About insurance in super

Many super plans include insurance as an optional benefit. It’s different to insurance you can access outside super and is often seen as a tax-effective way to help protect you and your family if something happens to you.

There are three different types of insurance available in AMP super plans.

 

What to think about before cancelling insurance

Understand what happens when you cancel your insurance, and what to consider before you do.

  • You can cancel your insurance at any time.
  • If you become ill, injured or pass away after you’ve cancelled your insurance, you won’t be able to make a claim.
  • You’ll still be able to make a claim on an event that happened before you cancelled your insurance (assuming you were insured for it).
  • If you reapply for insurance in the future, you’ll probably need to answer questions about your health and lifestyle and may not get the same level of cover or at the same price.
  • If you’re replacing your cover with alternative insurance, you shouldn’t cancel until the new cover is in place (otherwise there’ll be a gap in your cover).
  • You can change your cover to make it more affordable. A super coach can help you understand your options.
  • If you have two accounts with the same type of insurance, you may be paying for insurance you don’t need, or may not be able to claim on. In particular, for Total Salary Continuance.
  • Before you make any chances or cancel your insurance please read your product disclosure statement (PDS) and insurance guide.
  • You may not be able to reinstate your insurance on the same terms or at the same price. And, in some circumstances, you may not be able to reinstate your cover at all.
  • Learn more about the pros and cons of having insurance in super.

Insurance needs calculator

Get a basic idea of how much insurance you may need

How to cancel your AMP insurance

If you’re clear about the ins and outs of cancelling the insurance in your super account and are ready to move ahead with it, there are two main ways you can cancel:

  1. Use the insurance cancellation form in My AMP
    • Simply log into My AMP 
    • Go to Super > insurance > Manage my insurance cover
    • Fill out the cancel my insurance form and submit online.
  2. Contact us:

Can I reinstate my insurance after I cancel it?

You may be able to get your insurance reinstated after you cancel it, but keep in mind:

  • There may be a gap in your cover, which means you won’t be insured between the date your cover stopped, and the date it was put back again.
  • You may be asked to supply health and lifestyle information, which will be looked at as part of your application.
  • You may not be able to reinstate your insurance on the same terms or at the same price. And, in some circumstances, you may not be able to reinstate your cover at all.
  • If you have a pre-existing medical condition or work in a dangerous occupation and have cancelled your insurance, it may be difficult to get it reinstated. Call us on 131 267 to find out more.
  • Some insurers do have a window of time between cancelling and reinstating where they will waive the health check requirement and reinstate you on your previous terms. Check your insurance guide or PDS for details.

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What you need to know

Any advice and information is provided by AWM Services Pty Ltd ABN 15 139 353 496, AFSL No. 366121 (AWM Services) and is general in nature. It hasn’t taken your financial or personal circumstances into account. Taxation issues are complex. You should seek professional advice before deciding to act on any information in this article.

It’s important to consider your particular circumstances and read the relevant product disclosure statement, Target Market Determinationor terms and conditions, available from AMP at amp.com.au, or by calling 131 267, before deciding what’s right for you.

The super coach session is a super health check and is provided by AWM Services. It is general advice conversation only. It does not consider your personal circumstances.

You can 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. You can also ask us for a hardcopy. All information on this website is subject to change without notice. AWM Services is part of the AMP group.