RACV Life Insurance

Receive Discounted Life Insurance Policies from AMP for RACV Members

Key Facts

Get 5% discount of new life insurance policies from AMP Australia for RACV members!

Discount is applicable to AMP Elevate insurance plans, which include:

  • Life Cover
  • Trauma Insurance
  • Total and Permanent Disability Insurance

In 2010, AXA Australia partnered with RACV to provide its members with an exclusive offer on discounted life insurance policies. After its merger with AMP in 2011, AXA Australia continues to provide competitive financial products and services, and operates as part of AMP. AXA insurance products; Elevate Life Insurance, Trauma Insurance and Total and Permanent Disability (TPD) Insurance are now available through AMP insurance solutions - as AMP Elevate.

A 5% discount is applicable for RACV members that apply for new insurance policies from AMP Elevate product range.

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This discount is available for AMP Elevate Life Insurance, Trauma Insurance, and TPD Insurance. Members who are considering standalone Trauma and TPD Insurance can also take advantage of the 5% discount.

The discount will not be applicable on the AMP Elevate Income Protection Insurance or Business Expenses Insurance product.

Applying for AMP Life Insurance with RACV Members Discount

This offer is available to all RACV customers, with current membership, as part of their "Show Your Card & Save" program.

The RACV members discount will applicable if:

  • The member is the policyholder
  • The member is the life insured, or
  • The member's life partner is the life insured

Can Existing Policyholders Take Advantage of RACV Members Discount?

Current holders of AXA or AMP insurance plans are not eligible to receive the discount on their existing policy. However, they will be eligible for a 5% discount for any additional cover that they apply for.

Policy owners who increase the coverage amount and/or add benefits onto an existing policy are also not entitled to receive a discount.

How Long will the RACV Members Discount Last for AMP Life Insurance?

The RACV member's discount is applied when you purchase a new AMP Elevate policy and will remain in place throughout the life of the policy. Any additional options or options or increase in cover that you apply for during the life of the plan will be available at discounted rates. RACV customers will need to hold current membership for the discount to remain applicable on their policy.

About RACV Australia

The Royal Automobile Club of Victoria (RACV) was founded in 1903, as a motoring club. With over 2 million members, RACV provides services such as:

  • Roadside assistance
  • Home assistance; home security systems and emergency assistance
  • Insurance solutions for home, contents, car, motorcycle, boat, caravan, travel, farm and business insurance
  • Finance; car and personal loans
  • Driver training
  • Tourism services

RACV was the founder of AAMI - a leading car, home, compulsory third party (CTP) and small business insurer in Australia, which is now owned by Suncorp-Metway. Both companies are now competing in the insurance market in Victoria.

AMP Elevate Life, Trauma and TPD Insurance Solutions

AMP is an award-winning life insurance provider in Australia, with notable achievements such as:

    • 2011 Winner of Trauma Insurance Award - AFA/Plan for Life
    • 2011 Winner of Best Term and TPD Insurance (Best of the Best) - Money Magazine

  • 2011 Finalist of Life Cover & TPD Insurance Award - AFA/Plan for Life
  • 2011 Finalist of Life Company of the Year Award - AFA/Plan for Life

With Elevate, AMP provides protective insurance offerings which include Life, Trauma and Total and Permanent Disability Insurance. Some of the key features and benefits of AMP Elevate insurance products are:

FeaturesDescriptionDeath CoverTPD CoverTrauma Cover
Choice of stepped, level or blended premiumsYou can choose the premium structure to suit your needs:
  • Stepped: premiums will be increased annually as your age increases
  • Level: premiums will remain the same throughout the life of your policy
  • Blended: premiums will be adjusted for the first ten years according to your age and it will remain constant after, paying the 10th year premium.

Yes YesYes

 Future Insurability BenefitYou can purchase additional cover on an annual basis on certain life events, without needing to provide an additional medical exam. Yes YesYesIndexation Benefit Your benefit will increase each year in line with the Consumer Price Index (CPI) Yes YesYesTerminal Illness Benefit Death benefit will be paid in advance if you are terminally ill with only 12 months to live.YesNoNoAdvancement of Funeral Expenses BenefitA benefit amount will be paid in advance to cover your funeral expenses. This benefit will be paid in addition to the lump sum benefit. YesNo NoDay One TPD BenefitIf you are suffering from any of the 17 medical conditions listed in the policy and are totally disabled, your waiting period will be waived.No YesNoTrauma Plus A benefit is payable for cancer in early stages and loss of a limb. NoNoNoChildren’s Trauma (Additional option)Coverage for up to 5 of your children for death, terminal illness and most trauma conditions. YesYesYesBuy back benefit (Additional option)You have the opportunity to buy back your life insurance after your full TPD or trauma insurance benefit has been paid. NoYesYes

Note: The descriptions for built-in benefits and features listed above should only be viewed as broad summaries. Each policy will often contain its own set of requirements for the policy holder to be able to add a feature to their policy and the conditions for a claim being paid.

With AMP Elevate insurance, you can rest-assured that you and your family have access to quality protection that you deserve, with flexible options to tailor your policy. if you are a RACV member, you can take advantage of the exclusive 5% discount offer and get yourself high quality protective insurance policies from AMP.

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William Eve

Will is a personal finance writer for finder.com.au specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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