160 years of financial experience and more than 4 million customers, they are known for delivering reliable protection that is simple, flexible, and highly competitive.

Products available from AMP Life Limited:

  • Death cover;
  • Income protection;
  • TPD;
  • Trauma insurance, and
  • Business expenses insurance;

AMP Life Limited provides customers need to a claim with their own personal case manager who supports them in getting back to their best life. In 2016 they helped 1,071 customers, of which 30% returned back to work either full-time or part-time.

They also paid a total of $2.9 million in claims every day in 2016. Their impressive claims record together with their proven financial stability is further supported by the reinsurance treaty agreements they have with reinsurers RGA, Swiss RE and Munich Re.

Australian Mutual Provident Society is constantly evolving as the company strives to meet the needs of their customers, providing you with the choice between their Flexible Lifetime Protection (FLP) products or Elevate range.

Life Insurance Products offered

During the 2011 merger with AXA, the AXA Elevate product was rebranded to AMP Elevate, while their Flexible Lifetime Protection (AMP FLP) remained the same.

Take note: AMP Flexible Lifetime Protection has closed for new business as of 1 October 2017, meaning they will no longer accept new Flexible Lifetime Protection applications. They have opted to rather put their efforts fully behind their Elevate product in order to provide new customers with an easier and simpler insurance experience.

Current Flexible Lifetime Protection customers will continue as normal.

Flexible Lifetime Protection: Provided a range of policy options, including death cover, income protection, TPD and Trauma cover.

AMP Elevate: Offers life insurance, TPD (Total and Permanent Disability), trauma insurance and income protection insurance, as well as business expenses insurance.

AMP Elevate Insurance options

By providing you with a tailored insurance solution based on your specific needs Elevate helps you and your family live the best life you can should something unexpected happen.

Life Insurance

Pays out a lump sum benefit in the event of your death or diagnosis of a terminal illness, so you are able to provide your loved ones with financial security. In 2016 most life insurance claims submitted to AMP were for cancer, heart attacks and strokes, and accidents.

Trauma Insurance

If you were to suffer a serious illness or injury listed in the AMP Elevate PDS (Product Disclosure Statement) they will pay you a lump sum to help you recover and adjust.

TPD Insurance

A lump sum benefit is paid is you, as the insured person, if you become totally and permanently disabled. The money you receive can then be used to help cover the cost of rehabilitation, house alterations and is especially helpful if you need full-time care and can no longer work.

Income Protection Insurance

You’ll receive a monthly benefit if you are unable to work due to an accident or illness so that you can focus on getting better and return to work without financial stress.

Business Expenses Insurance

Receive a monthly benefit to help cover the business expenses and keep your business afloat while you’re too ill or injured to return to work.

Benefits of having AMP Insurance

  • Funeral Advancement benefit
  • Nursing Trauma option
  • Worldwide Cover
  • Interim Cover
  • Cooling-off period
  • Discounts
  • Life support services

Funeral Advancement on your life insurance benefit

The Funeral Advancement benefit provides you with an advance on your life insurance benefit. This means your beneficiaries will receive a part of your lump sum benefit to help pay for funeral expenses.

Payment will generally be released within 10 to 14 days after receipt of a valid death certificate.

Take note, the Funeral Advancement is not paid on top of your live cover policy, but rather a percentage of your total cover.

Children’s Trauma Option

For an additional cost, you can add Elevate's Children’s trauma option to your AMP Life, TPD and Trauma insurance plan. This option will provide coverage of up to $200,000 for death, terminal illness or trauma as listed in the Elevate PDS.

Nursing Care on your TPD benefit

If you are totally disabled, confined to a bed and a medical practitioner has supplied a certificate stating that you need full-time care from a registered nurse, then AMP will pay a daily amount during the waiting period to help with nursing expenses while you wait for your lump sum benefit to be released.

Worldwide Cover

AMP provides 24/7 insurance cover no matter where in the world you are. Just take note if illness or injury occurs outside of Australia or New Zealand you might have to provide additional medical documentation and/or have a medical examination to support your claim.

Interim Cover

An interim cover is a form of protection that safeguards your interests from the moment you start applying for life insurance. The interim death cover is payable when you die, due to injury or sickness, within the 90 days from the date your interim cover commences.

It becomes null-and-void as soon as your application is accepted (or rejected). Be sure to accept your policy terms timeously, or your Interim Cover will not activate.

Cooling off period

If you want to cancel your AMP cover for whatever reason, you should do this within 30 days of your commencement date. Any premiums paid thus far will then be refunded, as long as you haven’t claimed.

Multiple Plan Discount

You could be eligible for a discount on your life cover, TPD and trauma insurance premiums depending on the number of options you have with AMP and your sum insured.

My Life support services

AMP comes with a range of everyday services that are available from day one of your policy commencing until your policy ends.

  • Wellness Portal: Access to information about living a healthier life, for example, how to quit smoking and which exercises lead to longevity. Use this portal to also set and track your health goals.
  • Wellness assessment: An easy-to-read dashboard that highlights areas for improvements and provides links to tools and articles that will help you action improvement areas.
  • Online stress and anxiety therapy: Helps you manage stress and anxiety by providing information around coping mechanisms. Access is available online and via their smartphone app.
  • Health concierge: Medical help from GP’s, specialists, psychologists and more.
  • Rewards for health and well-being: Cashback rewards and discounts when purchasing health and wellbeing products and services.
  • Child, school and aged care locator: Helps you select between appropriate child care, schooling or aged care options.

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Standard Exclusions

Exclusions refer to the conditions under which AMP will not pay a claim were your terminal illness or death due to:

  • Suicide or intentional self-harm within the first 13 months of your policy starting.
  • An illegal activity, recklessness, negligence or unreasonable behaviour, for example, not seeking medical attention for a severe health issue, failure to take appropriate safety precautions etc.
  • An injuries and illnesses you were diagnosed with prior to the date of your application unless you were not aware of this sickness or disability.

Claims explained

AMP insurance Australia believes in keeping things simple and their claims process is no exception. To make a claim follow these 4 steps:

  1. Contact AMP as soon as soon as possible or lodge your claim online using their notification service. Contact details are available on their website.
  2. They will then send you or your beneficiary(s) all the relevant claim forms as well as indicate what other supporting information is required.
  3. Complete and return the claim forms with all the requested information.
  4. Your claim will be assessed as soon as you return all relevant forms and requested documentation.

How much will insurance from AMP cost me?

Cost is always a key consideration when comparing life insurance policies. Essentially, your premiums will depend on your specific circumstances and requirements, like your age, gender, level of cover, smoking status and the type of cover you want.

Generally, a 40-year-old non-smoking male purchasing $1 million worth of life cover can expect to pay $66.06 per month when buying through a financial adviser (November 2017).

Premium structures

Depending on the specific policy you choose, you generally have 3 premium options to consider: stepped, level and blended.

  • Stepped premiums: Starts more affordable but increases each year on the anniversary of your policy. This premium type is usually better suited to people wanting cheap insurance for the short term.
  • Level premiums: Starts off more expensive, but does not increase every year, remaining more constant with a minimal increase of about 5% per annum to keep up with inflation. Level premiums are generally better suited to people looking for an affordable insurance policy for the long term.
  • Blended premiums: Combines stepped and level premiums. You’ll pay stepped premiums for the first 10 years followed by level premiums until you turn 60 years old when it will revert back to stepped until your cover ends. This option is available to life cover, TPD and trauma insurance options.

Frequently Asked Questions and Answers

Who is eligible to apply?

Only permanent citizens or resident of Australia between 16 and 60 years old are eligible to apply for an AMP life insurance policy.

When will my policy end?

Your policy will end:

  • After your 70th birthday, on the first anniversary of your original cover commencement date.
  • The day you die.
  • The date stated in your written application for termination.
  • The day a benefit is paid.
  • The day you relinquish your Australian citizenship.
  • 30 days after your premium instalment was due but not paid.
  • When residing outside Australia for a continues period exceeding 6 months, unless prior written consent has been given.

How to cancel AMP Life insurance

If you cancel your policy after the cooling off period you will not receive any refunds on the premiums you’ve paid. However, if you paid your premiums in advance, you may be entitled to a refund for those premiums, minus the Government charges and stamp duty.

To cancel your policy simply contact the insurer, provide your policy number and ensure you receive written confirmation.

Before you cancel, make sure you have another policy ready to start, don’t be left without cover. Alternatively, if the cancellation was due to premiums becoming too expensive you might want to consider instead reducing your cover amount and thus lowering your premiums.

Can I cash in my AMP Life Insurance?

Cashing in, or selling your life insurance, is no longer an option in Australia. You are encouraged to consider reviewing your policy instead.

Selling a term life insurance policy was possible in the past because of increased competition in the market. However, the versatility of current policies and online application systems have succeeded in ruling out cash-in services.

Instead, you might want to investigate:

  • Adjusting your existing policy to make it more affordable.
  • Keeping your current cover while you shop around for something better.

Get an AMP life insurance quote

For over a century, AMP Insurance has been recognised as an award-winning insurance provider, with a range of products that can easily be tailored to meet your individual needs.

However, to ensure this truly is the best possible option for protecting you and your family it’s best to compare similar policy types from some of Australia’s top life insurance companies.

Compare Top Life Insurance Companies

 

Published: November 23, 2017

Ask an Expert?

2 Comments

  • Sheree |

    I have noticed the monthly life insurance policy for last month is higher than normal. Although, I have been made aware that the policy has been cancelled. Are there fees/charges payable upon ending or reducing a life insurance policy.

    • SPECIALIST
      Anneke Van Aswegen |

      Hi Sheree,

      There are several reasons why a policy might cost more than the previous month. For example, if you have stepped premiums your premiums increase every year, while your cover remains the same. It might also be due to annual inflation to ensure your policy keeps up with CPI.

      Another possible reason premiums increase is due to the insurer experiencing higher than expected claims rates, leading insurers to increase their base rates which results in customers paying higher premiums for the same amount of cover.

      To answer your second question, there is generally no refund on premiums payable when cancelling a term life insurance policy after the cooling off period (usually 30 days after commencement) or if a claim has been made. However, if you paid your premiums in advance on a year-to-year basis, the coming year might be refundable, minus the cancellation fees and stamp duty.

      When reducing your life insurance cover amount your premium should become more affordable and generally no fees are payable to implement such a change, however, this may not be the case if it is a whole of Life or Endowment policy.

      We understand that people’s circumstances may change, which is why it’s important to regularly review your life insurance and ensure it is still suited to your new circumstances and budget while continuing to provide value for money.

      If you would like to compare quotes online kindly fill in the quote form above.