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AMP Income Protection
Reviews
Zero Stars
Recently made redundant I requested AMP to suspend my policy until I found another job... and was advised they would still require payments of 40% of the normal monthly premium even though my suspended status would provide me with no coverage/ability to claim. Having held my policy for over thirty years and never claiming one cent I was pretty disappointed with their response...one would reasonably expect no coverage would mean no premium until I found job. Not so for AMP...they wouldn't budge. I cancelled my policy... after 30yrs and +$150K of premiums not even a thank-you for your custom for so many years...Zero customer service, steer clear.
It was time to go.....
I had Income Protection Insurance with AMP for more than 10 years. During this time I was never ever contacted by the guy who sold it to me or any other customer service personnel. Premium increases were always a bit steep but possibly acceptable (~5%/year). Last year during the COVID pandemic (2020) I received a letter with a Premium Increase of 15%!!). After several email and finally received a call from the new consultant to discuss the issue. Answer was in the way "it is what it is". At that stage I thought about cancelling my policy but wa...
Read mores to lazy to do it. This year (2021) I was presented with a Premium Increase of 57%(!!!!!!!) and canceled the next day. Now, 3 weeks later, I still haven't received any confirmation of my cancellation but they still booked from my account. Finally, after several emails and phone calls, they told me that they need my bank account details to reimbursee me the money, no sorry, nothing! Do not if you want to relay on AMP in case you need policy payouts.....
- 14 reviews
- 12 likes
Can I just rate as zero stars?!
I have now called these guys 3 times since 10 January 2020 to have our cover lowered as it no longer needs to be so high and for some reason no one seems to be able to actually action our requests. They are truly hopeless and an absolute rip off!! We would cancel it altogether if they weren't the only ones that provided my husband with Trauma insurance.
- 28 reviews
- 20 likes
AMP Income Protection
Around twenty years ago I took out income protection, trauma, and life insurance that after a variety of corporate mergers and take overs rested with AMP. Following an unexpected event that I never contemplated at the time of taking out the insurances it was suggested I ask my insurance broker whether the income protection policy had been triggered. Whilst the paper work required a lot of detail and one more thing I did not need to weigh on my mind at the time, I appreciated the fact that I needed to validate the issues with my health as I was ...
Read moreputting my hand out to receive an income stream. Because this was some time after I was injured and had everything I needed to submit with the application AMP were able to quickly decide on the claim and much to my surprise backdate the payments as well. My broker at Two Mile Bay PL who had seen similar cases was also very supportive through the process and since. Paying the hefty monthly premiums year on year was difficult in itself and for a large part meant the family could never take a fancy holiday every few years like our friends, or reduce the credit card bill etc. Like most of us paying any insurance premiums I thought this personal insurance would never be called on, I still wish this was the case. However like the rare chance of winning Tattslotto there are those amongst us who will randomly draw the short straw and will encounter an adverse event. Without AMP Income Protection I would not have had the recovery period I needed and financially we would be in a very poor position that would have taken a decade or more to recover from. In my 50's this would not have been a pleasant prospect to face into. The income protection has allowed the home loan payments, school fees, house insurances and more to all continue unchanged while my partner works to pay the other of life's necessities like food on the table and many other bills. Financially life continues almost as before (i.e. no superannuation contributions) which has been a great relief allowing me to recover and family life to continue without worry. Despite the sacrifices in years gone by to pay the premiums, I would recommend to anyone to take out some level of income protection where you are low on savings and or have debt and or have a family to care for, because any amount of assistance goes a long way in difficult times. And like the extremely rare event of your house burning down, you just do not know how your health will stand up over your income producing years and whether it will be you who will draw the short straw of misfortune. Thank you to the people who are AMP and to my broker for the support I have received.
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- 39 reviews
- 33 likes
- Verified
Think Twice before Taking Out AMP Income Protection
I’ve had a life-long association with AMP that began when I was just 2 days old with an endowment policy my parents purchased and then gifted to me on my 21st Birthday. Soon after, I invested in another AMP product and cashed in the policy my parents gave me and used the payout for the deposit on a loan; making AMP instrumental to the realisation of a dream - owning my own home.
From this experience and its reputation, I came to respect, admire and trust AMP. So, despite the cost, when my Financial Adviser recommended AMP Income Protection I...
Read morensurance; I agreed without hesitation. Now, AMP income protection insurance doesn’t come cheap but if you believe what’s appears on their website and the video staring a pencil drawn Alastair, it’s a financial lifeline you cannot afford to be without if the unexpected should happen. I held the policy for 12 years and had paid AMP approx. $90,000 in premiums when the unexpected did happen and I became the victim of a brutal crime. As a result, I suffered from clinically diagnosed acute PTSD (Post Traumatic Stress Disorder) and was declared medically unfit and unable to work. But, instead of a financial lifeline, AMP did everything possible to minimise their exposure and find a reason to reject my claim. Through their actions, AMP worsened my condition, undermined my recovery and plunged me into a financial crisis from which I may never fully recover. Struggling to make it through each day, the policy never entered my consciousness. It’s therefore hardly surprising I didn’t think to tell AMP about the incident. But, I did think to call my Financial Adviser – he was an Agent of AMP and the person who sold me the policy for which he was paid a yearly commission. We met at a café near my home where I explained in detail what had happened and the events that followed. Despite hearing all this, learning that I was receiving weekly therapy by 2 clinical psychologists and witnessing the onset of a panic attack, he did nothing. He made no attempt to determine how I was coping and made no mention of AMP or the policy. Instead, he simply wished me well with my recovery. There was no follow up from our meeting, not even a call to check on my condition and progress.Questions & Answers
I am starting to have doubts about the Amp as well but i have to extend a little patience... I had a lumbar back injury at work and wasnt fit to go back to work so i try to ask for help by claiming income protection to be able to get back to my feet and move on from all the stress and depression ive been into specially if your are not familiar with the way things worked out here. I lodged jan this year and up until now may 13, there is no response..they promised that it will only take 3 months maximum to process but up until now there is no advise. ( although due to the company is not cooperating in giving the documents but they already got it bu april) I tried calling them, though very corteous but the action is very slow... im starting to get depress again. Anyone who can advise what's best?
I recommend you contact the Australian Financial Complaints Authority (AFCA). Following the Royal Commission into the Financial Industry the AFCA was set up to replace the Financial Ombudsman Service (FOS) and the Credit and Investments Ombudsman Service.
I had the opposite experience and was supported by independent medical advice. I would talk to the broker who sold you the policy as he or she would be receiving the ongoing commission and should be available to resolve your issues with AMP. You should also consider claiming workers compensation as it is a work place issue. Then once that support expires I would turn to income protection if your injury persists, however I do not know enough about how the two insurances interact which is where your insurance broker should add value.
I had a work compensation ( work cover) but they stopped it even though I am not fully healed yet...
I have had my income protection policy since December 2018. I have decided to cancel it. Will they reimburse me my money i have paid every month?
Hi Danie - I doubt very much you will be refunded the payments as the policy would have been active and had you suffered an injury or disability you would have been able to claim against the policy. However, I suggest you contact AMP directly and ask about the matter.
Very unlikely Danie for the reasons banter described. I believe you would be outside any cooling off period. Think of it like any other insurance cover. Speak with your insurance agent before doing anything. If you are finding it difficult to meet the premiums consider reducing the cover to something more manageable before eliminating the cover altogether. Secondly the premiums should be a tax deduction for you every year. Most people are unaware that their employer superannuation has income protection that is not an allowable deduction, albeit the cover is generally not as good as a private policy from my experience though it does give you some cover, but don't run both policies because you are paying twice. I cancelled my super income protection cover and persevered with my income protection premium and giving up many holidays to do that, never thinking I would need it. Remember once you give up cover, as you get older it becomes harder to be re-covered and or more costly because the risks may have increased. Good luck but work your situation and options through with a good agent which I was lucky enough to have.
Is it possible to insure my home loan?
Colin, as a former banker I do not believe so but new products always emerge. What you can insure for is "mortgage protection" but be very clear to understand what you are taking out as these policies vary. Mortgage protection generally insures the financial provider for your debt against you becoming bankrupt or totally incapacitated to pay. I only ever saw these taken out for home loans. It does not provide you an income stream, instead it pays out the debt to the level you insured for. You need to also be sure that once the debt is paid out it does not create a debt obligation to the insurance company or another third party.
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