AMP Flexible Lifetime Protection: Death, TPD, Trauma

Learn more about AMP Flexible Lifetime Protect in our review.

Insurance can be defined in many ways. For some it is a guarantee to receive compensation for any loss. For others, it is an assurance of protection for a person’s financial well-being. No matter how it is defined, insurance acts like a safety net for you and your family if unexpected things, like death, total disability, or trauma occur.

Insurance comes in many forms and packages. Some of the most common are life insurance, total permanent disability or TPD, income protection, death, and trauma. Depending on their need, a person can choose one or more combination.

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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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But what if you can have all three together through your superannuation? Through AMP Lifetime Protection Insurance – Death, TPD, Trauma, you can have the cover you need to ensure your family’s financial future.

AMP Flexible Lifetime Protection – Death, TPD, Trauma explained

Looking at all three insurance policies – Death, TPD, and Trauma – you might be asking if you really need all three, or just how it would affect you if you didn’t have one of them, or all three.

With AMP Flexible Lifetime Protection – Death, TPD, Trauma, you have an option whether you will purchase each one of them independently or purchase them through your superannuation.

But before going through the benefits of having all three or just one of them to cover you, their nature and their coverage are briefly explained below.

Death Cover

Also known as life insurance, it does more than providing coverage for your funeral expenses. Coverage under this policy could include lump sum in the event of the insured’s death. The money received would ensure that your family has the financial aid to have smooth transition during this difficult time of their lives.

Under the AMP Lifetime Protection, cover can start from 10 to 74 years of age with an unlimited coverage.

TPD Cover

Also called Total Permanent Disability, this insurance gives you cover if you are unable to work because of a sickness or an injury.

Permanent disability could mean that you don’t have the ability to work again throughout your lifetime, or recovery is impossible. It could be specifically defined as the loss of two eyes, arms, and legs; or absence from work for six months because of a severe injury or sickness without any possibility of being able to work again.

Cover for this under the Flexible Lifetime Protection can reach up to $3 million from 15 to 59 years of age.

Trauma Cover

Trauma, also called Critical Illness insurance, covers a number of sicknesses or diseases like cancer, heart attack, coronary bypass, stroke, and other sicknesses deemed as terminal or critical.

This type of insurance pays you a lump sum once you have been diagnosed with one of the health conditions under the critical illness category. Trauma coverage under the Flexible Lifetime Protection can reach a maximum of $2 million between the age of 15 and 59 years old.

Features of the AMP Flexible Lifetime Protection – Death, TPD, Trauma

The AMP Flexible Lifetime Protection has received a five-star rating for outstanding value in trauma insurance by Canstar Cannex.

When you purthree through your superannuation, the benefits you can have are:

  • You can get an increased coverage when your personal circumstances change without providing any additional health information. These personal circumstances include buying your first home, you got married, or you have children.
  • You will be paid an additional $2,000 towards the total cost when you receive financial planning advice. This amount can be accessed when a claim is paid.
  • Your cover will be increased with the inflation based on the Consumer Price Index.
  • The premiums you paid will be waived in the event of total disability.
  • Entry age is as early as 10 and as late as 64 depending on premium type e.g. entry age for stepped premium is 10 - 64 vs entry age for level premium is 10 - 59.

Aside from the above mentioned features, each insurance policy has other additional features:

Death – An amount of $10,000 of your Death cover can be advanced immediately while the claim is still being assessed.

TPD - You can choose the occupation you want to be insured in, especially if it is in a specialised field.

Trauma – You have an option to purchase trauma cover for your child. This cover will pay you a lump sum to help you with the finances needed to care for your child.

Another additional feature under this policy is the option to make partial payments in additional trauma conditions.

Furthermore, you have the option to restore death cover and trauma benefit amounts 12 months after you have been paid the claim without providing any additional medical information.

How to Get the AMP Flexible Lifetime Protection – Death, TPD, Trauma

Premiums for the following types of policy are still determined by a number of reasons like gender, age, smoking habits, type of coverage, and other options.

If you want to have more information and a specific quote, you can do either of the three:

  • Talk to an authorised representative of the Australian Financial Services Licences to discuss what your financial goals, needs, and situation are.
  • Email AMP
  • Speak to Customer Service Representative who will readily help you.

Giving yourself and your family cover is something that should not be overlooked. Having insurance ensures your future for the unexpected and provides you peace of mind.

Compare quotes for Death, trauma and TPD cover from AMP Lifetime Protect with an adviser

Maurice Thach

An insurance researcher and writer for who loves finding an answer to the question "Am I covered for ________?" Maurice has also completed a Tier 1 Life Insurance and a Tier 2 General Insurance Certification under ASIC's Regulatory Guide 146. This means he can confidently provide general advice for life insurance and non-life insurance products.

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