Your Guide to NEOS Life Insurance
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Overview of NEOS Life Insurance
NEOS Life Insurance is committed to providing straightforward, reliable, and accessible insurance solutions to Australians, helping individuals and families secure financial support for various life requirements. With a clear focus on simplicity and customer service, NEOS aims to make life insurance easier to understand and access, making it a trusted choice for those seeking dependable coverage.
NEOS policies are issued by NobleOak Life. This partnership ensures that each policy meets rigorous standards set by the Australian Prudential Regulation Authority (APRA). As a result, NEOS Life Insurance policyholders can rely on their coverage to be robust and fully regulated, offering confidence in the security and longevity of their investment.
Types of Cover Offered by NEOS
As of the latest Product Disclosure Statement (PDS) published on 06 December 2024, NEOS Life Insurance offers various cover options to support various personal and family requirements. Each type of cover provides different benefits, allowing you to find a solution that best fits their financial security preferences.
Common Features of NEOS Life Insurance
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Life Cover
NEOS Life Cover provides a lump-sum payment in the unfortunate event of death or diagnosis with a terminal illness. This benefit offers financial support to loved ones, helping cover immediate expenses and providing stability during a difficult time. Policyholders can select their preferred sum insured, and this amount forms the basis of the payment, designed to help ease the financial impact of loss.
Common Built-in Benefits
- Death Benefit: Offers a lump-sum payment to your beneficiaries if you pass away while your Life Cover is in place. The payment is issued upon receiving acceptable proof of death.
- Terminal Illness Benefit: Pays out if you’re diagnosed with a terminal illness with a life expectancy of less than 24 months. However, this will need to be confirmed by two medical practitioners, one of which needs to be a specialist.
- Funeral Advancement Benefit: Offers an advance of up to $25,000 from your Life Cover sum insured to cover funeral expenses. Payment is made upon receipt of a certified death certificate or other satisfactory proof of death. This amount is deducted from the final Life Cover payout.
Total and Permanent Disability (TPD) Insurance
TPD Insurance provides a lump-sum payment if you suffer a total and permanent disability due to illness or injury. This benefit is intended to help cover the financial requirements that may arise from long-term disability, including medical care, living expenses, and lifestyle adjustments. NEOS offers flexible TPD options to suit various personal circumstances, providing peace of mind and financial stability should permanent disability occur.
Common Built-in Benefits
- Total and Permanent Disability Benefit: Offers a lump-sum payment if you become totally and permanently disabled and meet the conditions of the TPD definition which is relevant to your situation as defined in the policy.
💼 Own Occupation TPD Definition: A person is considered totally and permanently disabled under the Own Occupation definition if, due to illness or injury, they have been absent from and unable to work in their own occupation for at least three consecutive months and are, based on medical and other evidence, unlikely to ever work in their own occupation again.
🌐 Any Occupation TPD Definition: A person is considered totally and permanently disabled under the Any Occupation definition if, due to illness or injury, they have been absent from and unable to work in any occupation for at least three consecutive months and are, based on medical evidence, unlikely to ever return to any occupation for which they are reasonably suited by education, training, or experience, provided that occupation would generate at least 25% of their average pre-disability income in the previous 12 months. - Specific Loss Benefit: If you lose the use of a single limb or sight in one eye permanently, NEOS Protection will pay you 25% of your TPD Cover sum insured, up to a max of $500,000. Just keep in mind, once this benefit is paid, your TPD Cover amount, and any linked Life Cover or Critical Illness Cover, will be reduced by that amount.
- Life Cover Buy Back Option: This optional paid benefit allows you to reinstate the portion of your Life Cover that was reduced after a full Critical Illness or TPD Cover claim. The reinstatement occurs 14 days after your claim form is received or on the date your claim is paid. However, this option isn’t available if a terminal illness claim has been paid or is being assessed, if you don’t survive for at least 14 days after the illness or injury, or if only partial payments were made under TPD or Critical Illness benefits.
Income Support Cover
Income Support Cover offers a monthly benefit to help replace lost income if you cannot work due to illness or injury and meet specific disability criteria. This cover aims to provide financial relief for day-to-day expenses and other commitments when income may be interrupted. With flexible options to match different requirements, NEOS Income Support Cover helps maintain financial stability while you focus on recovery.
Common Built-in Benefits
- Monthly Benefit: Under NEOS Income Support Cover, if you’re totally disabled or partially disabled due to illness or injury, you may receive a Monthly Benefit to help replace lost income. The amount paid is based on your sum insured and may be reduced by other sources of income such as workers’ compensation or social security benefits.
- Waiting Period: The Waiting Period is the amount of time you must be totally disabled or partially disabled due to the same or a related illness or injury before becoming eligible for a Monthly Benefit. NEOS offers waiting periods of 4, 8, 13, or 26 weeks, or 2 years.
- Benefit Period: The Benefit Period is the maximum time you can receive the Monthly Benefit for a single illness or injury. NEOS offers Benefit Period options of 2 years, 5 years, or until age 65. Once the full Benefit Period has been paid for a condition, no further payments will be made for that same or related condition. If multiple claims are made for the same illness or injury, the total time spent on claim is counted toward the overall Benefit Period.
Critical Illness Insurance
Critical Illness Insurance provides a lump-sum payment if you’re diagnosed with a specified critical illness, such as certain heart conditions, cancers, or nervous system diseases. This benefit is intended to alleviate the financial pressures of severe health conditions, supporting costs related to treatment, rehabilitation, or lifestyle adjustments. With NEOS, this cover is tailored to protect you during challenging times, offering peace of mind when needed.
Common Built-in Benefits
- Life Cover Buy Back Option: This optional paid benefit lets you reinstate your Life Cover 12 months after a Critical Illness or TPD claim is paid, as long as the claim reduced your attached or linked Life Cover sum insured. Reinstatement requires no medical evidence and must be requested within 30 days of eligibility. Any premium loadings, exclusions, or special terms from the original policy still apply, and the Future Increase Benefit is not available on reinstated cover.
- Trauma Reinstatement (Critical Illness Cover Reinstatement): This optional paid benefit allows you to reinstate your Critical Illness Cover 12 months after a claim is paid, without requiring medical evidence. However, it excludes claims for the same or related conditions and certain cardiovascular events (e.g., heart attack, stroke). Applications must be made within 6 months for certain neurological conditions or 12 months for all others. Any original exclusions or premium loadings still apply, and the Future Increase Benefit is not available.
Child Cover
Child Cover provides a lump-sum payment if an insured child passes away, is diagnosed with a terminal illness, or experiences a specified critical illness. This cover helps to ease financial burdens during difficult times, offering support for medical care, funeral costs, or other related expenses. NEOS Child Cover protects families by providing a financial cushion, allowing parents to focus on their child’s care and well-being.
NEOS Preferred Lives Discount
NEOS offers a 7.5% premium discount for applicants who qualify as “preferred lives.” This discount applies to lump sum covers (Life Cover, TPD Cover, and Critical Illness Cover) for individuals who meet specific health and lifestyle criteria. To qualify, applicants must have a Body Mass Index (BMI) of 28.5 or lower, be non-smokers for at least three years, and have no loadings or exclusions on their policy. This discount reflects NEOS’s commitment to rewarding healthier individuals with lower premiums while maintaining comprehensive coverage.
How much does NEOS life cover cost?
NEOS Life Cover provides flexible and competitive premiums based on factors like age, gender, and coverage amount. For example, a 40-year-old non-smoking female in NSW can secure $1,000,000 of life cover for just $6.51 per week or $26.04 per month. Premiums typically increase with age, so securing coverage earlier can help lock in more affordable rates. For a personalized quote tailored to your specific needs, it’s best to speak with a financial adviser or check directly with NEOS.
| $1 Million of Life Cover | Male Weekly premium | Male Monthly premium | Female Weekly premium | Female Monthly premium |
|---|---|---|---|---|
| 40 years old | $8.27 | $33.06 | $6.51 | $26.04 |
| 45 years old | $11.45 | $45.80 | $9.36 | $37.45 |
| 50 years old | $19.46 | $77.86 | $13.38 | $53.50 |
| 55 years old | $42.99 | $171.98 | $26.01 | $104.04 |
| 60 years old | $96.84 | $387.36 | $67.32 | $269.28 |
Source: Life Insurance Direct Comparison Engine (January 2025; Premium estimates for $1,000,000 of life cover from Neos Protection Life Cover for a non-smoker residing in NSW)
How to apply for cover
- Get a Quote: Start by filling in the quote form on our website to receive personalised insurance options based on your requirements.
- Review Your Options: Once you’ve received your quote, review the available cover options, including any additional benefits or extras that may suit your personal and family requirements.
- Submit Your Application: Complete the application form online, providing all necessary personal and health information to NEOS. Ensure that the details you provide are accurate to avoid any complications later on.
- Receive Your Policy: If your application is approved, you will receive your policy documents outlining your cover, benefits, and any applicable terms and conditions.
Frequently Asked Questions and Answers
Who underwrites Neos insurance?
NEOS Protection is underwritten by NobleOak Life Limited. NobleOak is an Australian Prudential Regulation Authority (APRA) regulated life insurer with a long-standing presence in the industry, providing life insurance since 1877. NobleOak is responsible for meeting the terms and conditions of the policies, including the payment of benefits.What happens to my cover if I’m unable to pay premiums due to financial hardship?
NEOS offers a Suspending Cover Benefit, which allows you to suspend your cover and premium payments for up to 12 months if facing financial hardship. No claims can be made during this suspension period, but it provides an option to maintain your policy for future protection when your financial situation improves.Can I reinstate my cover after a claim is paid?
Yes, NEOS offers options to reinstate cover after a claim is paid, subject to specific conditions. The Life Cover Buy Back Option allows you to reinstate reduced Life Cover 12 months after a Critical Illness or TPD claim, provided you apply within 30 days of eligibility. The Critical Illness Cover Reinstatement Benefit allows you to reinstate Critical Illness Cover after a claim, but excludes claims for the same or related conditions. Some illnesses, such as neurological disorders, require a 6-month waiting period, while others require 12 months. Premium loadings, exclusions, and other original policy terms still apply. Refer to the NEOS PDS for full details on reinstatement options.What is the maximum amount of cover I can apply for with NEOS Life Insurance?
The maximum sum insured for NEOS Life Insurance depends on the type of cover. To find the exact maximum amounts for each cover type, refer to the NEOS Product Disclosure Statement (PDS). Note that certain factors, such as age, occupation, and financial circumstances, may influence your maximum coverage.Can I cancel my NEOS Life Insurance policy at any time?
Yes, policyholders can cancel their NEOS Life Insurance policy at any time. You must notify NEOS in writing or contact their customer service team to do so. Check your policy documentation for any additional steps or information regarding cancellation.
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Who is the chief underwriter ?
Hi John,
NEOS Protection is issued, underwritten and insured by NobleOak.
Could you please put me in touch with Brett Yardley or an officer of Neos, please.
Thank you.
Hi John,
For customer inquiries, you can contact NEOS directly on 1300 090 188.
If you’re a financial adviser, please contact them on 1300 881 756.
Feel free to have a look at their website for further assistance:neoslife.com.au