Manage Amp

How to cancel your AMP insurance and super cover in australia

Understanding what AMP is and why you might cancel

AMP is a major Australian wealth and financial services group that administers superannuation and group life insurance for millions of members. If you hold life insurance (such as death, TPD, or trauma cover) through your AMP super account, you have the right to cancel at any time. AMP has restructured significantly in recent years, transferring legacy life policies to new administrators like Resolution Life while delivering group insurance through partnerships with insurers like TAL. This means the company handling your cancellation request may differ from the entity originally named on your policy documents.

You might cancel your AMP insurance for several reasons: you've found cheaper cover elsewhere, your life circumstances have changed, or you no longer need the protection. Whatever your reason, Stopee is here to walk you through the process step-by-step and help you understand your legal rights as an Australian consumer.

Why AMP members cancel

Life insurance inside super can feel invisible until you actively review it. Many members cancel because they discover they can obtain better value through standalone retail policies, they've reached a life stage where dependants no longer need coverage, or they want to redirect super contributions toward retirement savings. Additionally, some members cancel after discovering they're paying for group cover automatically without realising it.

How AMP restructuring affects your cancellation

AMP's transition to TAL for group insurance in 2024 means your cancellation request will be processed through TAL's systems, not AMP directly. However, your policy terms remain unchanged, and your cancellation rights are identical. If you hold a legacy AMP Life policy transferred to Resolution Life, your cancellation goes to Resolution Life instead. Understanding which entity administers your cover ensures your request reaches the correct team.

Your consumer rights when cancelling AMP insurance

Australian consumer law provides you with specific protections when you cancel life insurance, whether it sits inside super or in a retail policy.

The 14-day cooling-off period

The Insurance Contracts Act 1984 (Cth) gives you a statutory right to cancel any life insurance contract within 14 days of purchase and receive a full refund of premiums paid. This cooling-off right applies to new AMP life insurance policies and most policy variations. If you've just taken out cover and changed your mind, you can cancel within this window and recover your money with no questions asked, subject only to limited tax or duty adjustments.

Pro tip: Keep your original policy documents and receipt. The 14-day period begins from when you receive your policy, not when you purchase it.

Cooling-off rights after the initial 14 days

Once the 14-day window closes, you lose the automatic right to a full refund, but you can still cancel your policy at any time. After the cooling-off period, AMP and its insurers will refund only the unearned portion of your premiums on a pro rata basis. For example, if you've paid for a full year of cover and cancel after six months, you'll receive a refund for the six months of unused premiums, less any deductions permitted by your policy and state insurance duty rules.

What australian consumer law protects you

The Australian Consumer Law (ACL), enforced by the Australian Securities and Investments Commission (ASIC) and state and territory consumer affairs authorities, requires that AMP and its insurers deal with you fairly and honestly. If AMP refuses to cancel your policy or delays your refund without legal reason, you can escalate to ASIC or your state consumer authority. Additionally, the Superannuation Industry (Supervision) Act 1993 (Cth) requires super trustees to act in your best interests, which includes processing cancellation requests promptly and transparently.

Stopee recommends documenting every communication with AMP, including dates, names, and reference numbers. This record becomes invaluable if you need to lodge a formal complaint with ASIC or your state regulator.

Methods to cancel your AMP insurance

AMP provides three primary channels for you to cancel your life insurance: online through My AMP, by telephone, or by post using a paper form.

Online cancellation via my AMP

The fastest and most convenient route for most members is to log into your My AMP account and submit a cancellation or election form directly. This method leaves a digital trail and ensures your request is recorded immediately.

1. Visit the My AMP portal at myamp.com.au and log in with your username and password
   • If you've forgotten your login, click "Forgot password?" and reset via email
   • If you don't have online access, call AMP to activate it before proceeding
2. Navigate to the "Insurance" or "Cover options" section in your super account dashboard
3. Locate your active life insurance policy (death, TPD, trauma, or group cover)
4. Select the "Cancel" or "Reduce cover" option displayed next to your policy
5. Follow the prompts to confirm your cancellation request
   • AMP may ask why you're cancelling; you're not obliged to explain, but providing a reason can speed processing
   • Review any warning messages about loss of cover before confirming
6. Submit the digital form and take a screenshot or save a confirmation email
7. Wait 5-10 business days for AMP to process your request and send a written confirmation

Warning: Online cancellation is final once submitted. You cannot reverse it through My AMP, so confirm your decision before clicking "Submit".

Telephone cancellation

If you prefer to speak with a human or need to cancel urgently, phone AMP directly on 1300 363 267. This method is ideal if you have questions about your refund or want confirmation during the call.

1. Call AMP on 1300 363 267 between 8am and 6pm AEST, Monday to Friday
2. Select the option for superannuation or life insurance when prompted by the automated menu
3. When connected to an AMP representative, provide your full name, date of birth, and member number
4. Clearly state that you want to cancel your life insurance cover effective immediately
   • Specify which type of cover (death, TPD, trauma, or all cover) you're cancelling
   • Ask the representative to confirm the cancellation will take effect immediately or on your next premium due date
5. Request a reference number for the cancellation and ask the representative to email you a confirmation
   • Write down the reference number and the representative's name immediately
   • Ask for an estimated refund amount and when it will be processed
6. Hang up and wait for the confirmation email within 24 hours

Pro tip: Call early in the morning (8:15am-9am) to avoid long hold times. Have your member number ready before you dial to speed up verification.

Postal cancellation via paper form

If you prefer a paper trail or cannot access online or phone services, you can mail a completed cancellation form to AMP. This method is slower but creates a documented record that can help if AMP disputes receipt of your request.

1. Request a cancellation form from AMP by calling 1300 363 267 or visiting myamp.com.au
2. Complete the form in full with your name, date of birth, member number, and signature
3. Clearly write the type of cover you're cancelling and the effective cancellation date
4. Mail the completed form to:
   • AMP Limited
   • Reply Paid 300
   • PARRAMATTA NSW 2124
   • No stamp is required (Reply Paid envelope)
5. Keep a photocopy or scan of the completed form for your records
6. Allow 10-15 business days for AMP to receive and process your form
   • Postal delivery typically takes 5-7 business days
   • AMP processes received forms within 5-10 business days after receipt

Warning: Never send the original of important documents. Always photocopy or scan before posting to AMP.

Timeline and what happens after you cancel

After you submit your cancellation request, your cover and the refund process follow a predictable timeline, though delays can occur.

When your cover stops

Your life insurance cover ceases on one of two dates: either immediately (for online or phone cancellations) or on your next premium due date (for postal requests processed late in a billing cycle). AMP will specify the exact cancellation effective date in your confirmation email. From that date forward, you have no insurance protection, so ensure you have alternative cover in place before cancelling if you're reliant on life insurance.

Refund processing and timing

AMP calculates your refund based on the unearned portion of your premiums. If you've paid monthly and cancel mid-month, you'll receive a refund for the unused days. If you've paid annually in advance and cancel after three months, you'll receive a pro rata refund for nine months of unused cover. AMP typically processes refunds within 10-15 business days of confirming your cancellation. The refund is deposited into your superannuation account (if the cover was inside your AMP super) or to your nominated bank account (if it was a retail policy).

Pro tip: If your cover was inside super, the refund sits in your AMP super account and can be rolled into another super fund if you choose. If it was a retail policy, the refund goes to your bank account directly.

After cancellation: what you should do

Cancelling life insurance is never easy, and it's natural to wonder if you've made the right choice. Immediately after cancellation, take these steps to protect yourself:

• Confirm in writing to AMP that your cancellation is final and you understand your cover has ended
• Check your My AMP account 5-7 days after cancellation to verify your cover shows as "cancelled" or "inactive"
• Review your next super statement (typically quarterly) to confirm the refund has been credited
• If you're arranging alternative insurance, apply with the new provider before your AMP cover expires to avoid a gap in protection
• Archive your cancellation confirmation email and reference number indefinitely in case of future disputes

Understanding your refund and deductions

Your refund is not always a simple calculation. AMP and its insurers are permitted to deduct costs from your refund under superannuation law and state insurance duty rules.

How AMP calculates your pro rata refund

AMP uses a daily pro rata method to calculate refunds. If your annual premium is $600 and you cancel after 100 days, your refund is ($600 / 365 days) x 265 unused days. This calculation is transparent and set out in your policy schedule. AMP should provide you with the exact refund calculation in your cancellation confirmation email.

Permitted deductions from your refund

AMP may deduct the following costs from your refund before crediting it:

• Administration costs: A small fixed fee (typically $20-$50) to process your cancellation
• State insurance duty: Duty payable to your state (typically 10% of premiums in most states) is not refunded, as it was paid to the government
• Unpaid claims or adjustments: If you've submitted a claim under your policy, any outstanding claim amount is deducted from your refund

Your policy schedule specifies which deductions apply. If AMP deducts more than your policy allows, or fails to explain deductions, contact ASIC on 1300 300 630 to lodge a complaint.

Goods and services tax (GST) implications

Life insurance premiums do not attract GST, and your refund is not subject to GST. However, if any fees or charges are deducted from your refund, GST may apply to those fees depending on the nature of the charge. AMP should itemise GST-inclusive deductions in your refund statement so you understand what you're receiving.

Common mistakes to avoid when cancelling AMP insurance

Cancelling insurance feels straightforward until something goes wrong, and then you're left wondering why your refund hasn't arrived or whether your cancellation ever processed.

Assuming your cancellation is complete without written confirmation

Many members cancel by phone and assume the call is enough. It isn't. AMP must send you written confirmation within 5 business days. If you haven't received a confirmation email 7 days after your cancellation request, call AMP again and ask for a written confirmation to be resent. Keep this email forever; it's your proof that you cancelled on a specific date.

Cancelling cover without arranging alternative insurance

If you have dependants or significant debt, cancelling without replacement cover leaves you unprotected. Your life insurance protects your family from financial hardship if you die or become disabled. If you're cancelling AMP cover to switch providers, ensure your new policy is approved and active before your AMP cover expires. Never leave a gap.

Not reviewing your refund for errors

AMP sometimes miscalculates refunds or applies deductions you don't authorise. When your refund arrives in your super account or bank, verify it immediately. Compare the amount to the estimate AMP provided. If the refund is smaller than expected, request an itemised breakdown of all deductions. If AMP cannot justify a deduction, dispute it in writing and escalate to ASIC if AMP refuses to adjust.

Ignoring inactive account warnings

Warning: If your AMP super account remains inactive for 16 months (no contributions, no rollovers, no contact), AMP may suspend or cancel your cover automatically. To prevent this, make a small contribution or contact AMP every 12 months to confirm your account is active.

Failing to update your super beneficiary after cancellation

If you cancel life insurance cover inside super, your death benefit is no longer paid as an insurance benefit. Instead, your super balance passes to your nominated beneficiary according to super law. Review your beneficiary nomination after cancelling to ensure your super assets go to the right person.

Pricing overview and why you might save money

Life insurance costs vary dramatically based on age, health, occupation, and the insurer. Understanding AMP's pricing helps you decide whether cancelling and switching is worthwhile.

Many members cancel AMP cover because group cover through super is not always competitive. Stopee has helped thousands of consumers compare quotes and discover they can cancel AMP and switch to a cheaper, more flexible retail policy without losing protection.

When you should and shouldn't cancel

Cancellation is the right choice for some members but a costly mistake for others. Weigh your circumstances carefully.

Strong reasons to cancel AMP insurance

• You've obtained a competitive quote from another insurer and confirmed the new cover is cheaper and provides equivalent or better benefits
• Your life circumstances have changed: you no longer have dependants, your mortgage is paid, or you've accumulated significant savings
• You've discovered you're paying for cover you don't need or understand (e.g., group cover you weren't aware was active)
• You're planning to exit AMP super entirely and rolling your balance to another super fund with more competitive insurance options
• Your AMP policy is a legacy high-premium contract with outdated terms, and you can secure better terms elsewhere

Reasons to keep your AMP cover

• You have dependants relying on your income and cannot afford to cancel without securing replacement cover immediately
• Your health has declined since you originally took out AMP cover; a new policy may be declined or offered at a much higher premium (always check your health before cancelling)
• Your AMP cover is grandfathered with favorable terms that a new policy won't match
• You've already paid most of your annual premium and cancelling mid-cycle offers minimal savings
• AMP's group cover is competitively priced relative to retail alternatives for your age and occupation

Checklist: cancelling your AMP insurance safely

Use this checklist to ensure you cancel correctly and protect yourself if disputes arise later.

• Confirm you've obtained alternative life insurance (if needed) and it's active before cancelling AMP
• Log into My AMP or call 1300 363 267 and clearly state you want to cancel your life insurance cover
• Record the cancellation reference number, date, and representative's name during the call
• Receive written confirmation of your cancellation within 5 business days
• Verify the exact effective date of cancellation in your confirmation email
• Check your My AMP account after 7 days to confirm your cover status shows as "cancelled"
• Monitor your super statement or bank account for your refund within 15 business days
• Review your refund amount and itemised deductions; contact AMP if discrepancies appear
• Save all cancellation confirmations and refund statements indefinitely
• Update your beneficiary nomination if you held cover inside super
• If AMP delays your cancellation or refuses to process it, escalate to ASIC at asic.gov.au

Comparison: keeping versus cancelling your AMP cover

This comparison helps you visualise the financial and protection trade-offs of your decision.

Your next step: contact AMP and cancel confidently

Cancelling your AMP insurance is your right, and AMP must process your request without obstruction. Whether you choose to cancel or keep your cover, make the decision based on facts, not anxiety. Stopee has guided countless Australians through cancellation, and we're confident the steps above will help you navigate AMP's system smoothly.

If you encounter resistance from AMP, your refund is delayed beyond 15 business days, or you believe AMP has breached consumer law, escalate your complaint to ASIC immediately. ASIC's complaint number is 1300 300 630, or you can lodge a complaint online at asic.gov.au. You can also contact your state or territory consumer affairs authority for additional support.

Stopee is committed to empowering you with knowledge so you can cancel subscriptions and insurance products with confidence. Our guides cover cancellation processes across hundreds of Australian providers, helping you save money and avoid hidden fees. Whether you're cancelling AMP, switching super funds, or reducing insurance cover, Stopee provides the step-by-step guidance you need to take control of your finances. Visit stopee.com today to explore guides tailored to your circumstances and discover how many other Australians have successfully cancelled and switched to better deals.

AMP's registered address for postal cancellations

AMP Limited
Reply Paid 300
PARRAMATTA NSW 2124
Australia

Phone: 1300 363 267 (Monday-Friday, 8am-6pm AEST)
Online: myamp.com.au