AMP Superannuation Life Insurance

Fund your life insurance with the funds from your super with AMP

Life is unpredictable and there are many things that can happen in life and knock you off your feet. If you are the main income earner in the family and you are no longer able to provide for them, will you and your loved ones be able to meet all your financial obligations? What if you were to pass away suddenly? Will your savings be enough to cover the needs of your family for the many years to come?

With AMP, you can rest assured that you and your family will be protected in the event of death and/or total and permanent disability. You can access the many benefits of AMP Life Protection Plans and manage the premiums through your superannuation fund.

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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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Features of the Life Protection Plan available through AMP Superannuation Savings Trust

When you have your life insurance policies and superannuation in one account, you are able to save time and money by dealing with one financial institution, and paying just one set of account-keeping fees. However, it does also mean that you need to understand how to get the most out of this unique combination of financial products, and how to manage obligations such as the associated taxes.

The main benefits and features that you can obtain with AMP Superannuation Life Protection Plan include:

  • Paying for your premiums with the balance in your super fund: The contributions which are made to your Superannuation Life Protection Plan account will be used to pay the premiums for your insurance cover. This means you don’t need to worry about an added bill in your budget, yet you know you are protected by AMP’s life insurance products. These contributions to your super can be made by your employer, or can be your personal contributions.
  • Salary sacrifice to boost your super: You may also be able to come to an agreement with your employer to make contributions which pay the premiums of your insurance, instead of paying you the equivalent of pre-tax salary.
  • Nominating your beneficiaries: You can nominate one or more beneficiaries to receive the lump sum benefit amount which is paid when you die. In most cases a beneficiary must be a dependent, such as your spouse, your child, or any other person who is dependent on you financially.
  • Choose how the death benefit is paid: You can make a binding or non binding nomination of beneficiaries, or no nomination at all. Before nominating a specific beneficiary, consider the tax implications which could be applied to them for example.
  • Total and permanent disability cover:To have access to total and permanent disability insurance through your superannuation fund, you must also have death cover for AMP Super Life Protection Plan. Permanent incapacity could be either mental or physical health conditions.
  • Terminal illness benefit: A claim can be made for the terminal illness benefit if you have been diagnosed with a terminal condition, and are expected to have less than 12 months to live. This must be certified by two registered medical practitioners, where at least one is a specialist in the area relating to the illness.
  • Eligible roll over fund: The terminal illness and the total and permanent disability benefit are not paid directly to you, and instead AMP sets up a fund on your behalf, where the benefits can be transferred and then released which you have satisfied the conditions and rules for payment.

Making sure your family is protected against every eventuality doesn’t have to be complicated, because AMP have created an all in one financial product which allows you to continue planning and providing for your future as well as making sure that your family are protected in case you die or become ill or injured and unable to work. Having all of your financial and protection products in one place, means you can enjoy peace of mind.

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William Eve

Will is a personal finance writer for 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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4 Responses

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    BERNARDAugust 11, 2017

    I have a superannuation. I am 66 years old and I cannot retire yet. I still owe money on my bankcard. I stop working 3 weeks ago. Centrelink gave me a pension card. So can I now claim the money on my superannuation plan? Thanks. Regards, Bernard.

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