A critical illness can leave you unable to work for months and struggling to cover medical expenses. Because your health insurance can only cover a certain amount of medical costs, your ability to keep up with the costs of living can be seriously compromised if you don’t have the right level of insurance. With AMP’s Flexible Lifetime Trauma Cover, you could receive a lump sum benefit of up to $2 million if you suffer from one of AMP’s specified medical conditions. If you’re aged between 15 and 59, you could protect yourself from the financial repercussions of diseases like cancer, heart attack or stroke. This financial assistance can help take the pressure off a stressful situation so you can focus on what’s important – your recovery.
What conditions trigger a payout?
There are two different types of Trauma Cover to choose from.
AMP’s Standard Trauma Cover protects you for up to 12 trauma conditions, including kidney failure, cancer, aortic surgery, heart attack, paralysis and stroke.
AMP’s Optimum Trauma Cover, which costs more in premiums, covers you for all of the Standard covers trauma conditions plus an additional 45 trauma conditions. These include liver disease, HIV/AIDS, loss of hearing, lung disease, major head trauma, Alzheimer’s, diabetes, MS, plus many more.
For the full list of trauma conditions, you can read AMP’s Flexible Lifetime Cover Product Disclosure Statement here.
Is there a waiting period to receive my benefit?
Whereas cover for most of AMP’s trauma conditions begins as soon as your insurance is active, cover for some conditions can be delayed for 3 months. Some of the conditions that have a waiting period include heart attack, cancer, aortic surgery and stroke.
- Partials Package option*
You could receive up to 25% of your total sum insured for a range of trauma conditions and medical procedures. These include pregnancy complications, loss of use of one limb, melanoma, Parkinson’s disease, prostate cancer, and severe osteoporosis.
- Optimum Trauma Reinstatement option*
If you hold Optimum Trauma Cover insurance, AMP will restore your Trauma cover after paying a Trauma benefit, all without you having to provide medical certification. This allows you to make multiple claims on your Trauma Cover.
- Optimum Buy Back Option*
If your Trauma Cover is linked to your AMP Flexible Lifetime Death Cover, a claim on your Trauma cover can affect your total sum insured. Under this option, you can restore your Death Cover by the amount it was reduced after you made a claim on your Trauma Benefit.
- Financial Planning benefit
If you need to seek financial advice to help you manage your lump sum payment, AMP will reimburse you for up to $2000 to cover the costs of getting a financial plan.
- Guaranteed future insurability
You can increase your Trauma Cover benefit by up to 25% at any one time without having to provide medical underwriting. You might need to do so if your circumstances change, including if you get married, get divorced, your spouse or child dies, you increase your mortgage, or complete an undergraduate university degree.
- Inflation increases
AMP will ensure your Trauma Cover stays valuable to you year-to-year by increasing your benefit to stay in line with the rising Consumer Price Index.
- Avoid your premiums*
If you were to become completely debilitated before your cover expires, you won’t have to pay your premiums until you’re well again.
- Accommodation benefit
If you’re bedridden and required to stay over 100kms away from your home for medical treatment, you might need a family member to stay close by to take care of you. In this instance, AMP will pay up to $250 per day to cover the costs of an immediate family member’s accommodations costs.
- Death benefit
If you don’t have AMP’s Flexible Lifetime Death Cover, the Death benefit is an in-built feature of your Trauma cover. If you die, AMP will pay $10,000 to your nominated beneficiary.
Protect your children*
If you have children aged between 1 and 12, you can include them in your cover until they turn 16. If they suffer from one of the specified children’s trauma conditions or medical procedures, you could receive up to $100,000.
*These options can be included in your insurance at an extra cost.
Want to see how AMP’s Trauma Cover measures up? You can compare AMP’s premiums with other policy providers through our free quote service.
© 2012 Wealth Smart Life InsurancePage last updated: April 16, 2014