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AMP Income Protection

AMP Income Protection

1.8 from 5 reviews · View Statistics
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Reviews

1.8
5 reviews
5
(1)
4
(0)
3
(0)
2
(0)
1
(4)
  • Value for Money
    2.3 (3)
  • Transparency
    1.0 (2)
  • Customer Service
    2.3 (3)
  • Claim Resolution Time
    • 1-2 weeks (1)
  • Claim ApprovedYes (1) · No (0)
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Zero Stars

published

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.

Incentivised Review No
Claim Made No
Toddy M.
Toddy M.Greater Melbourne (Inner), VIC

It was time to go.....

published
Value for Money
1/5
Transparency
1/5
Jims1
Jims1Perth, WA
  • 14 reviews
  • 12 likes

Can I just rate as zero stars?!

published

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.

Value for Money
1/5
Transparency
1/5
AZA
AZAGreater Melbourne (Metropolitan), VIC
  • 28 reviews
  • 20 likes

AMP Income Protection

published
Value for Money
5/5
Customer Service
5/5
Income Insurance

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banter
banterSydney, NSW
  • 39 reviews
  • 33 likes
  • Verified

Think Twice before Taking Out AMP Income Protection

published

Questions & Answers

Renz L.
Renz L.asked

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?

3 answers
banter
banter

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.

AZA
AZA

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.

Renz L.
Renz L.

I had a work compensation ( work cover) but they stopped it even though I am not fully healed yet...

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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