AMP income protection
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Income protection insurance can be a valuable asset for every working Australian, because unlike basic worker's compensation benefits, income protection insurance can be tailored specifically to your needs. This means you can avoid paying for any unnecessary features, while at the same time know that you have the right benefit amount for your financial position and future plans.
In the Australian insurance market AMP has emerged as one of the premiere personal insurance providers, offering a diverse range of income protection products which can be tailored to suit a range of policy holders.
|Maximum monthly income benefit||$30,000 (Up to 75% of your monthly income)|
|Age of entry||18-60|
|What products are available?|
|How much can I expect to pay per month?||For a $4000 monthly benefit:|
Based on AMP Elevate Income Insurance. Information last updated July 2020. Always consult the Product Disclosure Statement (PDS)
Information last updated July 2020. Always consult the Product Disclosure Statement (PDS)
This cover might be suitable if:
- You want tailored cover using an adviser
- You are looking for income protection from a company that's been around for over 100 years
- A choice of products for different levels of needs
Don't get this cover if:
- You don't want to use an adviser
Information last updated July 2020. Always consult the Product Disclosure Statement (PDS)
Find out more about AMP Income Protection
AMP has developed and fostered reliability and a strong reputation since it was founded as a not for profit life insurance company in 1849. Since that time, AMP has grown into one of the largest life insurance providers in Australia, growth which was recently facilitated by a merger with AXA in 2011, to strengthen both renowned brands and provide an even greater range of insurance products and services.
The AMP Flexible Lifetime Protection product has been awarded for outstanding value, which includes:
- AMP Flexible Lifetime Protection - Death, TPD, Trauma.
- AMP Flexible Lifetime Protection - Income Protection.
To make an informed decision about your insurance provider, looking at business growth is a great place to start, but your comparison should also include looking at a company's customer service and claims history. In 2010 and 2011, AMP paid income protection insurance claims for:
|Year||Male||Female||Under 30 years||30 to 39 years||40 to 49 years||50 to 59 years||Over 60 years||Total claims paid|
Sources of Claims Made for AMP Flexible Lifetime Protection: Income Protection in 2011
It is natural to look at insurance as just another bill to squeeze into an already stretched monthly budget, and even though you can deduct income protection premiums at tax time, you still have to pay for them now. This is why AMP offers three cover options – Basic, Standard or Advanced. These cover levels allow you to tailor your AMP income protection to your financial needs and situation based on your bills, debts and expenses, and any alternative income streams and savings.
|Benefits and features||Premier Plan||Plus Plan||Income Insurance Plan||Superannuation Plan||PremierLink IP Option||Senior Plan|
|Total disability – hours, income and duties based|
|Total disability – duties based|
|Partial disability – hours and duties based|
|Partial disability – duties based|
|Leave without pay continuation|
|Right to convert 730 day waiting period to 90 day waiting period|
|Right to take out an Income Insurance Senior Plan|
|Attempted return to work during waiting period|
|Elective or cosmetic surgery|
|Return to work bonus|
|Specific injuries and sicknesses|
|Unemployment continuation benefit|
|Family carer's income|
|Family member's accommodation|
|Home coming cost|
|Unemployment premium waiver|
|Full benefit where no appropriate work is available|
|Upgrade of benefits|
|Waiver of premium|
|24-hour worldwide cover|
Source: AMP Elevate Income Insurance Product Disclosure Statement, 2020.
While your occupation and the nature of your work may determine whether you choose an agreed value or indemnity value policy, some occupations may be excluded from income protection coverage all together, or be classified in a high risk category, which will attract higher premiums. With AMP, Elevate Income Insurance is available for a wide range of occupations, in the following risk categories:
|MP||Selected medical professionals.|
|AA||Professionals whose working environment presents minimal accident/healthrisk. Includes selected medical specialists and dentists. This also includes individuals who are in an office-based management role only and are earning in excess of $130,000 per annum and are:|
|A||White collar workers whose duties are primarily of a sedentary nature with minimal accident/health risk.|
|B||Blue or white collar workers whose duties involve a moderate level of manual work with slight accident/health risk.|
|BY||Blue or white collar workers whose duties involve a moderate level of manual work with an extra risk to B occupations.|
|C||Skilled occupations of a predominantlymanual nature and semi-skilled occupations involving a moderate level of manual work, with some accident/health risk.|
|CY||Skilled occupations of a predominantlymanual nature and semi-skilled occupations involving amoderate level ofmanualwork,with an extra risk to C occupations.|
|D||Predominantly manual labour, physically strenuous work with significant accident/health risks.|
|DY||Predominantly manual labour, physically strenuous work with an extra risk to D occupations.|
|F||Farmers who own and work full-time farming on their own properties or full-time share farmers.|
They must have been well established in this manner for at least three years.
While there are some variables which will affect your premiums that you can't control, such as your occupation, you can choose a shorter benefit period or a longer waiting period to make your income protection premiums more affordable.
The benefit and waiting periods you can choose from depend on whether you have chosen the Basic, Standard or Advanced plan in your AMP Flexible Lifetime Income Protection policy:
|1 year||2 years||5 years||To age 60||To age 65|
|4 weeks||2, 4 weeks||2, 4, 8 weeks||2, 4, 8, 13, 26, 52, 104 weeks||2, 4, 8, 13, 26, 52, 104 weeks|
|2, 4 weeks||2, 4 weeks||2, 4, 8 weeks|
AMP Flexible Lifetime Income Protection policies offer many in-built features and additional benefits that can provide vital assistance for when you are sick or injured:
- A choice between 'duties' or ' hours' based definition of disability. This gives you the flexibility to cover you in a way that's most effective to you.
- Partial disability. You can make a claim if you work in paid employment but are unable to earn your normal income because of a partial disablement, and you are under the ongoing care of a doctor for this partial disablement.
- Trauma benefit. A trauma benefit can be paid by AMP if you suffer from an eligible medical condition, even if you don't stop work. You can claim once for each trauma condition or medical procedure, and you can make multiple trauma claims, where each claim is for a different condition. There is no waiting period to receive the trauma benefit, which continues for your chosen benefit period.
- Major fracture or loss benefit. You can claim a benefit each time you suffer an eligible major fracture or loss as defined by your AMP policy. You can receive the benefit even if you don't stop working, and if you experience more than one fracture or loss from the same incident, you will receive the benefit which offers the longest benefit period. If you make a claim for both the major fracture or loss benefit and the trauma benefit at the same time, only the highest amount will be paid.
- 24 hour worldwide cover. This feature means that your AMP Elevate Income Insurance policy is valid no matter where you travel in the world, and you can make a claim at any time. However, your benefit payments may cease after three months unless you return to Australia or New Zealand.
- Coverage for disability away from home. You may be eligible for an accommodation benefit, a domestic transport benefit or an overseas transport benefit payment if you suffer a disability while away from home. These benefits are paid in addition to your normal income protection benefit amount if you become totally disabled while you're more than 100 kilometres from home.
- Relapse feature. If you have made a claim for an illness or injury and then experience the same illness or injury, or one which is related to the original illness or injury, you are able to begin receiving a benefit payment again. For example, if you have chosen a benefit period to 60 or 65 years, and you experience a relapse within 12 months of the end of the benefit period, you can start receiving your benefit again without serving another waiting period.
- Employment event features. If you leave paid work you are able to put your AMP income protection policy on hold within the first 12 months. Having your policy on hold means you are not covered or able to make a claim, yet you can make reduced premiums so your policy waits for you indefinitely. Alternatively if you change employers, you can also change your waiting period in line with different employment benefits.
- Superannuation contribution option. For added security for the future you can choose to add the super contribution option to your AMP income protection policy. This feature will pay 15% of the maximum benefit you have insured for claims under the total disability benefit, partial disability benefit, major fracture or loss benefit, trauma feature, bed care benefit. The superannuation benefit is paid to the trustee of your super fund, or directly to the fund itself.
Until you are suddenly left without a regular income, it can be difficult to imagine just how quickly the costs can build up. Think about the everyday costs such as groceries, mortgage, rent and education expenses, and add to that the cost of rehabilitation and nursing care – all of which have to be paid now. With an AMP Flexible Lifetime Protection plan, you can help ensure that any illness or injury which stops you from working doesn't put your family under additional financial pressure.
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