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Flexible Lifetime® - Protection product features

Learn more about your cover's flexible features

Since 1 October 2017, AMP Life no longer accepts applications for new Flexible Lifetime – Protection

If you have an existing Flexible Lifetime – Protection plan, understanding what your insurance covers you for and the features it offers can help you make the most of your policy. Here, we highlight some of the features that an FLP policy may have, speak to your adviser about the features the policy you hold may offer.

Types of cover

There were many benefits available in a Flexible Lifetime – Protection plan and whether you have Life, Total and Permanent Disablement (TPD), Trauma, Income Protection or Business Overheads insurance cover, you know you have peace of mind. An FLP policy may include these cover types1:

Death and terminal illness cover

Can provide a payout to your beneficiaries (usually your family) if you pass away, or if you are diagnosed with a terminal illness.

Income protection cover

Can provide financial support if you become temporarily unable to work due to injury or illness by replacing up to 75% of your income during this time.

Total and Permanent Disability (TPD) cover

Can provide a payment if you become totally and permanently disabled and are unable to work.

Trauma cover

Can provide a lump sum benefit if you are diagnosed with a certain illness which affects your ability to work, such as cancer or a stroke.

Business Overheads cover

Can provide a monthly benefit if you have a business and you become totally or partially disabled through an injury or illness, and you are unable to work.

Product features

This article is a highlight of the features that an FLP policy may have, please refer to your own policy for specific details applicable. This article does not consider your individual circumstance; you may wish to speak to your adviser about the way these features operate and how they may apply to your circumstance.

Feature What it means for you? What cover it applies to
Advancement of funeral expenses We will pay up to $20,000 of your sum insured in advance to cover funeral expenses. Death and terminal illness
24-hour worldwide cover You're covered 24 hours a day, no matter where you are in the world. Death and terminal illness, Income protection, TPD, Trauma
Guaranteed Future insurability With this feature you can increase the Death cover and/or TPD cover and/or Trauma cover ‘insured amount’ for an ‘insured person’ without providing evidence of the ‘insured person’s’ health, occupation or pastimes when a specific event occurs, examples include, marriage, first home purchase, having a child. Death and terminal illness, TPD, Trauma
Premium waiver Feature was an option at policy commencement. If you are totally disabled before age 59, you don’t have to pay any life insurance premiums up until age 70. This was an additional premium option. It only applies if it is shown in the 'certificate of insurance' for the 'insured person'. Death and terminal illness, TPD,
On hold feature

To assist with a period of hardship upon loss of employment, you can put your Income Protection Plan on hold within the first 12 months after the ‘insured person’ temporarily leaves ‘remunerative work’. You must tell us in writing if you want to put your cover on hold.

While the Income Protection Plan is on hold a reduced premium is payable and there is no cover. This means we won’t pay for any illness or injury which happens while the Income Protection Plan is on hold. You can leave your plan on hold indefinitely until the plan ends.

 Income protection


1Check your Product Disclosure Statement (PDS), policy document and policy schedule for more details about the cover your policy offers.

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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 for those products. “AMP”, “AMP Life” and any other AMP trademarks are used by AMP Life under licence from AMP Limited. AMP Life is part of the Resolution Life group and can be contacted on 133 731 or via the contact us page.

Any advice and information on this article 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), 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.

AMP Elevate insurance is jointly issued by Equity Trustees Superannuation Limited (ETSL) ABN 50 055 641 757 (trustee) as trustee for the National Mutual Retirement Fund and AMP Life.

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.

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