AMP Life Insurance

AMP is a provider of life insurance, home loans, banking, superannuation, term deposits, savings accounts and other investment products.

Compare AMP Life Insurance

Considering AMP Life Insurance? See our comparison table below for a snapshot of its current market offerings. Please note that this table has been formulated based on a non-smoker male in a professional occupation who is seeking cover. The results are sorted by estimated monthly premium (lowest to highest).

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How much does AMP Life Insurance cost?

The cost of your life insurance will vary depending on several different factors such as your age, occupation and choice of insurer. You can get a quote for AMP Life Insurance by comparing direct life insurance on our website. Compare the quoted premiums to the average premiums for direct life insurance on our database.

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Eligibility to apply for AMP Life Insurance

All permanent Australian residents between the ages of 11-70 (inclusive) may apply for an AMP Life Insurance policy. Upon application, you’ll be asked some simple questions about your health, lifestyle and family medical history to determine what level of cover AMP is willing to offer to you.

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How to apply for an AMP Life Insurance policy

If you fit the eligibility criteria, you can apply for AMP Life Insurance by clicking on an AMP Life Insurance product in the Canstar direct life insurance comparison tables for your occupation and age, and confirming your choice of policy. You can apply for a quote by clicking on the link in our comparison tables. If you need help obtaining a quote, call AMP on 13 12 67, or make use of the quick quote option on the AMP website.

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Yes; in fact, it’s encouraged that members manage their policy online, and AMP has a dedicated online portal. By clicking here, you can access statements, update your policy, lodge a claim and make payments.

You or your beneficiaries can claim with AMP Life Insurance by calling AMP on 13 12 67 or visiting the claims portal on the AMP website.

Before you submit a claim, you should have these details at hand:

  • Your policy information
  • Medicare records
  • Medical history from the treating GP or specialists
  • Death and/or birth certificate

If your insurance claim is approved, AMP will arrange the payment of your benefit.

If your claim for an income protection benefit is approved, this will involve ongoing payments while you are eligible to continue receiving a benefit, rather than one lump sum payment.

Generally speaking, premiums for forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible, according to ATO (Australian Taxation Office). Ask your tax accountant or financial adviser for more details on this.

The ATO however, states that you can claim the cost of premiums you pay that cover the loss of your income, such as income protection insurance. 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.

AMP Life Insurance charges stepped premiums, which increase as you age.

When you apply for AMP Life Insurance, your insurance premium is calculated based on your chosen benefits and level of cover, your age, your occupation, your gender, whether you smoke, your health, family history and whether you engage in hazardous activities. The cost of your policy is recalculated each year on your policy’s anniversary, so your premium may increase for your particular age bracket or your occupation category.

Premium rates are not guaranteed. For more information about stepped premiums versus level premiums, read this article.

At the time of writing, medical tests are not required to apply for AMP Life Insurance; however, in the event of a claim, AMP may require additional evidence or do a full review of your medical records.

Once you’ve applied for cover, AMP will contact you if a medical examination is required throughout the claims process.

After buying an AMP Life Insurance policy, you can apply to increase the amount of your cover at any time. The application to increase your cover will be subject to the same eligibility criteria.

You should be able to change your level of cover by adding or removing features or coverage, and by increasing or decreasing your sum insured for each type of cover included in your life insurance policy. If you wish to change your policy inclusions, contact AMP on 13 12 67 to discuss your options.

Keep in mind that increasing your level of cover or adding your spouse or children to your policy is likely to result in a higher insurance premium.

It depends on the condition. When applying for AMP Life Insurance, you must disclose (tell AMP about) any pre-existing medical conditions you have now or had in the past, as well as current medications and health issues. Find out more about pre-existing conditions for life insurance here.

AMP was founded in 1849 as the Australian Mutual Provident Society, with the aim that every individual customer should have the power to control their own life. AMP helped finance the construction of the foundation of Australia and New Zealand, including Australia’s first skyscraper, as well as roads, airports and other infrastructure.

When it comes to helping Australians buy homes, AMP’s 2016 Community Report reported that AMP has helped more than 46,000 Australians buy a home through its home loan products.

Through the AMP Cancer Council Pro Bono program, AMP financial advisers provide free financial advice for people affected by cancer regarding access to superannuation, insurance, budgeting and planning for their family’s future. In 2016, AMP advisers provided pro bono financial advice to 775 people affected by cancer.

Source: AMP

AMP also supports the community through its AMP Foundation, which was established in 1992 and donated $5.2 million to 211 non-profit charity and community organisations in 2016. One initiative, the AMP Tomorrow Fund, helps passionate and talented Aussies and Kiwis achieve their dreams with ‘Tomorrow Maker’ grants.

AMP now employs more than 5,400 employees around the world and more than 3,500 financial advisers in Australia and New Zealand. When it comes to gender equality among those employees, 40% of both its board and senior executive positions are filled by women, which beats the national average of 37.4% from the 2016 Workplace Gender Equality Scorecard.

To protect our environment, AMP became carbon neutral in 2013 and continues to reduce its greenhouse gas emissions, with 2016 seeing it record a 25% reduction in emissions since 2013. It also supports environmental initiatives such as Earth Hour and Sydney’s CitySwitch.

Written by: Regina Collins | Last updated: