AMP Guide

  • Under its AMP Elevate suite of products, AMP offers life cover, TPD cover, trauma cover, and income protection cover. Customers have the opportunity to tailor each type of cover to meet their requirements.
  • AMP MyLife is a unique product that offers benefits in the form of financial support or support services for eligible family members who suffer a temporary illness or injury.
  • AMP offers benefits and rewards to customers with an eligible AMP Elevate policy. These rewards include discounts for bundling multiple policies together.

AMP (Australian Mutual Provident Society) was founded in Australia in 1849, making it one of the oldest life insurance companies in the country. It has since become an international company that does business in 11 countries. AMP offers wealth management and financial services across a range of products, including self-managed super funds (SMSF), investments, and life insurance.

About AMP
Founded in 1849
Over 3.8 million customers in Australia and New Zealand (map of Aus/NZ)
Over 100,000 AMP Bank customers
About 750,000 shareholders

AMP policies offer cover against sickness and injury anywhere you are in the world. Benefits may be paid on an eligible claim for up to three months while you are overseas, and resume when you return to Australia or New Zealand.

AMP Elevate Insurance
This is AMP’s primary life insurance product suite. It includes term life insurance, TPD cover, income protection, and trauma cover. These policies can be purchased individually or in conjunction with each other.

AMP Elevate Insurance – Life
Life insurance pays out a lump sum benefit to your nominated beneficiaries if you die. You have the option of paying your premiums through your superannuation fund or outside of your super.

The benefits you receive depend on whether you have a policy outside of super, in super, or through an SMSF. Benefits may include the following:

  • Life benefit: lump sum paid out on your death
  • Terminal illness benefit: Advance payment of the life benefit if you are diagnosed with a terminal illness and have less than 12 months to live
  • 24-hour worldwide cover: Covered 24/7 anywhere in the world
  • Automatic inflation: Benefit automatically increases by 5% each year or at the rate of CPI, whichever is higher

AMP Elevate Insurance – Trauma
AMP offers two types of trauma insurance: Trauma Insurance and Trauma Insurance Plus. Both offer benefits when you experience a defined trauma event, though Trauma Insurance Plus includes 11 more conditions than the regular Trauma Insurance plan.

Trauma insurance pays out a lump sum to help you pay for expenses associated with a trauma, like rehabilitation costs, medical bills, or carer costs.

Here are some of the events covered by AMP Trauma insurance:

  • Alzheimer’s Disease
  • Cancer
  • Cardiac Arrest
  • Coma
  • Heart attack
  • Loss of limbs
  • Major head injury
  • Muscular dystrophy
  • Parkinson’s disease
  • Stroke

Trauma Insurance Plus also covers the following additional events:

  • Melanoma
  • Prostate tumors
  • 8 types of carcinoma in situ

AMP Elevate Insurance – Total and Permanent Disability (TPD)
TPD insurance pays out a lump sum if you are totally and permanently disabled and unable to work. This benefit can be used to pay for rehab costs, medical expenses, or whatever you wish.

With TPD, your family’s finances are supported in the event that you become permanently disabled and unable to work in either your own occupation or any occupation.

AMP Elevate Insurance – Income Protection
If you’re temporarily unable to work due to illness or injury, income protection can pay you a monthly benefit of up to 75% of your standard income. There are eight different types of income protection plans through AMP Elevate, so you can choose a level of cover that suits your personal situation.

AMP MyLife
If you or an eligible member of your household has a temporary illness or injury, AMP MyLife pays out a customised benefit level to support the family finances. The benefit may be financial or in the form of support services.

Benefits may be paid out in the following ways:

  • Monthly payment
  • Lump sum payment
  • Reimbursed costs for expenses
  • Waive the cost of cover
  • Support services
  • 2018 Financial Services Council Life Insurance Awards
  • ○ AMP Life – My Life – Innovation in Direct Life Insurance award
    ○ AMP Life – mental health training – Innovation in Retail Life Insurance award

  • 2017 CoreData SMSF Service Provider Awards
  • ○ Insurance Service provider – SMSF Member Category – Winner

  • 2017 AFA Consumer Choice Awards, category Policyholder
  • ○ Value for Money – Winner

  • 2016 ANZIIF Life Insurance Company of the Year
  • 2016 ALUCA, ICA in partnership with Swiss Re
  • ○ Excellence and Innovation in Return to Work award – Winner

AMP Performance 2017
Share prices: 29 cents per share +3.6% from 2016
$848 million profit attributable to shareholders. +$1.2 billion from 2016
14.3% return on equity +5.6% from 2016
Source: http://www.annualreports.com/HostedData/
AnnualReports/PDF/OTC_AMLTY_2017.pdf

Most AMP claims can be made online using their online claims notification service. If you have suffered an illness, injury, or other serious condition, you can complete the online form to file. You will need to have the following information available:

  • Your contact details
  • Policy number and benefit type
  • Reason for making the claim, including a description of the condition
  • Adviser’s contact details if applicable

You can also claim over the phone or in writing:

Phone claims: Call 1300 366 214 from 8:30am – 5pm AEST Mon – Fri
In writing: AMP Claims, PO Box 181, Parramatta NSW 2124

To claim as a result of death (for example, on a term life insurance policy), you have a few options. With AMP Elevate policies, you can call 132 987 or write to AMP Claims, PO Box 14330, Melbourne VIC 8001.

For Flexible Lifetime – Protection and other products, claim online as indicated above, or call 1300 373 654. You can also claim in writing by writing to AMP Life Claims, PO Box 300, Parramatta NSW 2150.

When making a claim with AMP, it’s best to do so as soon as possible. AMP can start processing the claim and work to get you help and support sooner, so you can recover more quickly.

You will work with a dedicated case manager throughout the process, to help resolve your claim as soon as possible.

Making a Claim
In 2017, AMP paid $1.112 billion in life insurance claims to over 11,500 customers.
Male Female
22% Musculoskeletal
15% Mental health disorders
12% Accidents/injuries
10% Other
10% Cancer – other
20% Mental health disorders
15% Musculoskeletal
12% Cancer – other
12% Other
11% Cancer – breast
The average age of AMP customers making an insurance claim was 52.

Source: https://www.amp.com.au/content/dam/amp/digitalhub/common/Documents/Insurance/
Brochures/25477_claims_paid.pdf

AMP Elevate customers can access a range of discounts and rewards, depending on your policy and level of coverage. Benefits may include:

  • Healthy Start discount: 5 year 10% discount on Elevate Life and TPD premiums for people who live a healthy lifestyle.
  • Multi-plan discount: 10% discount on premiums for eligible customers who bundle certain policies together.
  • Business Rewards: Discounts for business colleagues who simultaneously apply for certain life policies.
  • Workplace Rewards and Family programme: Discounted policies when purchasing new policies under this programme.
  • Large case discount: Discount applied to large-scale policy premiums
  • Trauma overlap discount: 7.5% discount applied to optional TPD insurance added to a trauma policy.
Phone :
1300 366 214
from 8:30am – 5pm AEST Mon – Fr
Mail :
askamp@amp.com.au
PO Box 300 Parramatta
NSW 2124
Website : amp.com.au
Twitter : @AMP_AU
Find a Retail Store :
nib.com.au/contact-us/eye-care-centres
1300 345 300

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