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, you are not currently eligible for this offer, unless you are managing your own SMSF.
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 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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Any advice in this page is general in nature and is provided by AMP Life Limited ABN 84 079 300 379 (AMP Life). It does not take into account your personal objectives, financial situation or needs. Therefore, before acting on this advice, you should consider the appropriateness of this advice having regard to those matters and consider obtaining personal advice as well as the relevant product disclosure statement before making a decision about the product.
AMP Life reserves the right to withdraw the premium and cover pause offer at our discretion.