It’s always a good idea to know where you stand with your insurance and super - especially if you’re experiencing the economic impacts of COVID-19, thinking about accessing your super early, or your job or income has changed recently.

Here, you can learn more about how your insurance may be affected, including ways to stay on top of it and get the protection you need.

How could my insurance be affected by COVID-19?

We’ve listed some of the things worth considering when it comes to your insurance, and where to get more information.

Accessing super early

If you have insurance inside your super account, accessing your super early could affect it in a couple of different ways.

Firstly, if you withdraw a lump sum from your super and it leads to a zero account balance your super account may be closed, and your insurance will be cancelled from the closure date. Your insurance may also eventually be cancelled if your account balance remains too low to pay the monthly premiums.

Secondly, if you’re not able to make any contributions into your super account for 16 months, your insurance may be cancelled because the account is considered inactive under super laws, unless you tell your super provider you want to keep it.

Learn more

Will my income protection cover me if I’ve lost work?

Income protection covers you if you can’t work because of illness or injury. Income protection doesn’t cover loss of work for other reasons (like business closure).

If you have income protection with your super, it’s important to understand how it may be affected by a change to your work hours or income. So, if you’re not sure, it’s a good idea to check your policy.

For more information on your policy and cover, please contact your financial adviser or our customer support team on 131 267.

Insurance and redundancy

If you have an employer superannuation account, then, when you leave the employer the insurance held in this account may be affected. For example, if you received insurance automatically when you joined your employer (as part of the plan), once you leave your job, this insurance may no longer be passed on to you, or the cost of it may be higher. Please check your insurance policy or call us for more information specific to your plan.

There may also be eligibility requirements to be aware of once your circumstances change including age, account balance and contributions - if you’re not in a position to make any contributions into your super account for 16 months, your insurance may be cancelled under super law.

Learn more about insurance inside super

Check my insurance cover in My AMP

Do I have enough cover?

It’s important to understand how much insurance you may need for your circumstances. An adviser can help you with this as there are a few things to consider.

To understand the type of insurance you may need and how much, you can use our handy calculator below. You can also get an idea of your life insurance needs using the government’s MoneySmart calculator.

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Insurance needs calculator
There are many factors that affect how much insurance you need. This calculator can help you work out what type and how much cover you may require.

What to do next

Things are changing all the time, and we’re working with insurers to help you get the support you need. We’ll keep this page updated with the latest information.

Here is what you need to know.

What happens if I need to claim because of COVID-19?

All our members with insurance are eligible to make a claim, so long as they meet the terms and conditions of their policy.

Where can I get more information or support?

Please give us a call on 131 267 to talk about how we can help you.

You can also find more information here:

 

Access support

Banking

AMP Bank is offering home loan relief for any of our clients doing it tough.
 

Home loan relief

General hardship

Practice finance

Insurance

With an AMP life insurance policy you’re protected in the case of a COVID-19 coronavirus claim.

Insurance FAQs

General hardship

Healthcare workers

Super and Retirement

Under new measures announced by the government you may be able to access your super early or reduce the amount you withdraw from your pension.
 

Accessing super early

Minimum pension drawdown

FAQs

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Frequently asked questions
Answers to common coronavirus related questions like - how to know if you’re still covered, what happens if your work has closed or you’re stuck overseas.

Get in touch

You may find a bit of a wait on phone lines – sorry, we're working hard to get to everyone. Here are some different ways to find what you're looking for.

Banking

9am - 5pm, Monday to Friday (Sydney time)

Insurance, Super and Retirement

8.30am - 7pm, Monday to Friday (Sydney time)

Important information

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. 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.