Compare AMPs Range of Income Protection Insurance Policies - Receive a Quote and Begin Your Application
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.
Why Choose AMP Income Protection Insurance Plans?
The life insurance market in Australia has grown remarkably in recent years, in fact it enjoyed double digit growth in the 12 months prior to March 2012, with annual premiums expanding by $6.8 billion in the last 10 years. Throughout all this growth in the industry generally, AMP Life Insurance has maintained its industry lead by increasing its market share by writing $1.6 billion in new premiums. In line with the growth in life insurance policies being written, disability protection policies have also witnessed a 15.5 percent increase to the present $425 million.
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
- Death coverPays a predetermined benefit amount to your dependents when you die or are diagnosed with a terminal illness.
- Total and permanent disabilityPays you a lump sum benefit amount if you are unable to work after suffering a total and permanent injury or disablement.
- Trauma benefit coverIf you suffer a medical trauma you can receive a lump sum benefit amount to help with medical and living expenses.
- AMP Flexible Lifetime Protection - Income ProtectionIf you are unable to work because of illness or injury, income protection insurance provides a benefit paid as an ongoing income. Your benefit is up to 75% of your normal wage, and continues for your chosen benefit period.
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
Illnesses, injuries and the definitions of those which are covered by an income protection insurance policy will differ between each insurer. Therefore, to help you make an informed decision on whether AMP Flexible Lifetime Protection: Income Protection policy is right for you, it is essential to carefully read the terms and conditions in the Product Disclosure Statement (PDS).
Tailor Your Income Protection Policy with AMP
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.
To tailor your income protection insurance, you can choose one of the following plans from AMP:
|Pays a benefit of 75% of your regular income|
|Includes Interim Accident Cover for up to 12 months at no extra cost|
|Your choice of monthly, six monthly or annual premiums|
|Your premiums are waived while you’re on a claim|
|Transport benefits in case you are injured far from home|
|Additional financial assistance for rehabilitation|
|A 14 day cooling off period|
|Guaranteed future insurability so you can increase your benefit amount as your income increases, without the need for another medical test|
|An additional payment of up to $60,000 is made if you die while you are paying your premiums|
|Your choice of stepped or level premiums|
|A monthly benefit paid for six months, regardless of whether or not you are able to continue work, if you suffer one of the 22 trauma conditions on the policy|
|Family support benefit to help ease the financial pressure if a family member needs to stop working to care for you|
Source: AMP Flexible Lifetime - Protection Product Disclosure Statement, 2012.
With AMP Flexible Lifetime Income Protection Advanced, Standard, or Basic plan, you can choose from Agreed value or Indemnity value cover:
- Agreed value income protection coverYour benefit payment is based on the income you stated at the time of your application with AMP, so you will be paid a benefit based on your agreed income, even if your current income is now lower. However, you won’t receive a higher benefit if your income has increased since the time of your application.
- Indemnity value income protection coverAn Indemnity value benefit is calculated as 75% of your income from the 12 months immediately before you became unable to work. This means if you are on your way up the corporate ladder, your salary increases will be automatically reflected at the time of a claim, however, if you are a contractor and have had a slow year, making a claim could see you being paid less than an Agreed value policy.
AMP Income Cover Provides Coverage for a Range of Occupations
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, Flexible Lifetime Income Protection is available for a wide range of occupations, in the following risk categories:
|Excludes medical practitioners and dentists, but includes surgeons, accountants and solicitors.|
|Includes dentists and medical practitioners, not including surgeons.|
|Includes people working in an office environment, in a sedentary role such as a bank clerk or a management consultant.|
|Classified in a separate risk category are those white collar workers who travel or work outside of an office or are not primarily sedentary, for example sales representatives.|
|Those people who supervise manual work, with up to 10% of their role comprising manual work, for example a building foreman or a café owner.|
|Includes skilled craftspeople or tradespeople in a non hazardous industry, where a technical or trade qualification is required, such as a builder or mechanic.|
|Where manual work is involved, but trade qualifications are not generally required. Light manual work is required and limited skills are needed, for example a greengrocer or an awning installer.|
|These include blue collar occupations which do not require a trade qualification, but do require a level of skills such as a bricklayer or truck driver.|
|Includes those in unskilled or unqualified roles, yet who have a minimum of three years experience, such as bulldozer operator, open coal miner or roof plumber.|
Benefit and Waiting Periods Options for AMP Income Protection Insurance Policy in Australia
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|
Policy Features and Benefits
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:
- Total Disability BenefitThe total disability benefit will be paid as a monthly amount when you make a successful claim according to the definitions in your Basic, Standard or Advanced plan.
- Total disability benefit in AMP Flexible Lifetime Income Protection – Advanced plan
If you are classified by AMP as working in a white collar occupation, and you have opted for the Advanced plan, to satisfy the meaning of totally disabled and qualify for the benefit payment, you must be totally or permanently disabled for your entire waiting period, and be continuously totally or partially disabled since the end of the waiting period, unless you are experiencing a relapse. You can make a total disablement claim if you satisfy either the duties based or hours based definitions under the Advanced plan.
- Total disability benefit in AMP Flexible Lifetime Income Protection – Basic and Standard plans
For all other occupations under the Advanced plan, and for those with the Basic or Standard AMP income protection plan, the definition of totally disabled requires that you are totally disabled for at least seven consecutive days during your waiting period, and totally or partially disabled for the remainder of the waiting period. You must also have been totally or partially disabled since the end of the waiting period, unless you are experiencing a relapse. Under Basic or Standard plan, you must meet the duties based definition to be eligible for a claim.
Duties Based and Hours Based Total Disablement Definition
|The duties based definition of total disablement states that:||To meet hours based definition of total disablement:If you have been working for more than 20 hours per week in the 12 months before the claim:|
If you were working less than 20 hours in the 12 months before the claim the hours based total disablement definition states that
- Partial disabilityYou 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 benefitA 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 benefitYou 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 coverThis feature means that your AMP Flexible Lifetime Income Protection 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 homeYou 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.
- Family support benefitAfter you have been receiving an income protection benefit payment for more than a month, you can claim for the family support benefit to pay for the full time assistance of a family member who has to leave paid employment to help care for you.
- Relapse featureIf 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 featuresIf 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.
- Day 1 accident optionThis is an option you can add to your AMP income protection policy, which will allow you to receive your benefit payment as soon as you are totally disabled for three consecutive days during your waiting period as the result of an accident.
- Superannuation contribution optionFor 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 or day 1 accident option. 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.