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AMP Flexible Lifetime Income Protection

AMPIf an illness or injury forced you to take a leave of absence from work, would you be able to keep up with your family’s expenses? Would you be able to pay your rent or mortgage, cover the costs of medical bills, or pay your children’s tuitions fees?

Because accidents and sickness can strike at any point in your life, AMP Flexible Lifetime Income Protection ensures that you’ll be able to keep up with the cost of living should you become sick or injured. It covers you where your health insurance can’t, and makes sure your lifestyle doesn’t have to completely change when you take time off work to recover.

How does it work?

AMP Flexible Lifetime Income Protection can replace your monthly income if you’re totally or partially disabled. This amount is based on your monthly income in the 12 months immediately before you become totally or partially disabled.

Generally speaking, Income Protection is available to those aged between 19-59-years-of-age, and:

  • are working a minimum of 20-hours a week, or;
  • are working permanent part-time for a minimum of 20 hours a week

Your premium will be determined by your age, gender, smoking status, level of cover, occupation, waiting periods, benefit periods and options selected.

Depending upon your occupation, your eligibility to receive a claim or apply for a certain level of cover can be affected.

Is there a waiting period to receive my benefit?

You can select from a range of wanting periods and benefit periods. Depending upon your benefit period selected (1 year, 2 years, 5 years, to age 60 or age 65), your waiting period could be between 2 weeks up to 104 weeks. Generally, the longer the waiting period, the more affordable the premium.

What sort of cover can I choose from?

Because living the same lifestyle when you’re sick or injured can take the pressure off a stressful situation, it’s important to choose a type and level of cover that’s right for you.

The premiums you will pay are based on the type and level of cover, as well as any extra-cost options you select.

AMP’s Flexible Lifetime cover offers three different types of Income Protection, which are available at varying premiums and offer different levels of protection depending on your needs and lifestyle.

  • Basic Plan
    This is the most affordable income insurance under AMP Flexible Lifetime Income Protection.  It provides peace of mind at an affordable price, with a generous amount of essential features.
  • Standard Plan
    The AMP Flexible Lifetimes Standard Plan includes all the benefits available on the Basic Plan plus two additional benefits.
  • Advanced Plan
    The highest level of Income Protection with an extensive range of benefits and features.

All plans are available on either stepped or level premiums.

What’s included?

The AMP Flexible Lifetime Income Protection plans offer a range of valuable benefits and features. As is the case with any type of insurance plan, not all of the benefits are available on all types of cover.

Just some of the benefits available under AMP’s Flexible Lifetime Income Protection plans include:

  • Total disability benefit
    This is an amount chosen by you when applying for your cover. You can choose to get covered for 75% of your monthly income or select an amount more suitable to your needs.
  • Partial disability benefit
    You could receive a portion of your nominated monthly benefit if you’re partially disabled.
  • Major fracture or loss*
    You can receive your monthly benefit if you suffer from a major bone fracture or the loss a limb.
  • Trauma feature*
    If you suffer from one of AMP’s specified trauma conditions – including stroke, severe burns, heart attack and kidney failure – you could receive your monthly benefit for up to 6 months.
  • Death feature*
    If you die while receiving your benefit, you nominated beneficiaries will receive 6 extra payments.
  • Indexation
    AMP will ensure your benefit is just as valuable as the day you first took it out. As the Consumer Price Index rises every year, so too will your monthly benefit, keeping you secure from year-to-year.
  • Guaranteed insurability
    With AMP Flexible Lifetime Income Protection, you can increase your monthly benefit by up to 10% every 12 months without providing evidence of a change in your health, occupation or pastimes.
  • Avoid premiums
    You won’t have to pay your premiums if you’re receiving an income benefit.

Additional options include superannuation contributions, cover for the costs of rehabilitation, accommodation reimbursements, overseas transport cover, and a bonus for returning to work.

*These benefits are not available on all plans.

Want to compare this policy with others? You can compare AMP Flexible Lifetime premiums with other policy providers through our free quote service.

Page last updated: April 13, 2014