If you’re one of the 121,000 Australians estimated to be diagnosed with cancer this year, or one of the 1.4 million Australians that suffer from heart disease, you’ll know how stressful a medical condition can be. Along with the physical and emotional toll it can have on you and your family, your finances can also take a hit in the form of medical bills, rehabilitation costs and a loss of income.
If you need to take time off work due to an illness or injury, AMP’s Elevate Trauma Insurance can help take the financial pressure off an already stressful situation. If you suffer from one of their specified medical conditions, AMP will pay you a lump sum benefit of up to $2 million, so you can help make sure that you have the financial support you need if your health takes a turn for the worse.
What conditions trigger a payout?
Depending on your level of cover, AMP could provide you with a benefit for up to 57 different medical conditions. Some of these are:
- Advanced diabetes
- Alzheimer’s disease
- Chronic liver disease
- Heart attack
- Loss of limbs
- Prostate tumours*
*Only available on Elevate Trauma Insurance Plus
Is there a waiting period?
For most of the medical conditions specified by AMP, your Trauma Insurance will start when your application has been processed and your policy has commenced. This means you can make a claim right away, if you suffer from one of AMP’s trauma events. However, some trauma events have a 90-day qualifying period. This means that you won’t be able to claim a benefit for these trauma events until 90-days after your policy has commenced.
What types of cover can I choose from?
You can choose from two different plans of Trauma Insurance – your basic Trauma Insurance, and Trauma Insurance Plus. While your basic plan covers you for 46 trauma events, Trauma Insurance Plus will cover you for 57.
Just like with AMP’s other Elevate Plans, you can structure your Trauma Plan in a number of ways. You can purchase your Trauma Insurance as a stand-alone Plan, as an option on another Elevate Plan, as an option on a life insurance superannuation plan, or as a FlexiLink Plan.
If you purchase your Trauma Insurance as a stand-alone Plan, your Trauma Insurance will act independently of any other insurance policies you have. This means that when you receive a benefit from your Trauma Insurance, it won’t affect any of your other Plans.
If you were to purchase your Trauma Insurance as an option on an AMP Life Insurance or TPD Plan, any claims made on your Trauma Insurance will affect your other Plans. Although you’ll be charged a lower premium for your Trauma Insurance, this means that the benefit of the Plan, and any other insurance options attached to the Plan, will be reduced by the amount of the claim (unless a Double TPD or Double Trauma option has been purchased).
Along with a lump sum payout of up to $2 million, your Trauma Insurance can also provide you with the following benefits:
- Partial payment
AMP can provide you with a portion of your Trauma benefit for a number of trauma events, including deafness, angioplasty, blindness, and heart attack.
- Future Insurability benefit
You might need to increase your Trauma Insurance as your lifestyle and circumstances change. AMP lets you do this without medical underwriting for certain life events, such as marriage, death, and birth of a child, so you can ensure you have the right amount of insurance.
- Indexation benefit
Because the rising Consumer Price Index (CPI) means your premiums will also increase, AMP will protect your benefit against the effects of inflation by increasing your benefit amount each year.
- Interim cover
If you suffer from a one of AMP’s specified trauma events while your application is still being processed, AMP will provide you with an amount of up to $1 million and waive your premium.
- Premium Freeze
Lets you keep your premium the same amount year after year.
- Upgrade of benefits
If AMP makes improvements to your plan, they will automatically pass them on to you, as long there is no increase in your premium.
- 24-hour worldwide cover
If you’re relocating overseas, you can still receive the insurance cover you need, no matter where you are in the world.
- Accommodation benefit
If you receive your Trauma Benefit in full and have to stay more than 100km from home, you might need a family member to help take care of you. If this is the case, then AMP will pay an immediate family member an accommodation benefit of up to $150 per day for up to 14 days.
- Financial planning benefit
Need to seek professional financial advice? If you receive your Trauma benefit in full, AMP will cover up to $2000 for the costs of getting a financial plan written up.
For an extra cost, you can also include your children in your insurance, protect your business assets, and get your Trauma Insurance reinstated in full after making a claim.
Want to see how AMP’s Elevate Plans measure up? You can compare Elevate Trauma Insurance with other trauma covers through our free quote service.
 Cancer Council of Australia, 2014. Facts and Figures: Cancer in Australia.
 National Heart Foundation of Australia, 2007 (Report by Vos T and Begg S, Centre for Burden of Disease and Cost effectiveness, University of Queensland School of Population Health). The burden of cardiovascular disease in Australia for the year 2003.
© 2012 Wealth Smart Life InsurancePage last updated: April 13, 2014