AMP Life Insurance

AMP is a financial services company currently based in Australia. Their main focus is the Australian and New Zealand markets. However, they do have operations elsewhere in the world including: Hong Kong, the United Kingdom, the United States, Singapore and a few others.

AMP Life Insurance is actually the largest insurance provider in Australia. Their main focus is other financial products however. The company was founded by David Jones in 1848. The company was merged with AXA Asia Pacific Holdings in 2010. As of 2014 the name AXA in Australia and New Zealand is no longer in use. For all intents and purposes however AMP is exactly the same as AXA when it comes to operations in the southern hemisphere.

AMP Life Cover

Life Insurance through AMP is actually rather simple. They have just one policy in place which you can change up based upon your own specific needs. The company currently offers life benefit up to $1,000,000 depending on the policy that you opt for.

AMP life insurance cover includes a number of different features. This means; terminal illness benefit, advanced funeral payment benefit, and 24 hour cover worldwide (i.e. if you die in another country you can be sure that your insurance will get you back home if required)

Many people opt for AMP Life Cover due to the fact that it is incredibly easy to tailor your life insurance policy to your own individual needs.

AMP Life Cover Benefits

  • Your money will be held by one of the largest insurance companies in the world. This will hopefully give you peace of mind knowing that your cash is in safe hands and that you are virtually guaranteed a pay-out.
  • Generous policy terms (we will discuss these more in a small while)
  • The ability to customize your life insurance policy how you please. This means that you will be able to add and subtract parts based upon your own individual circumstances.
  • Just like every other life insurance policy your premium will go up each and every year. AMP attempts to keep this premium to the very minimum though.
  • Pay-out upon being diagnosed with a terminal illness. This allows you to get your cash before you die for you to cover whatever needs to be covered.
  • Funeral benefit is paid out instantly. This will allow your family to start planning your funeral as soon as possible.

AMP Life Cover Eligibility

Most people will be eligible for life insurance through AMP. You can start to apply for the policy at 16 years of age all the way through to 60. Providing you keep up with your payments you will be covered until you are 70. Your plan will then end at this point. Depending on your health you may be required by AMP to undergo a health check. This is actually fairly rare at younger ages though. If you are asked to go through a medical check then you are urged to do it. If you are seen to be in good health then it is likely that your policy will end up costing a whole lot less than normal.

AMP Income Protection

The ‘income protection’ plan offered by AMP is known as ‘Elevate’. You can opt to have this as part of your standard life insurance coverage or as a different policy altogether. The income protection plan offered by AMP is designed to provide you and your family with a pay-out should you become unable to work for whatever reason. This could be a short term inability to work or something slightly more long-term.

AMP offers a variety of different ‘income protection’ services. Each of their policies offers something completely different in terms of benefits. It is therefore wise to research each of them to find out which will suit your needs perfectly:

  • Income Insurance Premier Plan
  • Income Insurance Plus Plan
  • Income Insurance Super Plan
  • Income Insurance SMSF Plan
  • Income Insurance Senior Plan

AMP Income Protection Benefits

  • The insurance is offered by one of the most secure life insurance companies out there at the moment. This means that you can feel confident knowing that there is somebody there to pay you the money that you need should you become incapacitated to the point where you are unable to work.
  • AMP offers some of the most diverse income protection insurance policies out there. This means that it should not be too difficult to choose the plan that suits your needs perfectly.
  • AMP Income Protection can be tailored to suit your needs. This means that you will be able to decide the level of coverage that you require. You may also be able to convert your income protection into TPD insurance in some cases (there is a similar Elevate product that is currently offered by AMP)

AMP Income Protection Eligibility

If you opt for the age 60 benefit period then you will be able to apply for AMP Income Protection at any age between 18 and 55. If you select an age 65 or age 70 2 year of 5 year benefit period then you will be able to apply for this insurance policy at any age between 18 and 60.

AMP Trauma Insurance

AMP offers trauma insurance . It’s financial peace of mind in the event of critical illness

AMP TPD Insurance

The main TPD Insurance product offered by AMP is known as ‘Flexible Lifetime Protection’. This policy includes a life insurance policy, TPD insurance, and trauma insurance. The company does not currently offer a separate TPD Insurance policy.

The TPD insurance policy offered by AMP will, amongst other things, offer your family a pay-out should you die or become permanently ill. You will also be entitled to a payment from the insurance company if you become disabled and find that you are unable to work. If you suffer a traumatic life event (cancer, stroke, heart attack, or something else altogether) then you will be able to use the income from this policy to allow you to recover properly without worrying about work.

AMP TPD Insurance Benefits

  • AMP TPD Insurance is 100% flexible. This means that you will be able to select the plan that is right for your needs. You have full control.
  • This is a full-featured policy. This means that not only are you covered for disablement but also for death.
  • Trauma coverage is something which is actually very rare to find in policies of this nature.

AMP TPD Insurance Eligibility

TPD Insurance Eligibility and its various features will depend on your age.

  • Death Cover: 10 to 74
  • TPD Cover: 15 to 59
  • Trauma Cover: 13 to 59

AMP Funeral Insurance

At the time of writing AMP does not actually offer a ‘dedicated’ funeral insurance policy. You will find that they have a variety of different policies which DO include funeral coverage however. All life insurance policies will offer an ‘instant pay-out’ upon death so your family will be able to plan your funeral properly.

AMP Funeral Insurance Benefits

There is no dedicated funeral insurance plan offered by AMP.

AMP Funeral Insurance Eligibility

There is no dedicated funeral insurance plan offered by AMP.

AMP FAQ

Do I need to live in Australia or New Zealand to take advantage of the AMP policies?

AMP offers different policies depending on where you live in the world. Whilst Australia and New Zealand is their main market it is likely that you will find a number of different policies offered in your region. It is worth asking AMP for information with regards to this.

Do I need a medical in order to qualify for the life insurance policies offered by AMP?

Generally speaking you do not. AMP does reserve the right to ask you to undergo a medical however.

Can my life insurance policy be extended beyond the age of 70?

No it can’t. You may find that your funeral benefit extends beyond this point however. This will depend on the policy.

Do premium prices rise year on year?

Yes they do unfortunately. Just like every other life insurance provider AMP will put up the cost of your premiums each year. Don’t worry too much about this though. The cost is not actually that high.

Can I get Funeral Insurance Through AMP?

Not on its own. You will find that it is included with the vast majority of life insurance policies that they offer however.

 

 

This entry was posted in Life Insurance Companies & Providers. Bookmark the permalink.

Comments are closed.


 

Income Protection  Life Insurance