Rate my experience
  • Home
  • AMP Life Conventional products

AMP Life Conventional products

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 and downloads

AMP Life - Information on bonuses 2021

AMP Life (formerly NMLA) - Information on bonuses 2021

To view the most recent Annual reports, please visit the edocs page.

Control your finances with My AMP

View your AMP Life account via My AMP.

Find out more:

If you have any questions about your insurance:

Important information

AMP Life Limited ABN 84 079 300 379, AFSL No. 233671 (AMP Life), has proudly served customers in Australia since 1849. AMP Limited ABN 49 079 354 519 (AMP Limited) 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 or policy document for those products. “AMP”, “AMP Life” and any other AMP trademarks are used by AMP Life under licence from AMP Limited.

Any advice and information on this website is general in nature and is provided by AMP Life, which is part of the Resolution Life group. The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on the advice, you should consider the appropriateness of the advice, having regard to those matters as well as the relevant product disclosure statement (PDS) or policy document, available from AMP Life at amplife.com.au or by calling 133 731, before making a decision about the product. Consider speaking to a financial adviser if you have any concerns.

If you decide to purchase or vary a financial product, AMP Life and/or other companies within the Resolution Life group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium they pay or the value of their investments. You can ask us for more details.

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, AFSL No. 229757 (trustee). Insurance and Investment products are issued by AMP Life.

AMP Life is part of the Resolution Life group and can be contacted on 133 731 or via the contact us page.

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.