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AMP Income Protection

AMP Income Protection

3.0 from 2 reviews

See the Best Income Insurance in 2019 as rated by Australians on ProductReview.com.au.

Reviews

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1 star
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AZA

AZAGreater Melbourne (Metropolitan), VIC

  • 22 reviews
  • 13 likes

AMP Income Protection

published
Value for Money
Customer Service
Claim MadeYes
Claim Resolution Time1-2 weeks
Claim DateAugust 2017
Claim ApprovedYes

banter

banterSydney, NSW

  • 26 reviews
  • Verified customer

Think Twice before Taking Out AMP Income Protection

published

Questions & Answers

Danie A

Danie Aasked

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?

2 answers
banter
banter

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.

AZA
AZA

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.


Colin K

Colin Kasked

Is it possible to insure my home loan?

1 answer
AZA
AZA

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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