If something ever happens to you, personal insurance is there to provide financial security for you and your family. Find out about the options and some of the things you could think about when it comes to protecting what’s most important to you.

Choosing the right insurance

Choosing the right type and the right amount of insurance is a good way to make sure that if anything were to happen, you and your loved ones would be looked after financially. There are four types of personal insurance every Australian should understand. These include:

Insurance and super

Income protection, TPD and life insurance are available through most super funds. In the past, insurance inside super was usually provided automatically to anyone who signed up to their employer’s super plan. This is sometimes called default cover because members didn’t need to answer any health or lifestyle questions to get covered.

But the rules around this changed in April 2020. These days, to receive automatic (default) insurance with your employer super plan, you must be 25 years old or over and have at least $6,000 in your super account. You also won’t be eligible for insurance if your account doesn’t receive any rollovers or contributions for 16 months. However, you can ask for insurance at any time – if you do this within 120 days of joining your employer, you won’t need to answer any health or lifestyle questions.

In most cases, as soon as you meet these requirements, the insurance is applied automatically. You’ll also be given the chance to say you don’t want it.

Learn more about insurance through your super

We're here for you

In 2018, AMP paid $1.2 billion in claims across our trauma, life, terminal illness, total and permanent disablement, and income protection insurance plans. We have a fair and transparent approach to assessing claims and we’ll be there for you every step of the way, if you need to make a claim.

Here’s a snapshot of a few of the 12,300 Australians we helped, with many returning to a better life through our expert rehabilitation services.

How much cover is enough?

We’re all different. How much insurance you need will depend on your individual circumstances:

  • How old you are
  • How much you earn
  • How much you owe
  • How many dependants you have.

Here are a few questions worth thinking about before you decide on the level of insurance to apply for:

  • If you were to become injured or too sick to work, how long could you maintain your lifestyle and pay your bills?
  • If you were to pass-away, who would repay your debts? And what sort of lifestyle would your beneficiaries have?

AMP’s insurance calculator can help you estimate how much cover you may need and how much it’s likely to cost.

The cost of insurance

The cost of cover will depend on your age, occupation, smoking status and the level of cover you choose. It’s likely to reflect your personal situation and in certain cases an extra cost called a loading, or exclusion of certain events, may be applied to your policy.

This can result from of a number of factors including your medical history, whether you have a dangerous job, and if you plan to travel to a high-risk destination or participate in a hazardous pastime.

A tax-effective way to buy insurance1

Paying for insurance from your super can be a smarter way to protect your assets and your loved ones. Insuring through super - including a self-managed super fund (SMSF) - can be tax-effective, because you pay for the cover out of your pre-tax super contributions instead of your take-home pay.

However, because the premiums are paid via your super balance, as a general guide, if your insurance premiums are more than 1% of your salary, this may be eroding your super balance unnecessarily. This may not apply to you if you require a higher amount of insurance cover to meet your needs; it’s important to review whether your insurance is right for you.

Learn more


1Taxation issues are complex and the decisions that you make can affect the amount that you receive at claim time. You should seek advice to determine whether holding insurance through super is appropriate for you.

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Important information


It’s important to consider your particular circumstances and read the relevant product disclosure statement before deciding what’s right for you. This information hasn’t taken your circumstances into account.

This information is provided by AMP Life Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.

Life Insurance Code of Practice

The Life Insurance Code of Practice is issued by the Financial Services Council (FSC) and sets out the life insurance industry’s commitment to high customer service standards, consistency and principles of conduct.

As a member of the FSC, AMP supports the Life Insurance Code of Practice. You can find more information here.