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A Review of AMP Life Insurance Products

Russell Cain Fact Checked Updated: 29 November 2021

AMP Life Insurance is Australia’s largest life insurance company, with AMP Elevate providing a wide range of insurance products, including life cover, TPD, trauma insurance and income protection and business expense insurance. Although AMP Life has been sold, current customers will experience no change to their existing insurance policy terms and conditions.

If you have an AMP policy and are deciding whether you want to continue coverage, you might want to compare your current policy with similar plans from Australia’s other major life insurance companies.

AMP Life Insurance sale

AMP life was sold to Resolution Life Australia Pty Ltd in 2018, with the transaction is set to be completed by the second half of 2019. Resolution Life will take over the management of existing policies. So, if you are an existing AMP customer, your policy will not be affected, and it will remain as is.

As of 31 January 2019, Resolution Life will no longer accept new customers applying for AMP Elevate standalone plans. However, new applications made from advice clients who pay premiums via one of AMP’s platforms might still be accepted.

AMP Elevate Insurance products

Life Insurance

Pays out a lump sum benefit in the event of your death or diagnosis of a terminal illness so you can provide for your loved ones if something were to happen to you. Life policies generally expire at age 99.

TPD cover

A lump sum benefit is paid to you if you become totally and permanently disabled due to an injury or sickness, as defined by your insurer. TPD cover will generally cease at your age 99.

Trauma cover

Provides a lump sum amount if you were to suffer one of the critical illnesses listed in the AMP Elevate PDS (Product Disclosure Statement). You can usually keep your trauma policy active until your 99th birthday.

Income protection insurance

You’ll generally receive a monthly benefit of up to 75% of your income if you are unable to work due to an accident or illness. Your AMP income protection insurance will usually start accruing monthly benefits after you’ve served your selected waiting period: 30, 60, 90 days, 6 months, 1 year or 2 years.

Your AMP income protection insurance will stop when you’re able to return to work or at the end of your chosen benefit period: 2 years, 5 years, up to your age 60, 65 or 70.

Business expense insurance

Receive a monthly benefit to help cover fixed business expenses, for example, property rates and taxes, electricity, gas, salaries of employees not directly contributing to the earnings of the business etc., so you can keep your business afloat while you recover from an illness or accident.

Common built-in benefits

Worldwide cover

AMP provides 24/7 insurance cover no matter where in the world you are. However, 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

The interim benefit generally pays a set amount should you die because of an accident while your application is being assessed (underwritten), usually for 90 days or until your policy has been accepted (or rejected).

Multiple plan discount

You could be eligible for a discount if you purchase more than one plan from the same insurer, for example life cover, TPD and trauma insurance. Premiums discounts are usually dependant on the number of options you have with AMP, and your sum insured.

Funeral advancement benefit

If you have a life insurance policy, you’ll generally be eligible for a funeral advancement benefit, which provides your nominated beneficiary(s) with an advance on your life insurance benefit. Meaning, they’ll 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 life cover policy, but rather a percentage of your total cover.

Premium freeze

This benefit allows you to freeze your premiums at the amount it’s currently at. However, your cover amount will generally decrease every year to keep your premiums at that affordable price.

Partial benefit payable

If you have a TPD policy, you might be able to claim either $500,000 or the lesser of 25% of your cover should you suffer the loss of one limb or one eye.

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Standard Exclusions

Exclusions refer to the terms under which AMP will generally not pay a claim, usually including:

AMP Elevate Healthy Start

You could receive a 10% premium discount off your life, and TPD stepped premium policy when living a healthier lifestyle. To qualify for this discount, you need to:

  • Be between the ages of 30 and 60 years old.
  • Have a body mass index (BMI) between 18.5 and 28.5.
  • Not smoke.
  • Have no health-related exclusions or loading on your Elevate life, TPD or trauma policy.

Frequently Asked Questions

  • How do you lodge an AMP claim?

    To make a claim follow these 4 steps:

    1. Contact AMP as soon as soon as possible or lodge your claim online using the AMP 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 and a decision will generally be communicated to the relevant party.
  • How much does a policy cost?

    Cost is always a key consideration when comparing life insurance policies. AMP premiums will generally depend on your specific circumstances and requirements, like your age, gender, level of cover, smoking status and the type of cover you want.
  • Who is eligible to apply?

    AMP Elevate standalone products are no longer being sold, as AMP was bought by Resolution Life in 2018. However, applications from AMP advice clients paying a premium via one of their platforms might still be accepted.  
  • Can I cash in my AMP Life Insurance policy?

    Cashing in, or selling your life insurance, is no longer an option in Australia. You are encouraged to consider:
  • How to cancel AMP Life insurance

    To cancel your policy directly contact AMP, provide your policy number and ensure you receive written confirmation that your policy has been cancelled.

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

    Take note; If you cancel your policy after the cooling off period, you will not receive any refunds on the premiums you’ve paid thus far. 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.
  • Who looks after my AXA Elevate policy?

    In 2011 AXA merged with AMP, and the AXA Elevate products were rebranded to AMP Elevate, while AMP Flexible Lifetime Protection (AMP FLP) remained the same. If you have an AXA Elevate policy, you can contact AMP’s customer care for further information.
  • Is AMP’s Flexible Lifetime Protection (FLP) still being sold?

    No, AMP FLP has closed for new business as of 1 October 2017, meaning they will no longer accept new FLP applications. They have opted to instead put their efforts fully behind AMP Elevate to provide new customers with an easier and simpler insurance experience. Current Flexible Lifetime Protection customers will continue as normal.

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