AMP Life Insurance

AMP life insurance products are all offered under their Flexible Lifetime – Protection Plan. Please refer to the Product Disclosure Statement for more detail.

Overview

AMP refer to Life insurance as Death cover. Death cover may be taken out to ensure that if you die, your mortgage and other debts are paid off and your spouse and children are provided with the income they need to continue their lifestyle.

Built-in benefits and features

The following benefits and features are built into the AMP Life Protection Plan:

Death benefit

AMP will pay the Death cover insured amount if the insured person dies.

Terminal Illness benefit

AMP will advance payment of the Death cover insured amount if the insured person is terminally ill. Terminally ill means:

the insured person’s doctor tells AMP in writing that they believe that the insured person has less than 12 months to live.
the doctor’s prognosis is based on clinical findings and reports.
AMP agrees with the doctor’s prognosis.
AMP may also require you to give them information from medical advisers they choose.

The amount AMP pay under the Terminal Illness benefit is the Death cover insured amount on the date they agree with the doctor’s prognosis.

Funeral benefit

AMP will pay $20,000 (or the Death cover insured amount, if less) if:

the Funeral benefit is claimed, and
AMP receives a certified copy of the insured person’s death certificate.

The Death cover insured amount reduces by the amount AMP pay under the Funeral benefit. AMP will then pay the balance of the Death cover insured amount (if any) if they accept the claim for the Death benefit.

Financial Planning benefit

AMP will reimburse the recipient of a benefit under the Life Protection Plan for the cost of financial planning advice up to $2,000 (in addition to the amount of the benefit they pay). This benefit is payable only once for each insured person under the Life Protection Plan and must be claimed within 12 months of the claim being paid.

Indexation feature

Each year, unless otherwise agreed, on the plan anniversary AMP will increase the insured amounts for all insured persons under the Life Protection Plan by the higher of the CPI percentage increase and 5%.

AMP will notify you of the increase in the annual statement they send you each year and you must tell AMP if you do not want this increase, in full or in part.

The Indexation feature ceases to apply to an insured person on the plan anniversary after age 74 for Death cover.

Guaranteed Future Insurability feature

You can increase the Death cover insured amount for an insured person without providing evidence of the insured person’s health, occupation or pastimes when one of the following happens:

the insured person marries
the insured person divorces
the insured person’s child is born or they legally adopt a child
the insured person’s child starts school
the insured person is granted a housing loan by a financial institution to buy their first home
the insured person completes their first undergraduate degree at a recognised Australian university
the insured person has an annual income increase of $10,000 or more, or
the insured person becomes a carer for the first time.

You must apply for the increase within 12 months of the date the event occurs. You must provide appropriate proof of the event that AMP accepts (such as certification of the event or a statutory declaration). You can only increase the insured amount once under this feature in any 12 month period.

Nomination of beneficiaries

If you are both the sole plan owner and sole insured person of the Life Protection Plan, you can nominate one or more beneficiaries to receive the Death benefit under the Life Protection Plan.

Additional premium options

The following options are available at an additional premium cost:

Children’s Trauma benefit option

AMP will pay you a benefit under the Children’s Trauma cover option if the insured person:

suffers a listed trauma condition or undergoes a listed medical procedure, and
survives for 14 days from the date of the diagnosis of the trauma condition or the date of the medical procedure.

AMP will also pay a benefit under the Children’s Trauma cover option if the insured person dies. The amount AMP pay under the Children’s Trauma cover option is:

$100,000 (plus any increases under the Indexation Feature) if the insured person suffers a listed trauma condition or undergoes a listed medical procedure and survives 14 days from the date of the diagnosis of the trauma condition or the date of the medical procedure, or
$25,000 if the insured person dies.

Wavier of premium option

You do not have to pay the Life Protection Plan premium (including the Plan Fee) for a particular or nominated insured person if they become totally disabled before the plan anniversary after their 59th birthday and while they continue to remain totally disabled.

The option will cease to apply to your Life Protection Plan on the plan anniversary after the insured person’s 59th birthday. However, if AMP is waiving premiums at that plan anniversary, they will continue to waive your premiums until the plan anniversary after the insured person’s 70th birthday (providing they remain totally disabled).

AMP Contact number – 133 888

Go to Product Disclosure Statement – PDS

Go to AMP website – www.amp.com.au