Should something ever happen to you, personal insurance is there to provide financial security for you and your family. Find out about the insurance options available and some of the things you should 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. And if you’re making super contributions through your employer's default super fund, it’s likely your employer will have negotiated some cover for you.
While you may already have some insurance through your super fund, you need to make sure the type and amount of that insurance is suitable for your circumstances.
We're here for you
In 2018, AMP paid $1.212 billion in claims across its trauma, life, terminal illness, total and permanent disablement, and income protection insurance plans. We have a proactive, 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.
See a sample of our claims amounts and the age groups of the people we paid claims to in 2018.
How much cover is enough?
The level and type of cover you need depends on your personal circumstances. Your age, your earnings, the amount you owe and how many dependants you have play an important role in figuring out how much cover you need.
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 die, who would repay your debts? And what sort of lifestyle would your beneficiaries have?
The insurance calculator is a simple way to determine the right type and amount of cover for you.
The cost of insurance
The cost of cover will depend on your age, occupation, smoking status and the level of cover you choose. The Life Insurance Calculator can help you estimate how much cover you may need and how much it’s likely to cost. The actual cost and cover is likely to reflect your personal situation. 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; if you have a dangerous job; 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 - can be tax-effective, because you pay for the cover out of your pre-tax super contributions instead of your take-home pay.
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.
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.