GUIDES & RESOURCES

AMP Life Insurance

How would you cover the cost of mortgage repayments, car loans, school fees and other daily living expenses if you were no longer receiving a regular income?
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Please note that AMP Life Insurance is currently only available to current AMP customers.

Life insurance provides you and your family with financial security if something unexpected happens to you. More specifically, life insurance protects you and your loved ones with a lump sum payment in the event of your death, or if you’re diagnosed with a terminal illness1.

A comprehensive life insurance policy helps give you peace of mind that your loved ones will be looked after financially if you’re no longer able to support them. Dealing with the death of a family member is never easy, but with life insurance, your nominated beneficiaries will receive financial support during this difficult time.

What is AMP Life Insurance?

AMP’s Elevate Life insurance pays a lump sum benefit if the insured person dies or is diagnosed with a terminal illness. It can be purchased as a standalone life insurance plan, or as part of a superannuation or SMSF plan2. Depending on the plan you opt for, you can choose to add total and permanent disability (TPD) cover and trauma cover to your policy2.

Choose the level of life insurance cover you need with AMP

With AMP, you can tailor a life insurance policy to suit your individual needs3. AMP’s Elevate Life insurance is a flexible product that allows you to choose the level of protection you require.

Recognising that your insurance needs may change as your circumstances do, AMP allows life insurance policyholders to increase the amount they’re insured for once in any 12 month period, without the need to provide further health evidence when a number of personal or business events occur (for example marriage, divorce, birth of a child, signing of a mortgage or salary increase)3.

What type of claims does AMP life insurance cover?

In 2017, AMP paid claims for deaths caused by conditions such as cancer, heart disease, accidents, heart attack, injuries, respiratory system disease, nervous system disease, and mental health disorders4.

How do I make a life insurance claim with AMP?

AMP endeavour to make claiming as simple as they can. Call AMP on 132 987 between 8.30am and 5pm, Monday to Friday to get started5.

Do I really need life insurance?

Life insurance isn’t just for older or wealthy people. If you have debts or your family relies on your income to pay for their living expenses, it’s worth considering a life insurance policy.

By paying a lump sum when the insured person dies or is diagnosed with a terminal illness1, life insurance provides financial support to your family if you’re no longer around, giving you peace of mind that they’ll be looked after when you’re gone.

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How much life insurance do I need?

Consider the cost of your mortgage and any other debts (such as car loans, credit cards, education, living expenses) and how much your family would receive from your savings, superannuation, investments and any other insurance policies you hold – the difference between these two amounts is a good starting point when deciding on the appropriate level of cover1.

Lifebroker can help you to find a life insurance policy from those they compare, with a level of cover to ensure your loved ones are protected if the unthinkable happens. Their advisers will take the time to understand your desired cover and guide you through your options to help you choose a life insurance product for you and your family.

How much does AMP life insurance cost?

The cost of your life insurance policy will depend on a range of factors including your age, gender, health, smoking status and, of course, the type and level of cover you choose.

Lifebroker can help you to compare the cost of policies we offer from some of Australia’s biggest life insurance companies, and find a life insurance solution to meet your needs.

What if my circumstances change?

Your insurance needs may change throughout your life. Buying a property, getting married, and having a child are common milestones where your financial responsibilities will increase.

It’s important to review your life insurance cover – and any other insurance policies you hold – regularly, especially when your income or personal circumstances change.

What should I look at when comparing life insurance offers?

Before buying a new life insurance product or switching to a different insurer, you should ensure you fully understand1:

  • The level of cover provided
  • The events or illnesses covered
  • The ongoing cost of the cover
  • How your medical history may affect your policy
  • Any exclusions on the policy

With Lifebroker, you can compare life insurance quotes for policies they offer online, or speak with their qualified advisers on 13 19 20. Lifebroker can help you to compare products from multiple insurers, and offer valuable insight regarding your life insurance options.

Want to learn more about AMP life insurance?

Compare life insurance policies from some of Australia’s biggest life insurance companies online, or call us on 13 19 20 to speak to one of our qualified advisers.

Sources:
1. https://www.moneysmart.gov.au/insurance/life-insurance
2.https://www.amp.com.au/content/dam/product/elevateinsurance/07316B_AMP_Elevate_insurance_product_disclosure_statement.pdf
3. https://www.amp.com.au/personal/insurance/products/insurance/life
4.https://www.amp.com.au/content/dam/amp/digitalhub/common/Documents/Insurance/Brochures/AMP-do-i-need-life-cover-and-tpd-cover.pdf
5. https://www.amp.com.au/personal/insurance/services/make-a-claim

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