Futura Protection: New Product from NobleOak and NEOS
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About Futura Protection
Futura Protection provides flexible cover options, including Life, Total and Permanent Disability (TPD), Critical Illness (Trauma), Child, and Income Protection, designed to help protect you against financial loss from serious illness, injury, or death. You generally have the option to buy policies individually or combined, and you’ll be able to structure your cover inside or outside superannuation.
NobleOak Life Limited is the issuer of Futura Protection and is an APRA-regulated life insurer with a long history of providing reliable financial protection. NEOS Life manages distribution and administration, offering a streamlined digital experience that makes life insurance easier to apply for and manage your cover.
Why are they launching this new product
Futura Protection is a new retail life insurance product from NobleOak Life and NEOS Life. The product combines NobleOak’s experience in underwriting and claims management with NEOS’s digital platform and adviser support. Reinsured by Hannover, Futura differs from other NEOS-administered products by offering a different underwriting approach that caters to a wider range of clients.
How Futura Compares to Other NEOS Products
- NEOS Protection: Issued by NobleOak Life and administered by NEOS.
- Encompass: Issued by Acenda, reinsured under Acenda’s arrangements, and administered by NEOS.
- Futura Protection: Issued by NobleOak Life, reinsured by Hannover, and administered by NEOS. This gives advisers access to a different reinsurer and potentially different underwriting outcomes.
When will Futura Protection be Available?
Futura Protection officially launched on 1 October 2025 and is now available through financial advisers, comparators and life insurance brokers. This launch broadens the range of retail life insurance solutions available to Australians looking for affordable life insurance options to protect their family.
Types of Cover from Futura
Futura Protection offers a comprehensive range of cover options designed to help protect against the financial impact of death, illness, or injury. Each cover type can be taken on its own or combined with others, giving flexibility to tailor protection around your personal, family, or business circumstances. Policies may also be structured inside or outside superannuation, depending on your financial setup and requirements.
Common Features of Futura Life Insurance
75
99*
Up to $5million
Included
Included
Included
Life Cover
Provides a lump sum payment if the insured person passes away or is diagnosed with a terminal illness. The benefit can help cover debts, ongoing living costs, or provide financial support for your dependents. Futura Life Cover can be held inside or outside superannuation, with flexible options to align with your financial requirements.
Built-in benefits include:
- Death Benefit: Pays the Life Cover sum insured upon death.
- Terminal Illness Benefit: Pays the full Life Cover amount early if a terminal illness is diagnosed.
- Funeral Advancement Benefit: An advance payment of 10% of your life cover, up to $25,000 to assist with funeral or immediate expenses.
- Future Increase Benefit: Allows you to increase cover without new medical evidence after specified key life events.
- Indexation Benefit: Automatically increases your cover annually by 5% or by the CPI percentage increase, whichever is greater, to help keep pace with inflation.
- Child’s Critical Illness Benefit: Pays $10,000 if a financially dependent child aged 1 to 18 dies, is diagnosed as terminally ill, or suffers a listed Child Critical Illness Event. A 90-day qualifying period applies from the cover start date or reinstatement.
Total and Permanent Disability (TPD) Cover
Pays a lump sum if the insured becomes permanently unable to work due to illness or injury. The benefit can be used to replace income, modify living arrangements, or cover medical and rehabilitation costs. TPD Cover can be held as a stand-alone policy or linked to Life Cover, with “own occupation” and “any occupation” definitions available depending on employment status.
Built-in benefits include:
- Specific Loss Benefit: Pays 25% of the TPD sum insured (up to $500,000) if you lose the use of one limb or sight in one eye, as defined in the Critical Illness section. The total TPD sum insured is then reduced by the amount paid.
- Financial Advice Benefit: Reimburses up to $5,000 for financial advice following a TPD payment of $100,000 or more.
- Life Cover Buy-Back Option: This optional benefit allows Life Cover to be repurchased 14 days after a full TPD benefit is paid.
Critical Illness (Trauma) Cover
Provides a lump sum payment if the insured is diagnosed with one of the listed critical illnesses, such as cancer, heart attack, or stroke. The payment can help fund treatment, rehabilitation, or lifestyle adjustments during recovery.
Built-in benefits include:
- Conditions Covered:
- Standard: 42 full-payment conditions.
- Plus: 42 full-payment conditions and 19 partial conditions.
- Trauma Reinstatement Option: Allows Trauma Cover to be repurchased 12 months after a claim (at additional cost).
- Life Cover Buy-Back Option: Enables reinstatement of Life Cover 12 months after a full Critical Illness payment.
Income Protection Cover
Provides a monthly benefit if the insured cannot work due to illness or injury. This cover replaces a portion of pre-disability income (up to 70%) during the benefit period, helping maintain financial stability while recovering.
Built-in benefits include:
- Rehabilitation Benefit: Provides financial support for approved rehabilitation or retraining programs.
- Death Benefit: A lump sum is paid if the insured dies while receiving income protection payments.
- Family Support Benefit: Helps cover costs for a family member who takes time off work to provide care.
- Waiver of Premium: Premiums are waived while the insured is on claim.
Child Cover
Futura Child Cover provides a lump sum if an insured child suffers a specified medical condition, serious injury, or passes away. The benefit can be used to help cover medical expenses, treatment, or time off work for parents.
Pros and Cons of Futura Protection
Like many modern retail life insurance products, Futura Protection combines comprehensive cover options with a structured underwriting process. Understanding its strengths and potential limitations can help determine whether it’s the right fit for you.
Benefits
- Backed by Established Providers: Issued by NobleOak Life and administered by NEOS Life, both with proven track records.
- Comprehensive Cover Range: Includes Life, TPD, Critical Illness, Child, and Income Protection cover under one policy.
- Flexible Ownership Options: Available both inside and outside superannuation.
- Built-in Family and Support Benefits: Child’s Critical Illness and Family Support benefits included.
- Modern Claims and Policy Management: Administered via NEOS’s digital platform for faster, simplified service.
Limitations
- Detailed Underwriting: Requires full medical and lifestyle disclosure; not suitable for those seeking instant approval.
- Some Benefits Not Available in Super: For example, Child Cover and partial payments are limited to ordinary (non-super) policies.
- New Product Track Record: As a recently launched offering, long-term claim experience data is not yet available.
Is Futura Protection Right for You?
Futura Protection may suit individuals who want a modern, comprehensive life insurance solution supported by reputable Australian providers. It’s particularly well-suited to those who prefer fully underwritten products and the ability to combine multiple types of cover in one policy.
Frequently Asked Questions and Answers
What types of cover does Futura Protection offer?
Futura Protection offers five main types of cover, Life Cover, Total and Permanent Disability (TPD) Cover, Critical Illness Cover, Child’s Critical Illness Benefit, and Income Protection. These can be taken individually or combined to suit your financial goals and protection needs. Each is designed to provide financial support in the event of death, disability, illness, or loss of income.Can I hold Futura Protection inside superannuation?
Yes, you can hold certain Futura Protection covers, such as Life Cover and TPD Cover, within superannuation. However, other benefits like Child’s Critical Illness and some partial payment features are available only outside super. Holding cover inside super may offer tax efficiencies, while maintaining flexibility for personal ownership outside of it.Who underwrites Futura Protection?
Futura Protection is issued by NobleOak Life Limited and administered by NEOS. NobleOak provides the financial backing and underwriting expertise, while NEOS manages policy administration and claims through its digital adviser platform. This collaboration ensures a balance between trusted financial strength and efficient service delivery.How do you make a claim with Futura Protection?
To make a claim, you or your adviser can contact NEOS Life directly through the Futura claims support team. You’ll be asked to provide claim forms and relevant medical or financial documentation. Claims are assessed promptly once all information is received, and clear communication is maintained throughout the process.What makes Futura Protection different from NobleOak’s other life insurance products?
Futura Protection is designed for the older demographic of customers, and has a unique reinsurer (compared to other retail life insurance products) Hannover who typically have a number of Direct policy re insurer agreements in place.
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