With AMP Life Insurance, you can find tailored protection for you and your loved ones to offer security now and in the future.
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.
|Minimum and maximum cover amount||No maximum or minimum sum insured*|
|Age of entry||10 - 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.
- Life Insurance Company of The Year 2016, ANZIFF Insurance Industry Awards
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.
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)|
|Future insurability benefit||Yes||Yes||Yes|
|Upgrade of benefits||Yes||Yes||Yes|
|24-hour worldwide cover||Yes||Yes||Yes|
|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|
|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|
|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|
|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
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.
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.
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
- Lodge your claim online using the claims notification service
- Call 1300 366 214, 8am to 5pm weekdays.
- Write to AMP Life Claims PO Box 300 PARRAMATTA NSW 2150
For AMP Elevate
- Call 1300 366 214, 8am to 5pm weekdays.
- 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.