AMP is one of the largest wealth management companies in Australia. 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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| Minimum and maximum cover amount | $50,000 minimum and no maximum sum insured* |
| Age of entry | 11 - 70* (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 Elevate insurance plan.
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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 $50,000 to any amount subject to underwriting.
Other features of AMP life insurance include the following:
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.
Coverage through AMP was available to citizens or permanent residents of Australia. To qualify for coverage, you must have been residing in Australia and be between the ages of 11 and 70. The coverage amount can range from a minimum of $50,000 to any amount subject to underwriting.
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:
Apart from the exclusions, it is important to be aware of the following terms:
The policy will come to an end under the following circumstances:
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:
Receive a secure quote for AMP life insurance
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