AMP’s Flexible Lifetime – Protection Death Cover is their premium life insurance option and is available under their Life Protection plan. Death Cover will help ensure that if you should pass away, your family will be able not only cover the costs of funeral expenses, but maintain their regular lifestyle, pay out mortgage or other debts, and keep up with the costs of day-to-day living. By providing your family with a lump sum payment, you can help prevent your family from undergoing the financial pressure that comes with dipping into savings.
As well as providing a lump sum payment in the event of your death, AMP will also ensure you receive help when you need it most. If you’re diagnosed with a terminal illness, AMP will provide you with part of your benefit.
Flexible Lifetime Death Cover is available to those aged between 10 and 74, depending on your type of premium (stepped or level).
Under AMP’s Flexible Lifetime Protection plan, you can purchase Death Cover as either a stand-alone product, or linked to your other Lifetime Protection covers. If you’re after more affordable premiums yet more comprehensive cover, linking your covers within your Lifetime Plan is an ideal situation. However, when you claim a benefit against one cover, it can affect the total sum you’re insured for. Purchasing your Death Cover as a stand-alone product prevents your total sum insured from being affected if you make a claim against other covers.
Additionally, Death Cover can also be held within your AMP Superannuation Savings Trust.
AMP’s Death Cover provides a number of benefits that give this insurer a competitive edge over others in the wealth management market. The following are built-in with Death Cover:
- Death 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.
- Funeral benefit
To help your family with immediate costs of a death in the family, AMP will pay your family an advance of $20,000 to help cover funeral costs.
- Financial planning benefit
If you and your family need to seek advice after receiving the Death benefit or the Terminal illness benefit, AMP will pay you $2000 to cover the costs of getting a financial plan.
- Guaranteed insurability feature
If you want to ensure that your cover retains its value as your life changes, you can without any medical underwriting. AMP lets you do this for a number of life events, including of you marry, enter into a de facto relationship, have a child or adopt, complete a university degree, or increase a stake in a business.
- Indexation feature
AMP will automatically increase your sum insured to keep up with the rising Consumer Price Index.
- Business safeguard option
If you own your own business or are a key stakeholder in one, and your insured amount is $500,000 or more, you can increase your cover to ensure you business is looked after in the event of your death.
- Avoid premiums
AMP will waive your premiums if you’re permanently disabled before your cover expires.
- 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.
- Children’s trauma cover option
You can include your children in your cover to help avoid the financial burden of a sick family member. AMP will pay up to $100,00 if your child suffers from one of their specified medical conditions, including blindness, coma, cancer, leukaemia, stroke, major head trauma and loss of hearing or speech.
Want to see if AMP’s Flexible Lifetime Death Cover 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