Optional Income Protection Covers
Illness only – provided you work in an eligible occupation you can choose to be covered for illness only, which could reduce your premium. However, if disability is a result of an accident you won’t be covered.
Chronic Condition – depending on your occupation, you can also choose to receive a benefit during the waiting period if you suffer a chronic condition. ‘Chronic condition’ means a condition that cannot be cured and will be with you for the rest of your life. To qualify you must be working reduced hours (less than 75% of your normal hours) on your doctor’s advice and be earning less than 75% of your normal income.
AIDS exclusion – you can choose not to cover AIDS-related conditions. This option will reduce your premium.
Claims Escalation – if you’re receiving a benefit from us, we will increase your benefit each year by the Consumer Price Index.
Future Growth Income Cover – certain professionals who expect their income to increase rapidly in the coming years can get cover in the future based on their current health and pastimes. This option can be added to your AMP Income Cover.
New Job Income Cover – if you’ve just started work, or have had a change in career, we may offer you a limited version of Income Cover (called New Job Income Cover) until you have established yourself in this occupation. After one year, you can change to standard AMP Income Cover.
When can I claim?
An Income Cover claim can be made if you are unable to work for 14 continuous days and are totally disabled.
Total disablement is where:
- you are so ill or injured that you can’t do your usual occupation for more than 10 hours a week; and
- you are under the ongoing care of your doctor for that illness or injury; and
- you do not do any paying work (apart from up to 10 hours per week in your usual occupation).
For some occupations, after two or five years of being unable to do your usual occupation, the definition changes to being unable to do any occupation to which you are suited by your education, training or experience.
Please refer to the policy document for the full definition.
Call 09 303 1541 today or email leo_harper@amp.co.nz.
