AMP Life - Providing Support through COVID-19

In such uncertain times, AMP Life are committed to supporting our customers as best we can. We understand how Coronavirus (COVID-19) has created uncertainty for you. AMP Life is continuing to assess potential options to help our most impacted customers. In the meantime, the following outlines the ways we can support those who need some extra assistance.

You can also read our frequently asked questions relating to Coronavirus here.
 

Support through a Premium and Cover Suspension

AMP Life is now offering a Premium and Cover Suspension to help customers who are experiencing financial difficulty due to unemployment or reduced income. Customers can apply for a 3, 6 or 12 month suspension, if they meet the eligibility criteria. Click here for more information.
 

What Coronavirus (COVID-19) means for Policyholders

Amid the uncertainty caused by the global spread and subsequent reaction to Coronavirus, it is important as an AMP Life customer you are aware that there are no exclusions on existing personal insurance policies that would prevent the payment of a claim related to Coronavirus.

In summary, cover is largely centred around the impact of the illness on the insured, not the type or cause of the illness itself. If the effects of Coronavirus left your health significantly impacted, and the policy terms were met, then you would be entitled to a claim. If you are unsure about anything related to the policy terms, please contact your Adviser.
 

How can AMP Life help?

In these unprecedented times, please see below options for you to consider in conjunction with your Adviser, should your financial circumstances change.

Options under Lump Sum Covers:

  • Premium Waiver (Lifetrack and RPP) – we will consider one-month waivers for those in need of financial support. There is an option to reapply if further support is required due to the relatively limited understanding of how long the pandemic and associated financial pressure will last.
  • Premium Freeze (all products) - allows you to freeze your stepped premium on lump sum covers for 12 months. For policies held through the Risk Protection Plan (RPP), once activated, this option automatically reduces the lump sum benefit at the policy anniversary to maintain a static premium. The freeze can be removed at any time in the future. For Lifetrack and other covers, we have introduced a phone-based option, where a verified owner can simply call us to modify the sum insured to maintain the existing premium.
  • A conversion from level to stepped premiums - options are available to convert from level to stepped premiums to address short-term pricing needs.
  • Altering options or cover levels within specific products – (All products):

1. Optional benefits can be deselected to reduce the policy premium, if you deem this action to be appropriate. For example Buyback options on Trauma and TPD, altering Trauma Plus to Trauma base or removal of optional Premium Cover

2. Standalone covers could potentially be linked to Life Cover to reduce premium

3. Note that reductions to the sums insured may ultimately be required to achieve premium affordability

  • Premium and Cover Suspension – allows you to suspend your premium and cover for a period of time if you are experiencing financial hardship (eligible products). More info here.

Options under Disability Income Covers:

  • Premium Waiver (Lifetrack and RPP) – we will consider one-month waivers for those in need of financial support. There is an option to reapply if further support is required due to the relatively limited understanding of how long the pandemic and associated financial pressure will last
  • Premium and cover suspension - allows you to suspend your premiums and cover for up to 12 months if you are on long-term leave from work (or are unemployed for some products). Cover can be reinstated at any point within the 12 months without further medical underwriting. Any conditions which first occur while you are on a premium and cover suspension will not be claimable, either during the suspension period or once cover is reinstated
  • Altering options or cover levels within specific products (all IP products, although options may vary) – optional benefits can be deselected or modified to reduce the policy premium, if you deem this action to be appropriate. For example; extending the wait period, reducing the benefit period duration or deselecting Chronic Conditions Cover. Note that a reduction to the sum insured may ultimately be required to achieve premium affordability
  • Premium and Cover Suspension – allows you to suspend your premium and cover for a period of time if you are experiencing financial hardship (eligible products). More info here.

If your circumstances fall outside the above options, please talk to your Adviser about how AMP Life can help.
 

Get in touch

We recommend you contact your Adviser to discuss how these options may help you.

You can also email us at askus@amp.co.nz or call us on 0800 808 267, (if you’re calling from overseas please call +64 4 439 5858).

Our contact hours are now 9am to 5pm, Monday through Friday.

Like many of you, our teams are working remotely, this means that we have had to adjust to new ways of working. As such, you may experience delays in some processes and longer wait times. Thanks for your patience.