What would you do if you were too sick or injured to work for an extended period-of-time? Would you have enough sick leave to take time off to focus on recovery? Would you be able to keep up with the cost of living? Could you pay your medical bills, keep up with rent or mortgage payment, maintain your family’s lifestyle, or ensure your business still operated without you?
Because accidents and illnesses can occur at any point in your life, AMP’s Elevate Income Insurance can help you prepare for the worst. If you need to take time off work because of an illness or injury, Income Insurance can serve as an excellent plan B. With Income Insurance you can still pay for regular living expenses, as well as medical bills and rehabilitation not covered under Medicare or your regular health insurance policy.
How does it work?
If you’re sick or suffer from a sustained injury that prevents you from working and earning an income, performing domestic duties, or running your own business, AMP can replace up to 75% of your monthly income. This means you’ll be able to keep up with your regular day-to-day expenses until you’re ready to return to work again.
Those aged between 18-60 can apply for the benefit, with a maximum expiry age of 70.
Is there a waiting period to receive my benefit?
Different waiting periods apply for different levels and types of cover, as well as different occupational categories. You can choose your waiting period when making your application for Income Insurance. A waiting period could be anywhere from 30 days to 2 years. For example, if your waiting period is 30-days, this means you must provide medical certification to prove you’ve been unable to work for 30 consecutive days before you receive your Income Insurance benefit.
How long will I receive my Income Insurance benefit for?
You can select your benefit period when making your application. Depending on the type of Income Insurance you choose, you can choose to receive your benefit for 1 year, 2 years, 5 years, or up to a certain age.
What sort of cover can I choose from?
AMP Elevate gives you the choice of 6 different types of Income Insurance, ranging from basic coverage to more comprehensive insurance. The type you choose will depend upon your circumstances and budget.
- Income Insurance Plan
- Income Insurance Premier Plan
- Income Insurance Plus Plan
- Income Insurance Super Plan
You can hold you Income Insurance within your super plan, giving you extra tax and cash flow advantages.
- Income Insurance Senior Plan
Only available as a conversion from en eligible existing plan once your policy expires (at age 60 or 65), allowing you to extend your cover to age 70.
- Business Expenses Insurance Plan
When choosing the type of plan you need, it’s important to consider your occupational category. This will affect the type of plan you can apply for, the premiums you will pay, your benefit period, your waiting period, and the amount of cover you can apply for. For example, those in high-risk industries, such as the farming industry, can only apply for the Income Insurance Plan and the Income Insurance Super Plan. Those in medical professions and blue and white-collar workers will have more choice over what plan they choose.
In addition to the monthly replacement income – calculated as a percentage of your monthly income or provided on an agreed value basis – Income Insurance also includes:
- Partial disability benefit
You can receive a portion of your disability benefit, depending on your plan and occupational category.
AMP will increase your benefit every year to keep up with the effects of inflation.
- Interim cover
AMP will provide you with interim cover while your application is being processed.
- Leave without pay continuation
You can continue your income insurance while on leave without pay.
- Premium freeze
You can choose to keep paying the same premium year after year.
- Recurring disability
If you return to full-time work within 12 months of receiving your last monthly benefit, and you experience a recurrence of your disability from the same cause, AMP will treat your benefit as a continuation of the original claim. This means you’ll be able to start receiving you Income Insurance once again with no waiting period.
- Upgrade your benefits
If AMP makes future improvements to your plan, they will pass these on to you at no extra cost, as long as these improvements don’t increase your premium.
- 24-hour world-wide cover
Relocating overseas? You’re Income Insurance will remain active, no matter where you are in the world.
- Return to work bonus
If you’ve participated in a rehabilitation programme and returned to work for at least 30 hours a week, AMP will pay you an additional benefit amount.
- Rehabilitation expenses
AMP will cover you for the costs of rehabilitation programme fees.
- Family carer’s income
If one of your family member’s ceases employment to take care of you full-time, AMP will provide up to $2000 a month up to a maximum of 6 months
Want to compare this policy with others? You can compare AMP’s policies with other insurers through our free quote service.
© 2012 Wealth Smart Life InsurancePage last updated: April 4, 2014