Income Protection Insurance AMP – Covering You In Time Of Need

income-protection-insurance-amp-image1 Income protection insurance can be very valuable for the working individual in Australia because it is specifically structured to suit your individual needs. You are in a position to evade paying for whatever you do not need while getting the benefits you need for your future plans and financial position. AMP has proved to be one of the best providers of personal insurance with a wide range of products in income protection insurance tailored to meet the need of the individual policy holder.

Why AMP?

In recent years, the life insurance industry has made significant strides in growth, enjoying growth in double digits in the year prior to March 2012 with yearly premiums growing to 6.8 billion dollars in the last decade. AMP has managed to remain in the lead, increasing its market share by bringing in 1.6 billion dollars in premiums. It has maintained a reputation of reliability since it was founded in 1849. Since then, it has grown to become one of Australia’s largest life insurance providers, with a merger with AXA speeding up its growth in 2011. This has strengthened both brands significantly and has made the provision of a larger set of life insurance products a possibility.

AMP Income Protection Insurance

Under Income Protection Insurance AMP, one is provided with an ongoing income benefit while nursing illness or injury. The benefit payable is up to 75 percent of the normal wage and goes on until the expiry of the agreed benefit period. AMP offers three basic levels of options to suit your needs. These include the Basic, Standard and Advanced options. These options allow you to tailor your insurance cover to your needs. You are also in a position to choose from either the Indemnity Value or Agreed Value cover.

The Agreed Value Cover

In this type of Income Protection Insurance AMP Cover, the benefit payable is determined by the income stated during application, so the benefit is paid based on income agreed upon regardless of negative changes between your initial and current income. Further, even if income increases, the agreed benefit remains unchanged.

The Indemnity Value Cover

Unlike the Agreed Value cover, here the benefit value is calculated as a percentage, usually 75 percent of the income from a year prior to the individual’s inability to work. Therefore, an increase in income reflects an increase in the amount of benefit received and vice verse.

Range Of Occupations

The Income Protection Cover AMP covers a range of occupations, and each cover is tailored to suit the specific occupation of an individual. It will also influence whether one takes an agreed value cover or an indemnity value cover. Some occupations, especially high risk ones, may be excluded from any form of income protection cover as they attract very high premium rates.

Waiting And Benefit Periods

While there may be some things that you are unable to control regarding your policy, such as your occupation, you can still choose to shorten or lengthen the duration of your benefit period or your waiting period, in order to make your premiums affordable. The benefit and waiting periods will be dependent on the type of cover you choose whether Basic, Standard or Advanced. For more information to ensure that you are cover visit us.

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