AMP Elevate Life Insurance

Information verified correct on September 29th, 2016

Get peace of mind for you and your loved ones with AMP Elevate Life Insurance

Ask yourself, how would your family cope with covering their financial obligations if your income was to suddenly disappear? Would they be okay? While it may be an unpleasant train of thought, it is important to sit down with your loved ones and have a plan in place should something as awful as you death should arise and they were forced to subsist without your income.

AMP Elevate Life Insurance will provide a lump sum payment to your loved ones and financial dependents if you were to pass away or be diagnosed with a terminal illness. Keep reading to find out exactly what is and isn't covered before enquiring and receiving a quote.

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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Ask yourself, how would your family cope with covering their financial obligations if your income was to suddenly disappear? Would they be okay? While it may be an unpleasant train of thought, it is important to sit down with your loved ones and have a plan in place should something as awful as you death should arise and they were forced to subsist without your income. Take the time to carefully consider and choose the right life insurance policy in order to protect your family.

Benefits of AMP Elevate Life Insurance

Just as the feelings of loss can continue long after the death of a loved one, so too can the financial impacts. There will be immediate expenses such as the funeral and possibly lingering medical bills. Then in the following weeks and months, the household bills will pile up.

However, rather than being maudlin about death, and the impact of your loss, you can safeguard all you have built for your loved ones, and all the plans you had for your family’s future, with a life insurance plan. The AMP Elevate Life Insurance policy can protect your family with:

    • A choice of plan ownership structures. You can purchase life insurance with AMP as an individual, a company, a trust or as the trustee of a self managed super fund. You also have the option to hold AMP Elevate Life Insurance within an AMP superannuation account, and your personal financial situation will determine whether this option will benefit you.
    • Level premiums. Level premiums will stay the same each year you have life insurance cover with AMP, as long as the policy does not lapse. This allows you to budget easily for the same amount month to month and year to year.
    • Stepped premiums. You can choose the structure of life insurance premium that suits you and your budget the best, with the first option being stepped premiums. Stepped premiums start out lower than a level premium, but will increase each year according to your age. This means that while you’re life insurance premiums get higher as you grow older.
    • AMP insurance as a plan. You can purchase a life insurance plan, a total and permanent disability insurance plan, a trauma insurance plan and/or an income insurance plan, which all operate independently of each other. This is a more expensive option when it comes to your month to month premiums, claims made on one plan will not affect the benefit available on another.
    • AMP insurances as an option. AMP trauma insurance and AMP total and permanent disability insurance can both be purchased as an option attached to an AMP life insurance plan. If these policies are attached as an option to your AMP life insurance and you make a successful claim on your TPD or trauma insurance, the benefit amount of the other insurances attached as an option to the plan are reduced by the amount of the claim.
    • Lump sum death benefit. Your AMP Elevate Life Insurance pays a lump sum benefit to your nominated beneficiaries when you die. You can choose a benefit amount from $50,000 where the maximum benefit amount you can be insured for is determined by the underwriting of your insurance policy, according to your age, lifestyle and health factors.
    • Terminal illness benefit. You can also receive a lump sum payment of your life insurance benefit amount if you are diagnosed with a terminal illness and expected to have less than 12 months to live. This allows you to cover final medical expenses, make funeral arrangements, or simply spend the money on quality family time together.

AMP Elevate Life Insurance exclusions to be aware of

Your AMP Elevate Life Insurance claim will not be paid if:

  • You make a fraudulent claim
  • You had a medical condition, injury or sickness before the plan began and did not tell AMP about it (unless you were unaware of your condition)
  • You die as a result of suicide within 13 months of the commencement or reinstatement of the plan
  • It is for a medical condition, sickness or injury that has been specifically excluded from your plan based on your health, pastimes or occupation

Who is eligible for AMP Elevate Life Insurance protection?

The eligible entry age for AMP Elevate Life Insurance varies depending on your premium structure:

  • For stepped premiums: aged between 11 and 70 at your next birthday
  • For level premiums: aged between 11 and 65 at your next birthday
  • For blended premiums: aged between 25 and 50 at your next birthday

Cover under a Life Insurance Plan expires when you reach 99 years of age, while Life Insurance Superannuation Plan and SMSF Plan cover ceases when you turn 75.

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