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Here’s what you need to know about Life Insurance Policies…

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    Life insurance is what keeps your family’s finances secure if you die or are diagnosed with a terminal illness. Life cover pays out a lump sum to your nominated beneficiaries that can be used however it is needed, which allows your family to maintain their lifestyle without suffering financially. At a time when your loved ones are grieving, not having to worry about money can make a big difference.

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    What types of life insurance are there?

    Term life insurance/Life Cover: A lump sum payment that goes to your beneficiaries if you pass away or are diagnosed with a terminal illness.

    Trauma Cover: If you are diagnosed with a major medical illness or suffer an injury, trauma cover provides a lump sum that can cover your short-term expenses while you’re in treatment and recovery.

    Total and Permanent Disability (TPD) Cover: If you become totally and permanently disabled and are no longer able to work, TPD insurance provides a lump sum payment.

    Income Protection: If you are unable to work due to an injury or illness, income protection cover provides a monthly payment for a fixed period.

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How Frank Consolidated Policies & Saved $4,000 On Life Insurance

Frank
NSW

Comparing policies was his first step

Before he came to us, Frank was paying for three separate insurance policies that were costing him over $10,000 a year. He was frustrated and disappointed with his insurers but didn’t know where to start.

With the help from one of our Senior Advisers he was able to amalgamate his policies into one comprehensive plan. With a new yearly premium of $6,000, and an insurer that has paid out over $2 billion in claims to Australians over the past two years Frank’s family was better protected and he was paying less.

Frank has since returned to us and we’re helping him with his Income Protection claim. As he recovers from knee surgery this money will help him support his family while he’s unable to work.

How Maggie Saved On Life Insurance

Maggie
VIC

Funding her premium through her Self-Managed Super Fund.

After years of paying premiums to the same insurer Maggie found herself in trouble when they suddenly refused to renew her policy. Due to a change in her health and her finances, she was told that no insurers would protect her. That’s when she came to us.

Our advisers were not only able to get Maggie the peace of mind that an underwritten life insurance policy brings; they also helped her save a few thousand dollars on her yearly premium. She was even able to save on her out of pocket expenses by opting to fund the new premium through her SMSF (self-managed super fund).

Maggie is now in the process of upping her cover to include a Trauma Insurance benefit with the help of one of our Senior Advisers.
With our help she’s making the journey from uninsurable to fully protected.

Great reasons to trust us with your life insurance purchase

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AMP Life Insurance FAQ

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AMP Life Insurance was originally founded as a non-profit life insurance provider in 1849. Over more than 160 years, AMP Life has developed to become one of the largest companies providing life insurance to Australians. AMP has a network of more than 4,000 advisors and planners who help consumers to purchase life cover and other policies. In 2011, AMP merged with AXA to provide even more insurance coverage and financial assistance to individuals and businesses throughout Australia. Today, AMP offers flexible policies for life and income protection, as well as many other types of coverage that protect Australians from life’s uncertainties.

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AMP insurance plans offer many features designed to provide broad and comprehensive coverage to policyholders and designed to provide assistance to beneficiaries in their time of need. Examples include a $15,000 funeral benefit, as well as an accommodation benefit to pay for reasonable expenses of immediate family members who accompany insured policyholders re-ceiving treatment. The sole owner and sole insured person of a life insurance policy can nomi-nate beneficiaries, and when a policyholder is diagnosed with a terminal illness, he or she may elect to receive advanced payment of death cover under AMP’s policy guidelines.

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AMP offers many different kinds of insurance coverage so every Australian can get the protection he or she needs from illness, disability, and death. Coverage options available through AMP include the following:

  • Life Cover: AMP Elevate Life Cover is available with no maximum cover limit, pending ap-proval by underwriting. Policies can be purchased up until age 70, and can be purchased by individuals, trusts, or trustees of self-managed super funds. There is also an option to pur-chase a life cover policy in your superannuation fund so premiums will not need to be paid with out-of-pocket funds.
  • Income insurance: Income insurance through AMP provides you with 75 percent of the amount of your earnings before you became disabled, in the event that you suffer an illness or an injury that renders you unable to earn income. Coverage is available to protect up to $60,000 in income. Income insurance may also be purchased through a superannuation plan.
  • Trauma Insurance: Elevate Trauma Insurance provided through AMP provides up to $2 mil-lion in a lump sum payment if you develop an illness or injury that your policy covers.
  • Business Expense Insurance: Up to 100 percent of your eligible ongoing business expenses will be paid by AMP Elevate Business Insurance if you become disabled.
  • Total and Permanent Disability Insurance: You may purchase between $50,000 and $5 mil-lion in coverage in case you become permanently disabled, as long as you are between ages 16 and 60.
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Members who obtain coverage through AMP receive benefits and advantages including:

  • Guaranteed future insurability: It is possible to increase life insurance coverage, total perma-nent disability cover, and trauma cover without a need to provide additional health or person-al information once you are already covered by an AMP policy.
  • Indexation: On your plan anniversary, your insured amount under your life protection plan increases automatically based on the increase in the CPI, unless otherwise agreed.
  • Waiver of premium option: Waiver of premiums are available on both individual life policies and nominated life policies.
  • Waiting periods for attempted return to work: If you return to work for a period of five or few-er days, your waiting period will not begin again so you will not experience a long delay be-fore you receive benefits just because you tried to resume working.
  • Financial planning benefits: Financial planning is built in to all policies.

Get your competitive quotes from our comprehensive panel of Life Insurance Partners.

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Get your competitive quotes from our comprehensive panel of Life Insurance Partners.