NEOS Life Insurance Review 2023
NEOS Life Insurance is a popular provider of life insurance across Australia. They offer a range of plans to suit individual requirements, from basic coverage to more comprehensive policies. Their commitment to providing quality customer service has earned them many positive reviews over the years. In 2023, NEOS Life Insurance could be a good option for those seeking life insurance coverage.
Published January 26, 2023
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About NEOS Protection
Life Insurance is an Australian life insurance business that focuses solely on the advised segment of the market. The company was founded in 2018 by a team of experienced life insurance professionals with the goal of providing customers and their advisers with better outcomes than ever before. They are dedicated to creating solutions based on customer requirements and partnering with advisers.
NEOS Protection Reviewed
We conducted a review of NEOS’ Product Disclosure Statement dated 18 June 2022, to provide our readers with an in-depth view of the insurer’s vast array of life insurance products. These include term life insurance, income protection insurance, critical illness cover, child critical illness cover and total permanent disability (TPD) cover.
Cover Options
- Life Cover: Life Cover generally provides a one-time lump sum payment in the event of death or terminal illness.
- TPD Cover: If you meet the Total and Permanent Disability (TPD) criteria outlined in your Product Disclosure Statement (PDS), then this type of cover will give a lump sum payment as compensation.
- Critical Illness Cover: If you experience a covered Critical Illness Event, this plan pays you a lump sum payment.
- Child Cover: Designed to give you peace of mind through a lump sum payment in the event that your child experiences one of the specified critical illnesses or, sadly, passes away.
- Income Support Cover: When you’re suffering from an illness or injury and are disabled for longer than the determined waiting period, disability insurance typically offers a monthly benefit that helps to replace your lost income.
Pros and Cons of NEOS life insurance
Pros
- Comprehensive cover: NEOS life insurance provides a wide range of critical illness events and disability benefits as well as death cover.
- Flexible payment options: You can typically choose to pay your premiums monthly, quarterly, half yearly or annually.
- Optional extras: You can also add additional benefits to your policy such as Life Cover Buy Back Option, Disability Premium Waiver Option, and Accelerated Life Cover Buy Back Option.
- Range of options: NEOS life insurance offers you the choice between several different policies which may be right for you and your family.
- Simple application process: This insurer has streamlined the application process to make it easier for customers to apply for cover.
- Premium discounts: You may be able to get a discount on your premiums by paying annually or by taking part in the NEOS Preferred Lives Discount program.
Cons
- Exclusions: Certain exclusions may prevent you from making a claim.
- Limited coverage: Depending on the level of cover chosen, there may be limits as to how much you’ll be able to claim.
Should I choose this insurer?
Ultimately, it’s up to you to decide which insurer is right for your requirements. Research different options and weigh up the pros and cons of each in order to choose the best policy. Reading through the PDS will give you a detailed overview of the cover offered by this particular company, so make sure that you take the time to read it carefully. You should also consider the insurer’s reputation, customer service and claims process in order to make an informed decision.
Policy options from NEOS
To make sure you get the most suitable coverage, it’s typically a good idea to compare different insurance policies. This provider offers a broad selection of offerings such as life insurance, trauma insurance, income protection coverages, critical illness packages and child critical illness plans so you can choose what best fits your needs.
Life Insurance
In the event of your death or terminal illness, this policy will provide a single lump sum payment in accordance with the amount of insurance chosen – known as your sum insured. You can purchase life cover inside and outside superannuation, depending on which plan best suits your requirements.
Entry Age: 18 years old to 75 for stepped premiums and 60 for level premiums
Expiry Age: Plan anniversary after you turn 99
Minimum Cover: $50,000
Maximum Cover: $5,000,000
Total and Permanent Disability Insurance
In the event of your death or terminal illness, this policy will provide a single lump sum payment in accordance with the amount of insurance chosen – known as your sum insured. You can purchase life cover inside and outside superannuation, depending on which plan best suits your requirements.
Entry Age: 18 years old to 60 years old
Expiry Age: 80 to 99 years old depending on whether it’s held in or outside of your super.
Minimum Cover: $50,000
Maximum Cover: $3,000,000
Trauma Insurance
If you are diagnosed with any of the Critical Illness Events listed in your policy and survive for a minimum of 14 days following diagnosis, you will be eligible to receive a lump sum payment from your Critical Illness Cover.
Entry Age: 18 years old to 60 years old
Expiry Age: 80 years old
Minimum Cover: $25,000
Maximum Cover: $2 million
Child Critical Illness Insurance
Child Cover offers a lump sum payment in the event of your child’s death, terminal illness, or diagnosis with one of the specified Child Critical Illness Events that are covered under your plan.
Entry Age: 2 years old to 17 years old
Expiry Age: Plan anniversary after the insured child turns 19
Minimum Cover: $10,000
Maximum Cover: $200,000
Income Protection
Income Protection insurance is a type of cover that can provide you with a significant portion of your income if you are in an unfortunate situation where injury or sickness prevents you from working. This benefit is typically paid out monthly, providing financial relief when it’s needed the most.
Entry Age: 18 years old to 60 years old
Expiry Age: The plan anniversary after you turn 65
Minimum Cover: Monthly benefit of $1,500
Maximum Cover: The maximum sum insured is the lower of $30,000 per month and 70% of the first $20,000 per month of your regular
income; plus 50% of the next $20,000 per month of your regular
income; plus 20% of the remainder of your regular income.
Common Features
- Indexation benefit: This will automatically increase your sum insured by 5% or the percentage increase in the Consumer Price Index (CPI) each year to keep pace with inflation.
- Accomodation benefit: If you are hospitalised and an immediate family member has to travel more than 100 kilometers from your place of residence when you require an immediate family member to be with you, the insurer will reimburse up to $250 per day for a maximum of 30 days for accomodation.
- Living Expenses benefit: If you can’t work due to sickness or injury, Neos will pay a monthly benefit to help cover your living expenses while protecting your regular income.
- Suspending Cover Benefit: If you’ve maintained coverage for a minimum of 12 consecutive months, you can suspend your cover due to financial hardships. You won’t need to pay premiums during the suspension period; however, any event or illness occurring during this time will not be eligible for benefits.
- Future Increase Benefit: With the Future Increase Benefit, you can expand your insurance coverage for Life Cover, TPD Cover and/or Critical Illness Cover after specific events without needing to provide any additional medical or other information.
NEOS Insurance in Super
With this insurer, you can often select to purchase protection through your superannuation fund, giving you the opportunity to bundle various types of insurance into one policy. This tailor-made cover will enable you to choose a plan that is suited for your needs and could also permit access to tax exemptions that don’t usually exist if the coverage is not within your super.
How to apply for cover
- To apply for cover from NEOS life insurance, you’ll need to fill out an application form. You can do this online or over the phone. Once your application is received, the insurer will review your application and keep you updated on the progress through your broker or financial adviser.
- You may be asked for supplemental documents during Underwriting, which can include health records, statements from doctors and other medical professionals. This is done to ensure the accuracy of your application.
- Once approved, you’ll receive a confirmation email as well as your policy documents.
NEOS Preferred Lives Discount
New members are typically eligible to receive a 10% discount on their premiums for the initial year. If you choose to renew your policy annually without cancelling or making any claims, you may be eligible for additional discounts of varying percentages each year.
Frequently Asked Questions and Answers
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What type of life insurance does NEOS offer?
They provide an extensive range of cover including life insurance, trauma insurance, income protection coverages, critical illness packages and child critical illness plans so you can select the perfect plan for your specific requirements. -
How much does NEOS life insurance cost?
The cost of life insurance depends on your individual circumstances, such as the amount and type of cover you select. You can complete the quote form above or give us a call on 1300 135 205 and a specialist will get back to you. -
What are the benefits of NEOS life insurance?
NEOS offers a range of flexible, affordable life insurance products with competitive premiums. The policies have built-in benefits such as indexation, suspending cover and future increases benefits. Additionally, NEOS is committed to helping its members achieve a healthier and more secure future by providing access to their Preffered Lives discount. -
How does NEOS compare to other life insurance companies?
NEOS provides competitive premiums, flexible cover and a variety of built-in and optional benefits. NEOS also offers a range of additional products such as TPD insurance, trauma cover and child critical illness as well as income protection. -
How to claim from NEOS?
If you need to make a claim, the process is straightforward. You can contact NEOS and provide details of the claim as well as evidence such as medical reports, death certificates and other documents as required. Once your application has been received, they will review it and determine whether or not you are eligible for compensation.
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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
Who is the chief underwriter ?
Hi John,
NEOS Protection is issued, underwritten and insured by NobleOak.