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If you have any questions about your insurance, speak to your financial adviser or call AMP Life.
Please note that Tuesday 26 January 2021 is a public holiday. This means that bank payments won’t be completed on this day and certain superannuation transactions won’t be dated effective until the next business day. Please refer to your account’s terms and conditions or product disclosure statement for details.
There are a lot of components that go into determining what type of insurance policy you need and how much you’ll pay in premiums to maintain your cover. It can be a highly personalised process, and that can make it tricky to understand why you might be paying a different amount to someone else.
To help you understand what you’re paying and why, we’ve broken it down into three categories: your personal risk factors, the type of insurance you choose and your premium structure.
During the underwriting process, we assess your history and lifestyle against a range of factors to calculate the possibility that certain life events may happen to you. The higher your level of risk for these factors, the higher your premiums are likely to be.
Here are some of the personal risk factors that can influence your premiums:
Your life insurance policy has been designed with a lot of different features that you can pick and choose from, so it fits your lifestyle and needs. Some of these features may increase the cost of your insurance:
Everyone’s financial situation is different. That’s why AMP Life offers different ways for you to pay your insurance premiums.
One way is to have your premiums stepped: in other words, reflecting your age and any risk factors that go every year at the anniversary of your insurance policy.
If you choose stepped premiums:
Miranda, 22, recently graduated from university and is in her first year as a primary school teacher. As she is in the early stages of her career, she is currently being paid a lower wage than she will receive once her career progresses.
Miranda has taken out Death and TPD cover. Because she is young and healthy, if she chooses to take out stepped premiums, her policy will be more affordable than if she decided to choose another type of premium payment option.
Later down the track, Miranda can change the way she has her premiums calculated if her situation changes.
Warning: This example is illustrative only and is not an estimate of the insured amount you will receive or fees and costs you will incur. This example is based on the following assumptions (a) the cover amount remains the same throughout the period and the policy is not cancelled or suspended and (b) No waiting period applies to the policy.
If you have any questions about your insurance, speak to your financial adviser or call AMP Life.
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Products in the Super Directions Fund and the Wealth Personal Superannuation and Pension Fund are issued by N.M. Superannuation Proprietary Limited (N.M. Super) ABN 31 008 428 322 (trustee), which is part of the AMP group (AMP). 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 at amp.com.au or by calling 131 267. Read AMP’s 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.
Products in the AMP Eligible Rollover Fund, National Mutual Retirement Fund, and NM Pro Super Fund are issued by Equity Trustees Superannuation Limited ABN 50 055 641 757 (trustee). Risk products are issued by AMP Life Limited ABN 84 079 300 379 (AMP Life), which is part of the Resolution Life group. AMP Life has proudly served customers in Australia since 1849. AMP Limited ABN 49 079 354 519 has sold AMP Life to the Resolution Life group whilst retaining a minority economic interest. AMP Limited has no day-to-day involvement in the management of AMP Life whose products and services are not affiliated with or guaranteed by AMP Limited. AMP Limited is not liable for products issued by AMP Life or any statements or representations made in the PDS for those products. “AMP”, “AMP Life” and any other AMP trademarks are used by AMP Life under licence from AMP Limited. 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 AWM Services Pty Ltd ABN 15 139 353 496 (AWM Services), which is part of the AMP group (AMP). All information on this website is subject to change without notice.
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.