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AMP life insurance review

With AMP Life Insurance, you'll enjoy peace of mind that you're holding cover from a company with a large financial backing.

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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.

Important note. AMP Life is no longer offering life cover for new customers, having been sold to Resolution Life in 2020 for $3 billion. You can visit their website at www.amp.com.au for more information, or compare alternative options available below.

Compare direct life insurance policies below

1 - 8 of 8
Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: Finder Life Insurance Award winner for the last 5 years in a row. Good value for money, simple application process and a high claims acceptance rate.
Medibank Life Insurance
$2,500,000
70
$2,500,000
Data not available
Data not available
Data not available
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Get a 10% discount if you're already a Medibank Health Insurance member.
TAL Accelerated Protection Life Insurance
No set limit
73
Not stated
Data not available
1 months
$249,285 million
Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).

⭐ Current offer: Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. Offer T&Cs on insurer website apply.
ahm Life Insurance
$1,500,000
55
$1,500,000
Data not available
Data not available
Data not available
Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests needed.
RACWA Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: RAC’s maximum death cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance. RAC is also WA-based but services all of Australia.
AAMI Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.

⭐ Current offer: Take out a new AAMI Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Suncorp Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Take out a new Suncorp Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Real Family Life Cover
$1,000,000
64
$1,000,000
88.90%
2.4 months
$53,238 million
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.
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  • You pay the same price as buying directly from the life insurer.

  • We're not owned by an insurer (unlike other comparison sites).

  • We've done 100+ hours of policy research to help you understand what you're comparing.

Minimum and maximum cover amount$50,000 minimum and no maximum sum insured*
Age of entry11 - 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.

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 28-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 $50,000 to any amount subject to underwriting.

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 $20,000 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.

Who was eligible for AMP Life Insurance?

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.



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.

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.

Receive a secure quote for AMP life insurance

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