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AMP Group Life Insurance

Get protection for your workers and business with AMP Group Life Insurance

Group life insurance provides coverage to employees of a business, members of a labour union or an association. In accordance with the policy the group has, you could receive life insurance coverage as an employee benefit, give contributions as a partial payment to the total cost, pay for the group life insurance on your own. Unlike individual life insurance which is based on an individual’s risk, group life insurance is based on the risk factor of the group as a whole. So whether a member of a group is subject to higher risk than the others, he is protected from being singled out or forced to pay more.

AMP has designed a type of group life insurance that features numerous benefits for you as an employer, and for your employees and their families. The AMP Group Life Insurance is a type of life insurance policy which is ideal for companies that has at least or more than 10 people working in a non-hazardous environment, and are superannuation trustees.

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What types of cover does AMP Group Life Insurance provide?

One of the market leaders in insurance, the AMP Group of Companies, has designed a type of group life insurance that features numerous benefits for you as an employer, and for your employees and their families.

The AMP Group Life Insurance is a type of life insurance policy which is ideal for companies that has at least or more than 10 people working in a non-hazardous environment, and are superannuation trustees. The policy has three types of cover you can choose from:

  • Death Cover– This is available in all types of cover and includes the Terminal Illness Benefit.

In the event of death, a lump sum is paid to the surviving family members. If you suffer from a terminal illness listed in the policy, you will be paid an early death benefit if you are diagnosed with an illness that would likely result to death.

  • Death and Total Disablement Cover (TPD) – This level of cover is available to all insured and is assessed by their number of hours. Having TPD cover enables you to receive a lump sum benefit if you happen to become temporarily or permanently disabled due to an illness or injury.
  • Death and TPD and Temporary Salary Continuance – This cover is available to all permanent employees who have 15 or more working hours every week. This cover pays a monthly benefit to cover income which was lost as a result of partial or total disability. Payments will start after the waiting period and could only extend up to a maximum of two years.

What are the policy features?

The AMP Group Life Insurance offers flexible options which allow you to tailor it according to your needs, goals, and finances. These options are based on a range of formulas and factors that would determine Death and TPD benefits.

Aside from the flexible options that are easy on your finances, the policy includes competitive features such as:

  • Continuing Cover: This feature gives you an extended cover of up to 30 days even when you leave the policy. This includes Death and Accidental TPD cover.
  • Replacement Cover: Even when you leave the policy, you are given an option to continue the policy cover on an individual level.
  • Interim Accident Cover: This feature provides cover on accidental death, TPD, and TSC for up to 90 days on application for insurance cover where underwriting is necessary.
  • Extended Cover: If you are working overseas, you are given cover on leave of absence or parental leave.
  • Continuous Review: This optional feature, if chosen, allows your salary related benefits be based on your last day of work salary.
  • Superannuation: Another optional feature which enables an additional benefit of up to 15% to be directly paid to your superannuation plan.
  • Profit sharing: This is an option available in AMP Group pool or self-experience profit sharing arrangements.

Enrolling your employees in a group life insurance encourages their productivity and efficiency knowing that they are well-taken care of. This arrangement benefits you, as well, since employees’ productivity means more profit. Group life insurance is a well-thought of investment, indeed.

More benefits of group life insurance to consider

Aside from giving sufficient coverage to your employees, group life insurance has a number of benefits for you and your company.

  • Attracts and retains key employees
  • Increases the productivity of your employees showing them that you care for them
  • Reduces turnover and absenteeism among your employees
  • Increases morale
  • Provides coverage including disability insurance
  • Death and Disability benefit pays out a lump sum to lessen the impact of lifestyle changes due to disability or death
  • Provides a tax deductible alternative to a raise in pay
  • Employers and employees receive benefits without becoming members of a certain group or association
  • Plans can be intended to help in achieving the company’s goals and objectives

Having listed all the benefits you can gain as an employer or employee from Group Life Insurance it is, therefore, an investment rather than a burden - an investment which can have positive impact on your company in the long run.

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William Eve

Will is a personal finance writer for finder.com.au specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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