NEOS Life Insurance

NEOS Protection is insured by NobleOak, a life insurance company that has been protecting Australians for over 140 years. Based in Sydney, NEOS opened its doors last June 2018 and has established itself as a distinct life insurance provider focused on excellent customer service.

What makes NEOS different from other insurers?

NEOS is first and foremost a financial adviser. They help clients determine their best cover options before even offering their products.

Redefining the underwriting process with modern UnderwriteMe technology, NEOS aims to complete 80% of underwriting decisions in just three working days. This is to provide customers with faster and more efficient cover.

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NEOS life insurance products include life cover, TPD cover, critical illness cover, and income protection.

You may purchase life cover and TPD cover through your superannuation fund. However, some benefits and features, such as critical illness cover and specific loss benefit, will not be available if you choose this path.

NEOS Life Insurance Features

• Worldwide cover
• Guaranteed renewable
• Indexation: insured sum gradually increases to keep pace with the market value
• Suspending cover: you may choose to suspend cover for up to 12 months
• Accommodation: NEOS will reimburse $250 to immediate family members when they travel to visit the insured person
• Financial advice: NEOS will reimburse $3,000 for financial planning
• Future increase: you can increase your cover amount without providing medical information
• A Premium waiver on involuntarily unemployment: NEOS may waive premiums for up to three months in the event that you lose your job

NEOS Life Cover

NEOS Life Cover pays a lump sum to your family in the event that you die or get diagnosed with a terminal illness.

• Entry age: 18 to 75 for stepped premiums, up to age 60 for level premiums
• Sum insured: a minimum of $50,000 and a maximum of $3 million
• Funeral advancement benefit: NEOS releases an advance payment of up to $25,000 to help pay for funeral expenses upon submission of a valid death certificate and completion of claim forms
• Exclusions: death by suicide during the first 13 months of the commencement, reinstatement, or increase in cover of your life insurance policy

NEOS Total and Permanent Disability (TPD) Cover

NEOS TPD Cover pays you a lump sum in the event that you become totally and permanently disabled. If you die, your family will also receive a $10,000 payment if you do not have life cover.

• Entry age: 18 to 60 years old
• Sum insured: a minimum of $50,000 and a maximum of $3 million
• Specific loss benefit: NEOS will pay 25% of your TPD cover – up to $500,000 – should you lose a limb or sight in one eye
• Exclusions: disability caused directly or indirectly by attempted suicide or self-inflicted injury

You have the option to purchase stand-alone TPD cover, TPD cover with life cover, or split TPD cover.

NEOS Critical Illness Cover

NEOS Critical Illness Cover pays you a lump sum in the event that you get diagnosed with any of the critical illnesses listed on your product disclosure statement (PDS).

Please note that there is a 90-day waiting period for critical illness cover to commence. You must also survive at least 14 days after getting sick for a claim to be valid.

• Entry age: 18 to 60 years old
• Sum insured: a minimum of $25,000 and a maximum of $1 million
• Critical Illness Plus: this policy covers more illnesses and includes more benefits than the Standard cover option, including payment for partial illnesses such as loss of sight in one eye or early-stage cancer diagnosis
• Paralysis support benefit: doubles your sum insured up to a maximum of $2 million if you suffer total and irreversible paralysis
• Reinstatement benefit: if you have already claimed a critical illness benefit, you can reinstate your critical illness cover without the need for medical or occupational evidence
• Exclusions: critical illness caused directly or indirectly by attempted suicide or self-inflicted injury

NEOS Child Cover

NEOS Child Cover pays you a lump sum if your child dies, gets diagnosed with a terminal illness, or suffers a specified critical illness listed in your PDS.

You cannot purchase child cover as a standalone policy. Child cover is only available as an add-on to your life cover, TPD cover, or critical illness cover.

• Entry age: 2 to 15 years old
• Expiry age: 19
• Sum insured: a minimum of $10,000 and a maximum of $200,000
• Critical illness benefit: NEOS will pay a $10,000 benefit if the child of an insured person dies or gets diagnosed with a terminal illness
• Funeral advancement benefit: NEOS releases a portion of the sum insured to help pay for funeral expenses upon submission of a valid death certificate and completion of claim forms
• Grief support benefit: NEOS will reimburse the cost of grief counselling up to $1,000 for each insured child
• Conversion of child cover: when your insured child reaches the age of 19, you have the option to convert their child cover to life cover
• Exclusions: death or illness caused directly or indirectly by attempted suicide or self-inflicted act 13 months from the commencement, reinstatement, or cover the increase of the policy

How to Get Discounts on Your NEOS Life Insurance Policy

There are three ways you could be eligible for a premium discount when buying NEOS life insurance.

• First, as a new customer, you could save up to 10% on premiums during the first year of your policy.
• Second, discounts are based on the insured sum. So, the more cover you buy, the less you are likely to pay for your premiums.
• Lastly, purchasing a combination of NEOS covers could save you more money with the multiple-benefit discount on premiums.

Still undecided? Read more life insurance reviews here at Makes Cents to compare NEOS Protection with other life insurance plans on the market today.