AMP Income Protection Insurance

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AMP is a provider of income protection insurance, as well as banking and investment solutions.

What income protection does AMP offer?

AMP offers a range of income protection plans, providing different levels of cover, as part of its wider AMP Elevate insurance product.

Canstar does not currently rate AMP income protection, but you can use our comparison table to view and compare a range of direct income protection providers based on your needs.

Compare Income Protection Insurance

What features does AMP income protection offer?

As a provider of income protection, AMP offers the following features:

  • A maximum benefit period of five years or until you turn 70 on selected plans
  • A maximum monthly benefit of 75% of your regular income
  • A maximum entry age of either 55 or 60 depending on the benefit period you choose
  • Phone-based support and an online application process
  • Other features, such as being covered under your policy regardless of where you are in the world for up to three months and the ability to tailor the product to suit your specific needs

What does AMP income protection cost?

The cost of your income protection insurance will vary depending on several factors such as:

  • Your age and gender
  • Occupation
  • Benefit period and waiting period

You can calculate out what variety of income protection cover and the amount you might need on AMP’s website before applying.  

In 2018, Canstar’s research team calculated the average monthly income protection premiums for different types of individuals and professions. Click here to see how the premiums differed by cost.

Are your AMP income protection premiums tax deductible?

The ATO (Australian Taxation Office) states that you can claim the cost of premiums you pay that cover the loss of your income. You can’t, however, claim a deduction for premiums that compensate you for physical injury or are taken out through your super fund. Ask your tax accountant or financial adviser for more details on this.

Generally speaking, premiums for other forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible, according to the ATO.

How do I lodge a claim with AMP?  

You can lodge an income protection claim with AMP either online or over the phone. It may help to have your policy number and details of your condition on hand.

How to apply for AMP income protection

First, consider comparing a range of income protection providers on Canstar’s database to find a policy that suits your needs (bear in  mind we currently don’t compare AMP income protection insurance.)

Compare Income Protection Insurance

If you decide to apply for an AMP income protection policy, you can do this by contacting AMP over the phone.

AMP may ask you:

  • Your name, date of birth and gender
  • Your smoker status
  • Your occupation details (salary, how many hours you work etc.)

You may also need to provide a copy of various documents for these points, such as a valid form of ID (driver’s license, passport), recent payslips proving your employment and medical notes if applicable.

Eligibility to apply

AMP’s PDS document states that you must satisfy the following criteria to be eligible for an income protection policy:

  • You must be at least 18 years old and below the maximum entry age listed
  • You must be either an Australian or New Zealand citizen or be an Australian Permanent Resident
  • You may have to be currently employed and work at least 20 hours a week
  • You may have to be able to demonstrate a previous working history

About AMP

AMP was founded in 1849 as the Australian Mutual Provident Society. It says it was set up with the aim that every individual customer “should have the power to control their own life”.

According to AMP, it now employs more than 5,400 employees around the world and more than 3,500 financial advisers in Australia and New Zealand.

Written by: James Hurwood | Last updated: January 25, 2019