Flexible Lifetime Protection
Flexible Lifetime Protection
Life Insurance
Illnesses Covered
Accidents Covered
Terminal Illness Benefit
Funeral Advancement
Child Cover
Standard Exclusions
Expiry Age
Illnesses Covered
Accidents Covered
Terminal Illness Benefit
Up to sum insured
Funeral Advancement
Lessor of $20,000 or sum insured
Child Cover
Option at additional cost
Standard Exclusions
Suicide within the first 13 months
Expiry Age
99
Illnesses Covered
Accidents Covered
Terminal Illness Benefit
Up to sum insured
Funeral Advancement
Lessor of $20,000 or sum insured
Child Cover
Option at additional cost
Standard Exclusions
Suicide within the first 13 months
Expiry Age
99
TPD Insurance
Accidents Covered
Illnesses Covered
Partial Benefit Payable for the Loss of One Limb or One Eye
Life Insurance Buy Back
Minimum Qualification Period
Standard Exclusions
Guaranteed Renewal Age
Expiry Age
Accidents Covered
Illnesses Covered
Partial Benefit Payable for the Loss of One Limb or One Eye
Lessor of 25% of sum insured or $500,000
Life Insurance Buy Back
Minimum Qualification Period
3 months
Standard Exclusions
Intentional self-inflicted injury
Guaranteed Renewal Age
64
Expiry Age
99
Accidents Covered
Illnesses Covered
Partial Benefit Payable for the Loss of One Limb or One Eye
Lessor of 25% of sum insured or $500,000
Life Insurance Buy Back
Minimum Qualification Period
3 months
Standard Exclusions
Intentional self-inflicted injury
Guaranteed Renewal Age
64
Expiry Age
99
Trauma Insurance
Number of Traumatic Conditions Covered (including partial)
Number of Partial Traumatic Conditions Included
Maximum Pay Out for a Partial Conditions
Life Insurance Buy Back
Trauma Reinstatement
Is this a Basic, Standard or Plus Policy
Qualifying Period
Standard Exclusions
Guaranteed Renewable Age
Expiry Age
Number of Traumatic Conditions Covered (including partial)
Number of Partial Traumatic Conditions Included
Maximum Pay Out for a Partial Conditions
Life Insurance Buy Back
Option at additional cost
Trauma Reinstatement
Option at additional cost
Is this a Basic, Standard or Plus Policy
Basic
Qualifying Period
Up to 90 days
Standard Exclusions
Any intentional self-inflicted act or any qualifying periods
Guaranteed Renewable Age
64
Expiry Age
99
Number of Traumatic Conditions Covered (including partial)
Number of Partial Traumatic Conditions Included
Maximum Pay Out for a Partial Conditions
Life Insurance Buy Back
Option at additional cost
Trauma Reinstatement
Option at additional cost
Is this a Basic, Standard or Plus Policy
Plus
Qualifying Period
Up to 90 days
Standard Exclusions
Any intentional self-inflicted act or any qualifying periods
Guaranteed Renewable Age
69
Expiry Age
99
Income Protection
Sicknesses Covered
Accidents Covered
Own Occupation Disablement Definition
Pre-Claims Earnings Calculation Period
Specified Injury Benefit
Trauma Insurance Benefit
Needle Stick Cover
Standard Exclusions
Sicknesses Covered
Accidents Covered
Own Occupation Disablement Definition
Pre-Claims Earnings Calculation Period
The 12 consecutive months prior to total disablement
Needle Stick Cover
Standard Exclusions
Intentional self-inflicted act, attempted suicide, an act of war, uncomplicated pregnancy or childbirth
Sicknesses Covered
Accidents Covered
Own Occupation Disablement Definition
Pre-Claims Earnings Calculation Period
The 12 consecutive months prior to total disablement
Needle Stick Cover
Standard Exclusions
Intentional self-inflicted act, attempted suicide, an act of war, uncomplicated pregnancy or childbirth
General
Worldwide Cover
Interim Cover
Cooling off Period
Annual Discount
Multiple Lives Discount
Multiple Cover Discount
Health Rewards Program
Premium Freeze
Standard Exclusions
Worldwide Cover
Interim Cover
Cooling off Period
28 Days
Annual Discount
Multiple Lives Discount
Multiple Cover Discount
Included in displayed price (if applies)
Health Rewards Program
Premium Freeze
Standard Exclusions
Sicknesses or injuries that first appeared, happened or was diagnosed beofre your insurance started or was reinstated that have not been disclosed and accepted by the insurer. Non-disclosure (or inaccurate disclosure) can also void or affect your cover.
Worldwide Cover
Interim Cover
Cooling off Period
28 Days
Annual Discount
Multiple Lives Discount
Multiple Cover Discount
Included in displayed price (if applies)
Health Rewards Program
Premium Freeze
Standard Exclusions
Sicknesses or injuries that first appeared, happened or was diagnosed beofre your insurance started or was reinstated that have not been disclosed and accepted by the insurer. Non-disclosure (or inaccurate disclosure) can also void or affect your cover.
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About AMP
For more than 160 years AMP has helped Australians protect themselves, their families and their business against financial loss.
AMP is the leading independent wealth management company in Australia and New Zealand, providing insurance, superannuation, investment products and financial services to more than 4 million customers. Having grown stronger after acquiring AXA’s Australian and New Zealand business in 2011,AMP specialises in a variety of financial products and services, including, but not limited to: Income protection, disability and life insurance, superannuation, retirement income and banking & investment services.
YOUR QUESTIONS ABOUT AMP ANSWERED
- When did AMP merge with AXA?
- I heard that NMLA policies might transfer to AMP Life, is this true?
- I have an AC&L policy, who’s covering me now?
- I noticed my AC&L income protection policy has a lifetime benefit period. Is this still offered?
- I had an AXA Elevate product, has my cover changed?
- Can underground miners qualify for AMP income protection products?
- Is AMP’s Flexible Lifetime Protection (FLP) product closing; what will happen to my policy?
Key Statistics
With over 4 million customers and $101.6 billion assets, AMP Insurance was ranked number 510 in the Forbes Global 2000 list. The company’s has reinsurance treaty agreements with three of the biggest reinsurers: RGA, Swiss RE and Munich Re.
AMP is listed on the Australian stock exchange (ASX), and on the 18th August 2016 reported a $523 million net profit for the first half of 2016 (to June 2016).
AMP has the largest financial advice network in Australia and New Zealand, with 4,259 aligned and employed financial advisers & planners. In 2015 AMP paid out $944.7 million in claims payments.
History of AMP Insurance
The Australian Mutual Provident Society (AMP) has a rich Australian History, dating all the way back to 1849. AXA, formerly known as National Mutual Life Association of Australasia, opened 20 years later in 1869.
In 1995 the National Mutual Life Association got listed on the Australian stock exchange (ASX) and went from being owned by members to being owned by shareholders. In 1999 they changed their name to AXA Asia Pacific. In 1998, AMP also got demutualised and listed on the stock exchange.
In 2011 AXA and AMP merged and AMP acquired all AXA’s Australian and New Zealand business, while AXA SA would acquire all of AMP’s Asian business. By 2013, the AXA brand became generally phased out of the Australian and New Zealand market and fully integrated within AMP.
1849
The Australian Mutual Provident Society is established.1869
The National Mutual Life Assosciation ofAustralasia is established.
1995
The National Mutual Life Assosciation is floated on the ASX.
1998
AMP is floated on the ASX.
1999
National Mutual is rebranded and AXA.2011
AMP and AXA Asia Pacific merges.
2011
After merger new AMP Logo is introduced.AMP FAQ
AMP merged with AXA in 2011, their first day of operation as a merged group was on 31 March 2011.
After the 2011 merger, the insurance, superannuation and investment products from AXA and AMP were continued but rebranded therefore AXA Elevate was rebranded to AMP Elevate and AMP Flexible Lifetime Protection (AMP FLP) remained as is.
The transfer is not definite yet. Five years ago the National Mutual Life Association of Australia Limited (NMLA) commonly known as AXA became part of the AMP group. They are now proposing to transfer all the Australian and New Zealand life insurance business of the NMLA to AMP to help simplify their financial and administrative processes. If the transfer is approved, it will take effect on 1 January 2017.
If you are an NMLA policy owner, you can rest assured knowing that there will be no changes to your policy terms and conditions, or how it’s administered. The premium you pay and the amount you’re covered for remains the same, it’s only the insurer that’s changed.
As an AMP Life policy owner, your policy terms and conditions will also remain unchanged.
Any concerns surrounding your AXA policy can be directed to the AMP Insurance team.
Australian Casualty & Life (AC&L) was a business unit of National Mutual Life Association of Australia Limited. It was taken over by AXA in 1995. After the 2011 merger of AMP and AXA, all policies including AC&L, falls under AMP.
The lifetime benefit is no longer offered, although AC&L did offer lifetime benefits to customers in the past. If you previously set up your policy to receive such a benefit, you may still be entitled to this benefit. However, it’s always best to check with AMP and make sure what exactly you’re covered for if you have any questions or talk to a specialist insurance consultant.
Generally no your cover remains the same. AXA Elevate was simply rebranded as AMP Elevate when the merger happened. However if you need to confirm what you are covered for it is best to talk to a specialist or AMP directly for details regarding your policy.
Yes, the AMP Elevate product does offer select occupations income protection cover for underground miners and many of the related positions in the mining industry. Most of the occupations can obtain a 2 year benefit period, with select occupations eligible to age 65 benefit periods if they have a number of years of experience in the eligible occupation. The Occupation rating used for most of the mining related occupations for the Elevate product is C.
If you took out a policy with either AMP or AXA before the merger and feel there are still some questions left unanswered, or you’d like to know more about taking out a new AMP policy, please contact one of our experienced consultants or call us directly on 1300 135 205.
It is true. As of 1 October 2017, AMP will no longer accept new FLP applications, which means that FLP policies will effectively become a legacy product, closed for any new business.
However, existing FLP policy owners will still receive flexible and comprehensive cover and be able to change their cover to suit their needs.
If you currently have an FLP application in progress, you will still be issued a new policy. No new Flexible Lifetime Protection policies will be issued from 1 January 2018.
AMP stated that their decision resulted from their commitment to making insurance less complex and more efficient, by working toward providing customers with a single, competitive offer.
By striving to continue to meet customers’ needs the AMP Elevate insurance product will continue to evolve and be enhanced to meet their needs.
If you are thinking about taking out an insurance policy with AMP or have questions surrounding your existing AIA Australian policy, please feel free to ask one of our experts for advice. Alternatively if you’d like to compare AMP Insurance then try out our free quote tool.
Does AMP have funeral insurance?
Yes? No?
Please advise where I can get info if YES.
Hi Rob, AMP does not offer a stand alone ‘Funeral Insurance’ Product but they do have Life Insurance which offers an advancement of Funeral Expenses built within this policy. There are restrictions within this benefit and the insured must satisfy certain conditions within the PDS for this to be paid. Keep in mind we have two other insurance providers that offer Funeral Insurance and we are happy to provide you information and premiums in relation to this. You are welcome to call us on 1300 135 205 and speak to one of our Funeral Insurance Specialists.
I had an insurance policy with AMP Policy number XXXXXXXX in the name of Hawkes Stephen M, just wondering if this policy still exists. Date of last premium paid was 23/10/1981.
Hi Stephen, thanks for contacting us. The first step I would undertake is to contact AMP on 132987 as they may be able to identify the policy for you. If that does not provide a solution and/or if your policy potentially had a cash or investment value you may find some information here on ASIC’s Money Smart Website and in particular on this link. Thank You.
Hi
I would like to get a quote for a life insurance. My wife and I are reviewing our current life insurance.
Thank you.
Regards,
Jonathan
Hi Jonathan
Happy to help in one of 2 ways, firstly you can obtain a comparison quote between AMP and the other 10+ other companies we compare online, or secondly call us on 1300 135 205 to talk to one of our specialists who will be able to discuss your options further including which companies provide multi life discounts if you both combine your cover with the same insurer and / or generate a comparison report for you and your wife.
I hope these help you to review your current policy.
My mother-in-law took out an all of life policy in Australia then moved to New Zealand in 1978 continued to pay the policy changed over to New Zealand she now is living back in Australia for the last 20years now at 85 years old and getting her affairs in order we found out the policy is a New Zealand policy can we change it back to Australia as she is a Australian citizen
Hi Roslyn, Thanks for contacting us. It is an interesting scenario with your mother in law. This policy is more commonly known as a ‘Whole of Life’ policy but to answer your question, it would depend on the Insurer which may be AMP as your comment has been posted on their page on our website? It would seem from your question that the policy was allowed to continue in NZ and she may have had the policy adjusted to NZ Dollars and therefore she serviced the policy in NZ Dollars also? It would be a matter of contacting the Insurer and asking the question to see if it can be converted back to Australian Dollars both in value and servicing. It is probably a fairly uncommon scenario but the Insurer would be able to provide you with information in this regard. I wish you all the best.
Having recently updated my will I need verification that my wife Beverley Simmonds is the nominated party in the event of my death on my Whole of Life Plan. Plan Number V******B.
Thank you for contacting us,
I have just checked our crm and can see we did not set up your whole of life insurance policy for you therefore unfortunately we cannot confirm this for you. Can I suggest you either contact AMP directly on 131 267 or you can join life insurance direct by calling 1300 135 205 and we can do this for you and you will also get access to our exclusive rewards program as well as all the other benefits of being a client of ours.