NEOS life insurance offers product specifically designed to give Australians the confidence to plan and achieve their life goals. With NEOS life insurance you can rest easy knowing that you and your loved ones will be protected should the worst happen. Life insurance products from NEOS are issued by NobleOak and are only available through financial advisers, comparative websites and intermediaries.

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About NEOS Protection

Launching May 2018, NEOS Protection was created to be a highly rated life insurance product that’s quick to underwrite and affordable to purchase and maintain. With their philosophy ‘Life Reinvented’ they started with a blank canvas, not replicating other insurers, but rather striving to set a new standard in life insurance, solely focusing on Australian customers.

One of the people responsible for the development of NEOS protection is Brett Yardley, managing director at Australian life Development Pty Ltd. Brett was also a key member in the launch of the TAL Accelerated Protection product in 2013, which is now TAL's flagship retail life insurance offering.

NEOS insurance sees themselves as a business combining the agility and energy of a start-up with the strength and stability of an established provider. Which makes sense seeing as NEOS Protection is issued and insured by NobleOak, a life insurance company whose been insuring Australians for over 140 years.

About NobleOak

NobleOak life insurance is one of the longest standing life insurance specialist in Australia. Founded in 1781 as The Ancient Order of Druids (AOD) in London, the first Australian Druids lodge was established in 1851 in Victoria. AOD was demutualised in 2011, and its name was changed to NobleOak, where it was rebranded, and products were sold directly to clients.

Policy Types

Using the tried and tested technology of UnderwriteMe, underwriting rules engine, customers can get cover sooner. If UnderwriteMe lives up to its claims, it will be a great resource for the insurance industry.

NEOS Protection plans don’t have a plan fee and includes Life Cover, Total and Permanent Disability (TPD) Cover, Critical Illness Cover, Child Cover and Income Protection Insurance.

number-1NEOS Life Insurance

Provides a lump sum payment, from a minimum of $50,000 up to a maximum $3 million at the commencement of cover.

Included Benefits

A NEOS life insurance policy includes a death benefit and terminal illness benefit, as well as a funeral advancement benefit that pays a max of $25,000 upon receipt of the insured person’s death certificate, to help pay for funeral expenses. Other benefits available within your NEOS Life policy include:

  • Indexation benefit
  • Suspending cover benefit
  • Future increase benefit
  • Waiver of premium while involuntarily unemployed benefit
  • Accommodation benefit
  • Financial advice benefit
  • Grief support benefit
  • Child’s critical illness benefit

Optional Benefits

Benefits you can include in your Protection policy for an additional fee:

Life cover buy back option allows you to reinstate your life cover sum insured after it’s been reduced because of a full critical illness or TPD payout. You do not have to provide further evidence of medical, pastime or occupational risk. This is only available if you have a trauma or TPD policy attached or linked to your death benefit.

Accelerated life cover buy back option is available if you have a TPD or Trauma policy attached to your life cover benefit and allows you to reinstate the reduced life cover lump sum, within 14 days after receipt of your claim, if reduced due to a full TPD or critical illness payout.

Disability premium waiver option: Your Life, TPD and/or critical illness premiums will generally be waived if you are unable to work and earn an income for 3 consecutive months because of illness or injury.

number-2Total and Permanent Disablement (TPD)

TPD insurance provides a lump sum benefit if you become totally and permanently disabled due to an illness or injury.

  • Specific loss benefit is included in your TPD policy. If you suffer the loss of use of a single limb or loss of sight in one eye, the insurer will usually pay 25% of your TPD cover sum, up to a maximum of $500,000.

number-3Critical Illness Cover

Pays a lump sum amount if you’re diagnosed with one of the specified illnesses listed in NEOS product disclosure statement (PDS). Entry ages between 18 and 60 years old with a maximum sum insured of $1 million on cover commencement.

  • Trauma insurance includes a critical illness reinstatement benefit that allows you to reinstate your cover after your claim has been paid, without you needing to provide additional medical evidence.
  • The paralysis support benefit pays two times your sum insured, up to $2 million, if you suffer total and irreversible paralysis.

number-4Child Cover

Provides a lump sum payment if your child dies, becomes terminally ill or is diagnosed with a specified child critical illness listed in your PDS. Covers children between the ages of 2 to 15 years old for a maximum of $200,000.

number-5NEOS Income Protection

Income protection from NEOS insurance provides a monthly benefit, up to 75% of your regular income (max $26,666), if you’re unable to work a specified period because of a sickness or injury.

Income protection benefits include:

  • Relapse benefit
  • Flexibility to reduce 2-year waiting period benefit
  • Elective surgery benefit
  • Rehabilitation benefit
  • Specific injuries benefit
  • Bed confinement benefit
  • Family support benefit
  • Home care benefit
  • Medical professional benefit
  • Extended cover benefit
  • Overseas assistance benefit
  • Child care benefit

Whether above benefits are included depends on the level of NEOS income protection cover you purchased; Standard, Plus or inside Super.

Premium discounts

New customers are generally entitled to a temporary discount of 10% off their premiums for the first year. After each year that you continue your policy without cancelling or claiming you’ll receive a specific percentage off your premiums.

Years in place (or since last reset) Discount %
1 10
2 9
3 8
4 7
5 6
6 5
7 4
8 3
9 2
10 1

You may also be eligible for a multi-cover and large sum insured discount.

NEOS Insurance FAQs

What does NEOS stand for?

NEOS is Greek for ‘New’. The name was likely chosen because of their brand-new underwriting and application technology that is class-leading regarding functionality and speed.

Who owns NEOS?

NEOS is a registered business under Australian Life Development Pty. Ltd. Centrepoint Alliance Limited currently holds a minority of equity in NEOS. NobleOak issues NEOS life insurance policies and maintains the distribution agreements with AFS licenses.

Can I have NEOS cover inside my Super?

Yes, NEOS life insurance is available insidesuperannuation when the policy is owned through a self-managed super fund (SMSF). However, critical illness and child cover are not available inside super and optional benefits at an extra cost, like disability premium waiver, is only available outside super funds.

How do I apply?

To get a NEOS Protection policy, you have to apply online through their electronic quote and application system. No physical signatures required.

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