Keep your finances on track if you can't work with AMP Elevate Income Cover
How would you family cope without your revenue stream? If you were to become sick or suffer from a debilitating injury, would they be able to keep up with your ongoing financial commitments? If you family relies upon your income it’s time you considered income protection.
With AMP Elevate Income Protection Insurance you can receive an ongoing monthly benefit of up to 75% of your income if you are forced to take time off work due to a serious illness or injury. The policy comes with a range of additional benefits to ensure you can cover any other expenses and focus on your recovery. Keep reading to learn more of the benefits of this policy or enter your details below to make a secure enquiry.
How is total permanent disability defined?
All income insurance plans have different definitions and eligibility criteria for in regards to how benefits are paid, so make sure you know just what you are covered for. In the case of AMP Elevate Income Insurance, you can receive a benefit if you are totally or partially disabled. Under the Income Insurance Premier Plan and PremierLink IP option, total disability is defined as:
- Because of illness or injury you are not able to work in any paid or unpaid occupation, you are under medical care and you are unable to perform one or more of the essential income producing duties of your occupation
- Or, because of illness or injury you are unable to perform the essential and income producing duties of your occupation for more than 10 hours per week
- Or, because of illness or injury, you are unable to generate more than 20% of your predisability income.
To be eligible for total disability under the duties based definition, means you are:
- Not able to perform one or more essential income producing duties of your occupation
- Not able to work in any paid or unpaid occupation
- Under medical care.
Under the hours and duties based definition of total disability, you will be:
- Returned to work after serving the entire waiting period for total or partial disability, and were totally or partially disabled the entire time
- Unable to perform one or more of the essential income producing duties of your occupation
- Earning less than the agreed value of your pre disability income, or 75% of your pre disability income under the indemnity option
- Under medical care.
Or, if you are partially disabled immediately after being totally disabled for at least seven out of a consecutive 12 days, and you have returned to work, the duties based definition states that you are:
- Unable to perform one or more important income producing duties of your occupation
- Earning less than your agreed value per disability income, or earning less than 75% of your indemnity value pre disability income
- Under medical care.
Where you are defined as suffering a partial disability, your benefit can be calculated in one of two ways, if you:
- Attempted to return to work during the waiting period. If you are totally or partially disabled for the entire waiting period and remain totally disabled at the end of the waiting period, the number of days you returned to park in a partial capacity will not be added to the waiting period
- Returning to work in a full time capacity during the waiting period. If you have:
- A 14 or 30 day waiting period. If you return to full time work for five consecutive days or less , your waiting period will be extended by the number of days you worked. If you work for more than five consecutive days, the waiting period begins again.
- A 60, 90, 180, 365 or 730 day waiting period. If you return to full time work during one of these waiting periods for 10 consecutive days or less, the waiting period will be extended by the number of days you worked. If you return to full time work for more than 10 consecutive days, the waiting period begins again.
To insure your income means that if you were unable to work because of illness or injury, AMP Insurance would pay you up to 75% of your pre disability income as a monthly benefit. Having AMP Elevate Income Insurance provides you with:
- The funds you need for your living expenses. Whether you’re working or not, you will still be using water, power and phones, you’ll need to pay your car loan and your mortgage or rent, and none of these providers will give you very much leeway – if any at all – just because you can’t work due to illness or injury. Therefore, you need income insurance, which will continue to pay you a regular monthly benefit so you can keep your important bills current, and maintain the security of your family’s home and financial position.
- Preservation for your savings and other assets. You may have a ‘Plan B’ to use your savings or cash in shares or other investments in the event of an emergency cash flow crisis. While this can seem like a quick and easy solution to the problem, it is really a band aid solution, because once your savings run out, you’ll be left with no financial safety net, and once you redeem your investments, you’ll no longer be benefiting from their value and ongoing potential. Instead, income insurance means you don’t have to use all of your savings to pay those day to day bills, because 75% of your regular income should be enough to keep on top of all the most important expenses.
Types of Income Insurance available from AMP
No two jobs, households or family budgets are the same, which is why AMP Insurance offers a number of income protection options:
- Business expenses insurance to provide a benefit to your business to cover ongoing costs if you are unable to work
- Income Insurance Premier Plan
- Income Insurance Plus Plan
- Income Insurance Plan
- Convert eligible AMP income insurance plans to an Income Insurance Senior Plan.
What does the AMP Elevate Income Protection Policy cover?
- Replacement income stream: AMP Elevate Income Protection offers a replacement income stream if you are ill or injured and unable to work. It can replace up to 75 per cent of your pre-disability income.
- Choice of plans: There are seven plans available to suit your cover needs and budget. Income Insurance Premier Plan, Income Insurance Plus Plan, Income Insurance Plan, Income Insurance Senior Plan, Business Expenses Insurance Plan, Income Insurance Superannuation Plan and Income Insurance SMSF Plan.
- Up to $60,000 cover: Selected medical professionals, professionals and white collar workers can apply for a monthly benefit of up to $60,000.
- Choice of waiting periods: The range of waiting periods available depends on your occupation and the plan you choose. Options include 14, 30, 60, 90, 180, 365 and 730 days.
- Choice of benefit periods: The range of benefit periods available depends on your occupation and the plan you choose. Options include one year, two years, five years, to age 60, to age 65 or to age 70.
- Agreed value or indemnity value: AMP Elevate Income Insurance is available as an agreed value policy or an indemnity value policy. The benefit amount under an agreed value policy is determined when you apply for cover, while with an indemnity value policy the benefit amount is calculated when you make a claim.
- Stepped or level premiums: You can choose between stepped premiums, which are adjusted each year, and the consistency of level premiums.
- Partial disability: You will receive this benefit if you suffer an injury or illness that leaves you partially disabled. The partial disability benefit is paid under a duties-based definition on most plans, but under an hours and duties-based definition under a Premium plan.
- Indexation: Until you reach the age of 65, your benefit amount is automatically increased by 3 per cent or the Consumer Price Index, whichever is higher.
- Leave without pay continuation: This benefit allows you to continue your Income Insurance while you are on leave without pay.
- Premium freeze: When you exercise this option, your premium amount will continue to remain the same but your benefit amount will reduce each year.
- Recurring disability: If you return to full-time work less than 12 months after suffering an illness or injury and you subsequently suffer a recurrence of the same disability, it will be treated as a continuation of the same claim and no waiting period will apply.
- Return to work bonus: If you participate in an approved occupational rehabilitation program for at least three months and then return to paid work for at least 30 hours a week, you will receive an additional benefit amount.
- Rehabilitation expenses: You can ask AMP to pay for your rehabilitation expenses while you are receiving a total disability benefit.
- Other benefits: Other benefits available under the Income Insurance Premier Plan and Income Insurance Plus Plan include cover for death, family carer’s income, family member’s accommodation, homecoming costs, nursing care, rehabilitation program, special care, unemployment premium waiver and more.
AMP Elevate Income Protection exclusions to be aware of
Your AMP Elevate Income Protection claim will not be paid if:
- You make a fraudulent claim
- You are no longer receiving medical care
- Your injury or sickness occurred or commenced before your plan began or before cover was reinstated (unless you told the insurer about it in your application and AMP agreed to cover it)
- You had a medical condition, injury or sickness before the plan began and did not tell AMP about it
- The disability was caused by you or the plan owner on purpose
- The disability was caused by you committing or being involved in a criminal act
- The disability was caused by uncomplicated pregnancy, miscarriage or childbirth
- The disability was caused by war or war-like activities
How to apply
If you want to apply for the Income Insurance Premier Plan, the Income Insurance Plus Plan, or the Income Insurance Plan:
- If you choose an age 60 benefit period you can apply if you are 18 to 55 years old
- If you choose an age 65, age 70, a two year or a 5 year benefit period you can apply of you are 18 to 60 years old
- Your cover expires when you are aged 70, aged 65 or aged 60 according to the benefit period you have chosen.
To apply for the Income Insurance Senior Plan you must convert from an eligible existing insurance plan. Your Senior Plan expires when you are 70 years old. You can apply for Business Expenses Insurance if you are 18 to 60 years old, and cover expires when you are 65 years old.Back to top