Should you pass away or become terminally ill, the AMP Elevate Life Insurance Plans offer affordable financial protection for your family. They can help ensure that your loved ones can cover the costs of immediate funeral expenses, and also be able to maintain their day-to-day lifestyle, keep up with mortgage or rent payments, and plan for the future ahead. By providing your family with a lump sum payment, AMP can help prevent your family from undergoing the financial stress that comes with a death or illness in the family, such as drawing down on loans or dipping into savings.
As well as providing a lump sum payment in the event of your death, AMP will also ensure you receive financial help when you need it most. If you’re diagnosed with a terminal illness and have less than 12 months left to live, AMP will provide you with a terminal illness benefit.
What types of cover can I choose from?
There are two types of Life Insurance plans available: the Life Insurance Plan and the Life Insurance Superannuation Plan. AMP Elevate TPD Insurance, Trauma Insurance and Income Insurance can be structured in a number of ways (as options on plans, or linked to other plans).
If you choose to hold your Life Insurance Plan within your superannuation, you could avoid expensive premiums and receive a tax advantage because the premiums are paid from your super account. However, holding your Life Insurance Plan inside of your superannuation means less benefits will be available to you, your Plan will expire earlier, and if you move to a different super fund, your cover will be cancelled. Although it can be a more affordable option, holding your Plan within your super can limit the benefits and features available to you.
No matter which way you choose to purchase your Life Insurance Plan, you can apply for AMP Elevate Life Insurance between the ages of 11 and 70, depending upon on whether you pay a stepped, blended or level premium.
Whereas AMP Flexible Lifetime Protection Death Cover provides a broad variety of benefits, the AMP Elevate Life Insurance Plans offer basic benefits so you only pay for the essentials. These include:
- Life Insurance benefit
AMP will pay a lump sum payment to your nominated beneficiaries should you pass away. There is currently no minimum or maximum amount of cover you can apply for.
- Terminal illness benefit
If you’re diagnosed with a terminal illness and have under 12 months to live, AMP will pay you the full amount of your death benefit in advance.
- Future insurability benefit
AMP lets you increase your insurance amount once every 12 months up until you’re 55, all without any medical underwriting. You can choose to do this for a number of life events, including marriage, if you enter into a de facto relationship, have a child or adopt, complete a university degree, or increase your stake in a business.
- Indexation benefit
AMP will help you protect your benefit from the effects of inflation so that your benefit retains its value. AMP will automatically increase your sum insured by either 5% or the percentage increase in the Consumer Price Index (CPI), whichever is higher. This means that as your premium increases every year, so too will your benefit, so you never pay more than what your Plan is worth.
- Interim Cover
Under your Life Insurance Plan, you’re covered for interim death cover. If you die within 90 days as a result of an illness or injury that occurs while your application is being processed, your family could receive up to $1 million.
- Freeze your premiums
If you want to keep paying the same premium from year-to-year rather than paying more every time the CPI changes, you can select a set premium to pay. Your benefit amount will reduce each year that this option is applied.
- Accommodation benefit
If you’re bedridden, totally disabled, or have to stay over 100kms away from your home due to your illness, AMP will reimburse an immediate family member’s accommodation costs if they have to stay with you.
- Financial planning benefit
If you receive 100% of your benefit, AMP will reimburse you up to $2000 to cover the costs of seeking financial planning advice.
- Advance funeral expenses
If you die before your life insurance expires, AMP will pay your family the death benefit and an additional sum to cover the costs of funeral arrangements.
For an extra cost, you can also include 18 additional benefits to your Plan. You can choose to have your premiums waived when you’re receiving a benefit, include your business costs in your total sum insured, and include your children in your cover.
Want to see if AMP Elevate Life Insurance is right for you? You can compare more insurance premiums through our free quote service.
© 2012 Wealth Smart Life InsurancePage last updated: April 15, 2014