Australian Mutual Provident or AMP Life Insurance is among the Australia's top and largest insurance providers. Last year, AMP paid out a total of $1.212 billion in claims, making it the top insurance company in terms of claims paid. This award-winning insurance company prides itself for being proactive, fair, and transparent with their business dealings. AMP is currently under the London-based global insurer Resolution Life.
Established in Australia, AMP Life Insurance now spans across the world, including the continents of Europe, Asia, Middle East, United Kingdom, and North America. According to AMP life insurance reviews, It is ranked 4th in Australia's top 10 insurance companies with a market share of 11%.
Is this life insurance company the best choice for you? We’ve round up the online world for AMP life insurance reviews to get tips and insights. Read on to find out more about the products they offer, and the pros and cons of getting their service.
After reading a number of AMP Life Insurance Reviews online, here are the pros and cons that come with opting for a life insurance from AMP.
• It offers 24-hour coverage wherever you may happen to be in the world.
• It provides a 30-day cooling-off period in which you have the option to cancel your insurance and get a full refund.
• You can opt for more comprehensive insurance coverage at any time without the need for additional medical assessment.
• Inflation protection assures you up to 5% adjustment based on automated yearly increases.
• It offers a lump sum benefit equal to your coverage amount in case of terminal illness diagnosis.
• It provides up to $15,000 funeral benefit to your nominated beneficiary.
You can apply and maintain your account online, so it is very accessible.
• The company would not pay benefits for your death or terminal illness if it occurred within 12 months of opening your insurance policy.
• No benefit will be given to claims that are the results of any pre-existing medical conditions that were not disclosed or explained during the insurance application.
• No benefit would be paid to you if the claim was the consequence of acts of crime or terrorism.
• No benefit will be given for self-harm through drug use (either prescription or illegal), deliberate self-injury, and suicide.
Here at Makes Cents, we understand how hard it is to make the right choice when there seems so many options. You can read our reviews on Australia's Best Life Insurance Companies here. Keep reading our articles for useful tips and insights!
Have you considered switching your life insurance policy? Use our Life Insurance comparison service today.