AMP Elevate TPD Insurance

Information verified correct on September 28th, 2016

Receive up to $5 million in cover for total and permanent disablement with AMP Elevate TPD Cover

With total and permanent disability (TPD) insurance AMP will pay you a lump sum benefit if you suffer an eligible illness or injury. You can purchase total and permanent disability cover from AMP in a number of formats:

  • TPD insurance as a plan. You can take out TPD insurance with AMP as a standalone plan and be covered under the own and any occupation definitions, as well as for activities of daily living.
  • TPD insurance as an option. Or you can choose to take out total and permanent disability insurance as an option attached to an AMP life insurance or trauma insurance plan. To take out activities of daily living TPD as an option, it must be attached to a life insurance plan.
  • FlexiLink TPD. Own and any occupation TPD can be attached to a life insurance plan in a similar way to TPD insurance as an option. In some cases the TPD must match the life insurance plan, for example where Consumer Price Index increases occur on one plan, they must also be accepted on the connected plans.
  • PremierLink TPD option. You can choose to link the PremierLink TPD option to a TPD any occupation option held on your life insurance policy.
  • Life insurance superannuation option. Own and any occupation TPD, and activities of daily living TPD can be purchased as an option on your life insurance within superannuation. Keep in mind that there are specific benefits and drawbacks to holding insurances within your super account, and the benefits of this option for you will be determined by your personal income and financial situation. Also remember that a benefit paid to your insurance held within superannuation will be paid to the trustee of the super account, and will only be released when you have met all conditions of superannuation law.

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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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How Total and Partial Disability are Defined under the AMP TPD Insurance policy

The basis of total and permanent disability insurance is to provide you with financial support through a lump sum benefit if you are totally and permanently disabled. As you compare TPD insurance policies, you may find that the definitions of total and permanent disability will have varying factors, which you will need to carefully read and understand.

AMP Insurance defines total and permanent disability for own and any occupation cover as one or more of the following:

  • You are unlikely to work
  • You suffer a specific loss
  • You require future care
  • You are unlikely to perform domestic work
  • You suffer significant cognitive impairment.

Partial Disability Definition

Partial TPD under your AMP Elevate Total and Permanent Disability Insurance is defined as one of the following, where you will be paid the lesser of 25% of the TPD insurance benefit, or $500,000:

  • The total and permanent loss of the use of one hand
  • The total and permanent loss of the use of one foot
  • The entire sight in one eye.

The partial TPD benefit will only be paid once and any other benefits payable under your plan will be reduced by the benefit amount paid. A benefit for partial disability is not available if you have purchased your TPD insurance as an option on an AMP life insurance plan within superannuation.

Under the Activities of Daily Living TPD definition, you are totally and permanently disabled if you:

  • Require future care, for which you are covered until you are 99 years old.
  • Suffer significant cognitive impairment, which you are covered for from the first renewal date of your policy after you are 65 years old, until you are 99 years old.

If you meet the definition of total and permanent disability as the result of one of the following medical conditions, AMP Insurance will waive the normal requirement of being unable to work for three months:

  • Alzheimer’s Disease and other dementias
  • Blindness
  • Cardiomyopathy
  • Deafness
  • Diplegia
  • Hemiplegia
  • Loss of speech
  • Lung disease
  • Major head injury
  • Motor neuron disease
  • Multiple sclerosis
  • Muscular dystrophy
  • Paraplegia
  • Parkinson’s Disease
  • Primary pulmonary hypertension
  • Quadriplegia or tetraplegia
  • Severe rheumatoid arthritis

What does the AMP Elevate TPD Insurance Policy cover?

  • Lump sum benefit: If you suffer an illness or injury that results in you becoming totally and permanently disabled, AMP Elevate TPD Insurance offers a lump sum benefit.
  • Three types of cover: AMP Elevate TPD Insurance is available in three forms: TPD Own Occupation, TPD Any Occupation and Activities of Daily Living TPD.
  • Combine cover: TPD Insurance can be purchased on its own, while TPD Own Occupation and TPD Any Occupation can be purchased as an option attached to AMP Life Insurance or Trauma Insurance. Activities of Daily Living TPD can only be purchased as an option on life insurance.
  • Up to $5 million cover: AMP Elevate TPD Insurance offers up to $5 million of cover, or $2 million of cover on an Activities of Daily Living TPD plan.
  • Choice of premiums: Choose from stepped, level or blended premiums to suit your budget and your cover needs.
  • Future insurability benefit: You can increase your sum insured once in any 12-month period without providing any health evidence.
  • Indexation benefit: Your benefit amount is automatically increased by the CPI or 5% each year, whichever is greater, to protect your plan against inflation.
  • Interim cover: The policy provides interim cover while your application is being assessed.
  • Premium freeze: If you have stepped premiums and you choose to exercise this option, your premiums will stay the same but your benefit amount will reduce each year.
  • Worldwide cover: AMP Elevate TPD Insurance provides cover anywhere in the world, 24 hours a day, seven days a week.
  • Accommodation benefit: Not available with Activities of Daily Living TPD. If you receive a full TPD benefit, you are confined to bed, you are more than 100km from home and a family member must stay by your side, the policy covers the accommodation costs of that family member.
  • Financial plan benefit: If you receive a full TPD benefit under the policy, AMP provides up to $2,000 of cover for the cost of financial planning advice.
  • Partial TPD benefit: Not available with Activities of Daily Living TPD, this feature offers a Partial TPD benefit if you suffer the total and permanent loss of use of one hand or foot, or the entire sight in one eye. The benefit amount is the lesser of 25% of the TPD Insurance benefit or $500,000.

AMP Elevate TPD exclusions to be aware of

An AMP Elevate TPD Insurance benefit will not be paid if:

  • You make a fraudulent claim
  • Your total or permanent disability is caused by you or the plan owner on purpose
  • Your TPD results in your death within eight days of the date you suffered the illness or injury (this exclusion applies when the TPD Insurance is purchased as a plan, a Double TPD Insurance Option or as a TPD Insurance option attached to an AMP Trauma Plan)
  • You had a medical condition, sickness or injury before cover began and you did not tell AMP about it (unless you were not aware of the condition and a reasonable person could not be expected to have been aware of it)
  • It is caused by a medical condition, sickness or injury that is excluded from cover based on your health, pastimes or occupation

Who is eligible for AMP Elevate TPD Insurance?

If you are 16 to 60 years old and applying for stepped or level premiums, you can apply for $50,000 to $5 million of total and permanent disability cover with the:

  • TPD Plan
  • TPD as an option
  • FlexiLink TPD
  • PremierLink TPD.

Your total and permanent disability insurance as an option expires when you are 75 years old, however, the remaining types of TPD insurance continue until you are 99 years old. You can also choose your cover to end earlier on any TPD policy.

Find out more about AMP Elevate Total and Permanent Disability Insurance

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