With a history of helping customers in need, we're supporting Australians through financial difficulties resulting from the impact of COVID-19.
Support through a Premium and Cover Pause
AMP Life is offering a Premium and Cover Pause to help customers who are experiencing financial difficulty due to unemployment or reduced income. Customers can apply for a 3, 6 or 12 month pause, if they meet the eligibility criteria.
- AMP Elevate, ex AXA and ex AC&L retail life policies
- Flexible Lifetime Protection
- AMP MyLife
- Risk Pro
- Term Life Insurance (TLI)
- Yearly Renewable Term (YRT)
- CrisisCare (CCI)
- Loan Cover (LC)
If you hold a policy in one of the products above, subject to AMP accepting your Premium and Cover pause application, you may be eligible for the Premium and Cover Pause if you meet the below criteria:
- You have recently become unemployed, or
- Your hours of work and income have been reduced involuntarily, or
- You are self-employed and have experienced a significant downturn in business.
You will need to declare this via a signed declaration in the application form.
Please note, if your insurance is held in a superannuation environment, we are unable to accept applications from policies where:
- Premiums are paid via rollover
- The policy is linked to North
- The policy was cancelled due to legislation introduced by the government, such as Protecting Your Super (PYS) or Putting Members Interests First (PMIF).
The request for premium and cover pause will not become effective until AMP Life accepts the application for pause. If AMP Life accepts your Premium and Cover Pause application, during that time:
- You will not be charged any premiums,
- You will not be able to claim for an event that occurred during the pause period, or claim for an event where the symptoms first arose during the pause period, even after your policy is reinstated,
- You will not be able to reinstate your insurance policy before the expiry date of your premium and cover pause.
- You will not be covered during the pause period. Throughout the pause period you will continue to receive correspondence from AMP Life and will continue to be able to view in My AMP, information which may reflect your original or a different sum insured. Please be aware this information is not accurate, and your sum insured for the pause period will be zero.
- The Premium and Cover Pause will take effect from the last paid to date on your plan/policy. This date will be confirmed by AMP if your application is accepted.
- The terms of the Premium and Cover Pause offer, found on the application form, will supersede the terms and conditions of your policy during the agreed Premium and Cover Pause period.
- If you have a policy anniversary during the premium and cover pause period, a new premium amount will apply after the end of the pause period.
- An offer of indexation may be received while the premium and cover are paused, which will increase your cover once the premium and cover is reinstated. You can choose to decline this in line with the terms of your policy.
Before applying for the Premium and Cover Pause, you should check your policy documentation to see if there are any features in your existing policy that may be able to assist you during this time.
You should consider speaking to a financial adviser before deciding whether to take up the Premium and Cover Pause.
What happens after the Premium and Cover Pause period?
Your policy will be automatically reinstated and we will recommence charging your premiums. You can apply to extend the pause period for a further 3 or 6 months, up to a maximum of 12 consecutive months, prior to it expiring.
How can I apply?
You will need to read and complete the below application form, and sign the declaration that you experiencing financial hardship due to either unemployment or reduced income.
Please return the form via email to AMPinsurance@amp.com.au.
Alternatively, you may wish to speak to your financial adviser, who can assist you with the application.
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Issued by AMP Life Limited ABN 84 079 300 379 (AMP Life), which is part of the Resolution Life group.
Before deciding what’s right for you, it’s important to consider your particular circumstances and read the relevant Product Disclosure Statement or Terms and Conditions available from AMP Life at amp.com.au or by calling 133 731. Read AMP Life’s Financial Services Guide for information about our services, including the fees and other benefits that AMP Life and/or other companies within the Resolution Life group may receive in relation to products and services provided to you.
Any advice and information provided is general in nature, hasn’t taken your circumstances into account, and is provided by AMP Life Limited ABN 84 079 300 379 (AMP Life), which is part of the Resolution Life group. All information on this website is subject to change without notice.
AMP Life reserves the right to withdraw the premium and cover pause offer at our discretion.