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Features
Your ability to earn an income is likely to be one of your most valuable assets in life. How long would you be able to sustain your lifestyle and meet your financial commitments without it?
Income protection insurance pays a monthly benefit of up to 75% of your regular income, if you’re unable to work due to injury or sickness. Having a regular income while you are unable to work, can help you cover your daily living expenses, and it could also help with medical expenses and rehabilitation costs. Plus, you may also be provided additional support services to help you return to work or find a new job, as part of your cover.
Here’s what you get
Our claims track record
Did you know we have a strong history of paying claims? So if the unexpected does happen, you know you can count on us.
Our income protection products
Elevate insurance - income protection
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- Flexibility to adjust your waiting period and benefit period to suit your needs
- Automatic inflation increases your sum insured each year by the greater of 5% or the increase in Consumer Price Index (CPI). You may decline the increase for any particular year
- Premium freeze feature, for stepped premiums, allowing you to maintain your current premium at the time this option is exercised. Your sum insured will reduce each year that this option is exercised
- Find out more
Firstcare - Lifetime Protection
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- Flexibility to adjust your waiting period and benefit period to suit your needs
- On hold feature, allowing you to pause your Income Protection plan within the first 12 months after the insured person temporarily leaves remunerative work. A reduced premium will be payable while the on hold feature is exercised and there is no cover.
- Find out more
This product is closed to new business. Please refer to your policy documents or speak to your financial adviser about the specific features your policy offers.
For information on our other closed income protection insurance products, please refer to your policy documents or speak to your financial adviser about the specific features your policy offers. Log in to the My Resolution Life online portal to request a copy of your policy documents.
How to apply for Elevate
Elevate is open to new applications for existing Resolution Life customers only. If you are a Resolution Life customer and would like to apply, get a quote or transfer your existing policy to Elevate, please speak to your financial adviser or contact us .Refer to the PDS and other important documents before making a decision.
Example
Rick and Alison have two children under 10. Rick is a sales manager for an IT company while Alison works part-time as an accountant. The young family are paying off a mortgage and saving for their children’s high-school education.
Eighteen months ago, Rick was involved in a bad car accident on his way to work. Fortunately, he survived – but was seriously injured. He spent nearly a month in intensive care. In the months that followed, he also went through a rehabilitation program to learn to walk again.
Fortunately, Rick was able to claim on the Income Protection insurance he’d taken out with Resolution Life. His cover provided him with monthly payments of 75% of his income, which the family used to pay their expenses.
Knowing he had a regular income helped Rick focus on getting well without the stress of financial insecurity. It also meant the family didn’t need to dip into their children’s education savings. Alison could afford to take some time off work to visit Rick in hospital, and be there to help him when he came back home.
Through Resolution Life, Rick also received additional support to help him get the rehabilitation services he needed. This included an assessment of his rehabilitation needs and recommending equipment and modifications to his workplace that would make it possible to continue his job once he was ready to return to work.
Please note this example is illustrative only and is not an estimate of the insured amount you will receive or fees and costs you will incur. This example is based on the following assumptions (a) the cover amount remains the same throughout the period and the policy is not cancelled or suspended and (b) No waiting period applies to the policy.
Documents and downloads
AMP Life Limited has changed its name to Resolution Life Australasia Limited (Resolution Life). This is a change of company name only and the entity remains the same. References to AMP Life are currently being updated to Resolution Life in our materials. We expect this to be completed in 2022. Therefore, please note that any references in this document to “AMP Life” should be read as “Resolution Life”.
Income Protection and tax time
Your insurance Income Protection premium breakdown flyer
If you are required to provide a breakdown of the components of your Income Protection premium to the Australian Tax Office, select the name of your insurance plan from the list below. The relevant update flyer will then be available for you to download.
Income insurance and income protection plans (select from drop-down)
Some Product and Investment Option names have been updated.
Information on your policy or investment can be found in the My Resolution Life portal or click to register.
Income Protection and tax time FAQs
Important information
Any advice on this website is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), which is general in nature and it does not take into account your objectives, financial situation or needs. Therefore, before acting on this advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, as well as the relevant product disclosure statement or policy document, available from Resolution Life at resolutionlife.com.au or by calling 133 731, before making a decision about the product.
Read Resolution Life’s Financial Services Guide (FSG) for information about our products and services, including the fees and other benefits that Resolution Life Group companies and their representatives may receive in relation to products and services provided to you. You can access the FSG by clicking here.
Resolution Life is part of the Resolution Life Group and can be contacted on 133 731 or askus@resolutionlife.com.au.
