Our conventional products - AMP Whole of Life Insurance and AMP Endowment Insurance - offer combined long-term investment and insurance products. 
  • Insurance is provided until a nominated maturity age (95 years for a Whole of Life) and bonuses add value to the sum insured for payment at maturity.
  • Conventional plans are AMP Life's oldest products and were designed for individuals wanting investment and insurance products.

What are the features?

Investments  Are combined long-term investment and insurance products. 

Combined long-term and insurance products.

Insurance for customers at a level premium which continues until the policy matures. There may be optional insurance cover on the plan.  

Child advancements (non-super policies only) Child Advancement policies are written on the life of a child. The policies mature and transfer to the child on the plan anniversary occurring on or during the 12 months before the child's 21st birthday.
Premiums You pay level premiums – this means the premium stays the same throughout the term of the policy (unless optional CPI increases have been chosen).

There are two types of bonuses on these plans, annual and terminal. Bonuses add value to the sum insured and maturity value.

Annual bonuses (also referred to as reversionary bonuses) are added annually and are guaranteed once declared.

Terminal bonuses may be paid on maturity of the plan, death of the life insured or payment of a terminal illness claim on plans which have been valid for more than five years. Terminal bonuses are not guaranteed.

Online monitoring

You are able to monitor your accounts online through My AMP.

Each year you will receive an annual statement on your policy.

Regular reporting Superannuation customers have access to an annual report.

What are my product options?

Flexible options


  • If you do not make any payments on the loan, in order to offset the interest, the accumulated debt may eventually exceed the value of the plan. If this happens the plan will lapse.
  • Loan of policies are available for non- superannuation policies. Effective from 15 December 2020, the loan on policy interest rate is 4.50% p.a.

Extension of maturity date

  • Whole of Life plans are assumed to end at age 95, but can be extended until the death of the life insured.
  • Endowment plans can be extended by a minimum of five years (up to age 85) provided there is at least five years to the maturity date.

Change of terms

A change of term is an alteration of a conventional plan by changing the maturity date, premium paying term, or any other policy condition which necessitates a change to the original policy conditions.

Investment aim and strategy

The investment aim is to provide returns (after fees and before tax) that exceed inflation over the longer term, but with lower returns and less variability of returns than would be expected from an investment option with the same exposure to bonds, cash, shares and property. The investment strategy is to invest in a diversified portfolio. Changes to investments can be made according to the outlook for the various investment sectors and the nature of the plan.

The long term strategic mix of assets that back this plan are usually in the following ranges:

 Shares and alternative investments 15% - 50% 
Property & Infrastructure  10% - 25% 
Fixed interest and cash 30% - 70%

AMP Life may alter the strategic mix of assets that back the plan at any time without notice to you.

Maturity and payment options

Payment options

Early withdrawal - If you have paid premiums for at least two years, AMP Life will pay a surrender value on the early withdrawal of the policy. As an alternative you may cash in part or all of your bonuses or, for ordinary (ie non-superannuation) policies, take a loan against the policy.

On maturity - You receive guaranteed payment of the sum insured and guaranteed payment of the annual bonuses previously declared. If the plan has been in force for at least five years, terminal bonuses may also be paid, although they are not guaranteed.

On death - A guaranteed payment of the sum insured and guaranteed payment of the annual bonuses previously declared. If the plan has been in force for at least five years, terminal bonuses may also be paid, although they are not guaranteed.

Default payment on maturity

Whole of Life and Endowment plans (ordinary) – We’ll treat your money as unclaimed money and keep it in our unclaimed maturities account until we either need to transfer it to the relevant government body or receive your payment instructions (whichever happens first).

Whole of Life and Endowment plans (superannuation) – The plan benefits may be transferred to the Australian Tax Office (ATO) in accordance with the relevant legislation if we don’t receive your payment instructions.

Documents & downloads

Control your finances with My AMP

My AMP is your personal online wealth, investment and banking portal, where you can view your AMP and non-AMP accounts in one place and keep on top of your money.

  • Get the complete picture: View your financial information, investment options and detailed information about your savings, insurance and loans.
  • Take action: Change your investment settings, access online statements and update your personal details.
  • Discover new possibilities: Learn more with educational modules, generate personalised reports, and access simulators and calculators to help you plan your financial future.

Register for My AMP

If you've already registered for My AMP and can't remember your account number, check your AMP statement or call us on 1300 300 465 Monday to Friday 8:30am – 7pm (AEST) or email us on ampeservices@amp.com.au

Contact us

AMP Life

Monday to Friday 8.30am – 7pm (AEST)

Important information

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.

Any advice and information provided is general in nature, hasn’t taken your circumstances into account, and is provided by AMP Life. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP Life 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.