AMP Flexible Lifetime Protection - Income Protection
The Income Protection plan, one of AMP’s Flexible Lifetime Protection policies, allows insureds to receive a monthly benefit of up to 75% of their regular monthly income.
With AMP’s Income Protection plan, policy holders may receive up to 75% of their regular monthly income should they become injured or too sick to work. Plans may be tailored to the insured’s needs by allowing them to select between three different levels of cover. These choices include:
In addition to the type of cover chosen, policies may be designed to meet the policy holder’s specific situation by providing the following options:
- Payment Option – A number of different payment options are available.
- Level of Cover – The level of cover may either be an agreed amount or an indemnity cover that is based on the policy holder’s income during the 12 months prior to the claim being made – up to a maximum amount.
- Benefit Period – Policy holders may choose the length of time for which claims are paid. Typically the choices include 1, 2, or 5 years, or until the policy holder becomes either age 60 or age 65.
- Waiting Period. The waiting period before benefits begin can range between 2 to 104 weeks.
AMP has been providing protection products to its customers for over 160 years, helping to ensure that their clients have peace of mind when a devastating event occurs. In addition, AMP’s Flexible Lifetime Protection has been awarded five stars by Canstar Cannex for “outstanding value in trauma insurance.”