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AMP life insurance review

With AMP Life Insurance, you'll get cover from a company with a large financial backing and a great choice of product for many needs.

AMP Life Insurance

AMP is one of the largest wealth management companies in Australia, specialising in financial advice, superannuation, banking, investments and insurance.

Their range of personal risk insurance products includes life insurance, total and permanent disability (TPD) cover, income protection and trauma cover and in 2015 alone, they paid out over $944.7 million in claims.

Awarded Life Company of the Year and Best Trauma Policy in the 2015 Financial Review Smart Investor Blue Ribbon Awards, AMP Life Insurance is known for its proactive, fair and transparent approach to assessing claims. Their life insurance products include AMP Life Insurance, Flexible Lifetime and AMP Elevate.

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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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find out more about amp life insurance

Minimum and maximum cover amountNo maximum or minimum sum insured*
Age of entry10 - 74* (Varies based on the policy)
How do I apply?With an adviser over the phone or online with AMP directly (depending on the policy you opt for)

*Based on AMP's Flexible Lifetime plan with a stepped premium.

Pros
Cons
  • A wide range of protection to cover various events including death, serious illness and injury and traumatic conditions.
  • Some features of AMP's standalone policy are not included in its superannuation policy.
  • A 30-day period to change your mind and receive a full refund.
    • Financial planning benefit isn't rated as high as other providers.
  • Increase cover without medical assessment for a wide range of life circumstances.
  • Strong financial underwriter rating
  • Life Insurance Company of The Year 2016, ANZIFF Insurance Industry Awards

This cover might be suitable if:

  • You're looking for a provider that offers a strong set of product combinations
  • You're looking for life insurance from a large company
  • You're looking for cover that let's you increase cover for a wide range of circumstances

Don't get this cover if:

  • You are after an additional counselling benefit
  • Looking to insure a smaller amount of cover

What does AMP life insurance cover?

The AMP life insurance policy covers the death of an insured person with a monetary payout. The payout will occur at the time of the claim and AMP will send the money to the beneficiary of the plan. AMP life insurance also has a terminal illness benefit where they will pay the claim amount if you have been diagnosed with a terminal illness. The payout for death or terminal illness can range from $100,000 to $1,000,000 depending on the level of coverage.

Other features of AMP life insurance include the following:

  • Lump sum payment. AMP will pay a lump sum benefit to the beneficiary of your policy.
  • Terminal illness benefit. AMP will pay out this benefit, equal to the amount of your coverage, in the event you are diagnosed with a terminal illness.
  • Funeral benefit. AMP will pay up to $15,000 to your beneficiary to cover the costs and expenses of a funeral.
  • Inflation protection. AMP life insurance allows for inflation protection, raising the payout based on automated annual increases. The automated amount is 5% with a maximum of $1.5 million in total coverage. AMP will add this to your policy without the need for yearly medical documentation but the increase stops at age 65.
  • 24-hour worldwide cover. The AMP life insurance policy allows for 24-hour coverage anywhere in the world.
  • Linking with other plans. AMP also offers income protection, TPD and trauma insurance, which you can link to your life insurance policy to provide a greater range of coverage.
  • Easy application process. The online form is quick and easy. In addition, you do not need to provide a lot of personal details when applying.
  • Tailored plans. You can tailor your AMP policy to your specific needs by picking coverage amounts and bundling with other plans.

What is the AMP Healthy Discount?

Conditions for benefit payment

AMP will pay a claim in the event of death or terminal illness. In the event of death, AMP will pay the claim payment to your nominated beneficiary. If AMP cannot locate your beneficiary, they will pay the claim to the administrator of your estate.

If you make a claim as a result of a terminal illness, you will receive the claim amount and the coverage will cease.
AMP will pay the advanced funeral payment to your nominated beneficiary or to any other relevant person or business as necessary.

How does AMP's non-super plans compare with it's superannuation plans?

AMP Elevate offers life insurance inside and outside superannuation. Here's how the benefits compare:

Benefits
Life Insurance Plan (non-super)
Life Insurance Superannuation Plan
Life Insurance SMSF Plan (Self-managed super fun)
Life insurance
Yes
Yes
Yes
Terminal illness
Yes
Yes
Yes
Future insurability benefit
Yes
Yes
Yes
Indexation benefit
Yes
Yes
Yes
Interim cover
Yes
Yes
Yes
Premium freeze
Yes
Yes
Yes
Upgrade of benefits
Yes
Yes
Yes
24-hour worldwide cover
Yes
Yes
Yes
Accommodation benefit
Yes
No
No
Advancement of funeral expenses
Yes
No
No
Financial plan benefit
Yes
No
No
Business solutions option – life
Yes
Yes
Yes
Premium waiver option
Yes
Yes
Yes
Total and permanent disability (TPD) option
Yes
Yes
Yes
Double TPD option
Yes
Yes
Yes
Life buy back TPD option
Yes
Yes
Yes
Business solutions option – TPD
Yes
Yes
Yes
PremierLink TPD(iii)
o
o
o
FlexiLink total and permanent disability (TPD) (iv)
o
o
o
Life buy back TPD option
o
o
o
Business solutions option – TPD
o
o
o
Children's trauma
o
o
o
Activities of Daily Living (ADL) TPD option
Yes
Yes
Yes
FlexiLink trauma (iv)
o
o
o
Life buy back – trauma option
o
o
o
Trauma reinstatement option
o
o
o
Business solutions option – trauma
o
o
o
Children's trauma
o
o
o
Children's trauma
Yes
No
No
Trauma option
Yes
No
No
Double trauma option
Yes
No
No
Life buy back – trauma option
Yes
No
No
Trauma reinstatement option
Yes
No
No
Business solutions option – trauma
Yes
No
No

o Available as an additional option

Who is eligible for AMP Life Insurance?

Coverage through AMP is available to citizens or permanent residents of Australia. To qualify for coverage, you must be currently residing in Australia and be between the ages of 16 and 60. The coverage amount can range from a minimum of $100,000 to a maximum of $1,000,000. Your coverage can actually exceed $1,000,000 once annual inflation increases come into effect.

To apply, you can fill out an online application that will ask for basic information and a few personal details including occupation and if you are a smoker. In the online form, you can choose the amount of coverage in increments of $50,000 starting at $100,000 up to the maximum of $1,000,000.

Exclusions to understand

As with any life insurance policy, it is important to be aware of any exclusions and reasons why a plan may not be paid.

AMP will not pay benefits for the following reasons:

  • Your death occurred or you were diagnosed with a terminal illness within 12 months of starting the insurance policy and was a result of a medical condition or illness that you had before you purchased the policy.
  • Your claim was the result of a pre-existing condition that you did not explain or disclose during the application process.
  • Your claim was the result of a criminal or terrorist act.
  • Your claim was a result of suicide, attempted suicide or intentional self-harm from prescription or illegal drug use.
  • You made a claim before the official commencement of the policy, including the cooling-off period.
  • You did not file your claim according to the terms and conditions of the policy.

Other things to know

Apart from the exclusions, it is important to be aware of the following terms:

  • Cooling-off period. The AMP life insurance policy has a 30-day cooling-off period where you can make changes to be policy or cancel the policy as long as you have not put in a claim.
  • Variations. AMP reserves the right to revise premium rates as part of general changes that will apply to all plans of a certain type. AMP can also change premium amounts based on inflation or taxation rates.
  • Premium calculation. AMP calculates premiums by taking many life and health factors into consideration, including age, gender, smoking status and amount of coverage requested.
  • Payment of premiums. Premiums are collected by QPR and debited to your account. For a policy to remain active, you must pay the premium in full by the due date. If a premium is 30 days late, AMP will cancel the policy.

The policy will come to an end under the following circumstances:

  • After your 70th birthday.
  • The date of your death or when a terminal illness benefit is paid.
  • The date you make a written request to cancel your coverage.
  • The date you cease to be an Australian resident or live outside of Australia for a continuous period of 6 months.

Some questions you might have about your AMP Insurance

How do I make a claim for AMP insurance?

AMP Life Insurance prides itself on prompt payment of all genuine claims and the steps for making a claim are simple and straightforward. Here are you options for making a claim:

For Flexible Lifetime and other AMP Life Insurance

  1. Lodge your claim online using the claims notification service
  2. Call 1300 366 214, 8am to 5pm weekdays.
  3. Write to AMP Life Claims PO Box 300 PARRAMATTA NSW 2150

For AMP Elevate

  1. Call 1300 366 214, 8am to 5pm weekdays.
  2. Mail your completed claim form to AMP Claims, PO Box 14330 Melbourne VIC 8001

What happens next?

  • AMP will allocate you a dedicated claims assessor and send you forms to complete, sign and return, along with any additional supporting documentation you may be asked for (e.g. doctor's certificate)
  • AMP will review your claim as quickly as possible and your claims assessor will notify you of the outcome
  • If your claim is accepted, payment will be made either by cheque or direct banking transfer.

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Read more on this topic

AMP Elevate Life Insurance

Is your family protected if you were no longer around to pay the bills? Find and compare AMP Elevate Life Insurance options available and get the cover you need.

AMP Elevate Life Insurance Superannuation

Is your family adequately protected in the event you are no longer able to work? Find out how AMP Elevate Life Insurance Superannuation can protect your family.

AMP Superannuation Life Insurance

You can obtain AMP Life Protection Plan and pay for your insurance premiums through your superannuation fund. Learn more of the benefits of this product.

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16 Responses

  1. Default Gravatar
    LeslieMay 3, 2018

    I wish to know if I can get cover if I die with a pre existing condition, so my wife is taken care of around 200,000

    Reply
    • Avatarfinder Customer Care
      JeniMay 4, 2018Staff

      Hi Leslie,

      Thank you for getting in touch with finder.

      There are still insurers that you can get a life insurance with even if you have a pre-existing medical condition. However, it’s crucial to disclose any relevant medical history during the application process.

      While we are not allowed to provide specific recommendations/quotes, let me give you general information to help you make a better choice. I suggest that you contact an insurer who is an underwriter or one who uses an underwriter upfront during your application and compare your options with an adviser.

      You check out some insurers life insurance brands who may underwrite your condition upfront in this link.

      I hope this helps.

      Have a great day!

      Cheers,
      Jeni

      Reply
  2. Default Gravatar
    tedApril 23, 2018

    I have a number of old AMP policies taken out in New Zealand in the 1970. I have the policies numbers, I wondered if there would be any value in them and how do I find what value is in them?

    Reply
    • Default Gravatar
      JoelApril 24, 2018

      Hi Ted,

      Thanks for leaving a question on finder. Please note that we are a comparison website and we do not represent any of the providers on our page.

      It would be ideal if you can contact AMP directly regarding your concern. They can be contacted on 137 292 or email: client.enquiry@amp.com.au

      Cheers,
      Joel

      Reply
  3. Default Gravatar
    RonaldDecember 30, 2017

    I was with AXA and want to get into my account, How do I do that, thanks.

    Reply
    • Avatarfinder Customer Care
      RenchJanuary 3, 2018Staff

      Hi Ronald,

      Thanks for your inquiry. Please note that we are not affiliated with AMP or any company we feature on our site and so we can only offer you general advice.

      If you are referring to AXA Life Insurance, AXA no longer exists in Australia and has now merged with AMP Life Insurance.

      Please contact AMP directly on 137 292 or email: client.enquiry@amp.com.au

      You may get this info on this page.

      Best regards,
      Rench

      Reply
  4. Default Gravatar
    ParaglidingOctober 9, 2017

    Do you cover Paragliding both at home and abroad?

    Reply
    • Default Gravatar
      JonathanOctober 9, 2017

      Hello there,

      Thank you for your inquiry.

      Usually, life insurers will decline cover if the cause of death, trauma or disability is attributed to extreme sports. To prevent any claim issues, insurers will ask you to declare any sports you’re engaged to, and underwriting (approving or reviewer) will determine whether they will put a “lien” (exclusion of cover), or apply an additional premium to balance the risk. Depending on their coverage territory, limits on the coverage to events that take place in specified countries are applicable and will be disclosed upon signing-up.

      You can read more about how life insurance works with extreme sports on this page. Alternatively, you can also check travel insurance for paragliding.

      Hope this helps.

      Cheers,
      Jonathan

      Reply
  5. Default Gravatar
    BARRYJune 24, 2017

    Hi,
    I have come across an old AMP insurance policy (in my name) that has been sitting in my father’s drawer for years. How can I find out if the policy has any value and go about claiming any money?

    Thank you,
    Barry

    Reply
    • Default Gravatar
      JonathanJune 24, 2017

      Hi Barry!

      You need to talk to the insurer about the claim process and to see if there are any cash values or dividends that you can claim. You may also need to verify if you can sign the release or if it would be your father who needs to sign them off.

      Hope this helps.

      Cheers,
      Jonathan

      Reply
  6. Default Gravatar
    MichaelOctober 6, 2016

    hi i have a life insurance policy with you. I have moved to the UK and reside here now, does that effect my policy and what is the term of my policy

    Reply
    • Avatarfinder Customer Care
      MauriceOctober 7, 2016Staff

      Hi Michael,

      You’ve come to the comparison service finder.com.au – we are not an insurer.

      If you have a policy with AMP, it’s a good idea to get in touch with them directly in regards to the specific terms of your policy. You can reach AMP on 131 267.

      Note: According to AMP’s Flexible Lifetime Protection Product Disclosure Statement (PDS), cover is provided worldwide.

      Best regards,

      Maurice

      Reply
  7. Default Gravatar
    SharonSeptember 3, 2016

    If I have a flexible lifetime protection plan and have had if for Approx 10 years would I get any refund back if I cancel it.

    Reply
    • Avatarfinder Customer Care
      RichardSeptember 5, 2016Staff

      Hi Sharon,

      Thanks for your question. Unfortunately, if you cancel your policy outside of the cooling off period, 28 days after purchase, you won’t be able to receive a refund for the premiums you’ve paid. If you have paid your premiums in advance, you may be entitled to a refund of those less any plan fees, stamp duty and Government charges, for any unused complete months. For more information you should contact AMP directly or consult the relevant product disclosure statement (PDS).

      All the best,
      Richard

      Reply
  8. Default Gravatar
    MrsJuly 29, 2016

    i have a Life Insurance policy on my husband and due to having no fixed address for the last three years I think my last renewal was due 15 April 2016 and I am not sure if it has been paid or not. I require the information to get a pension. Can you please make contact with me and I will be able to give you my address unless already done.
    Many thanks
    Lorraine

    Reply
    • Avatarfinder Customer Care
      RichardJuly 29, 2016Staff

      Hi Lorraine,

      Thanks for your question. finder.com.au is a comparison service and not an insurer. You will need to contact ANZ directly, which you can do by calling 13 16 14.

      I hope this was helpful,
      Richard

      Reply
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