A Review of AMP Life Insurance Products
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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.
Get to know your AMP Elevate Insurance policy
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.
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
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.
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.
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.
Compare AMP Life Insurance Quotes to other major life companies
Exclusions refer to the terms under which AMP will generally not pay a claim, usually including:
- 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.
- All injuries and illnesses you were diagnosed with prior to the date of your application unless you were not aware of this sickness or disability.
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 and Answers
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