NEOS Life Insurance Review

Published: June 28, 2018

For Australians wanting to buy life insurance through a financial adviser, NEOS Protection is said to provide value for money insurance products for the regular Australian.

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Retail life insurance products offered by NEOS include life cover, TPD, critical illness cover and income protection insurance. Issued by NobleOak and reinsured by Pacific Life Re, the NEOS products are currently only available through a limited group of advisor partners, which are selected for their desire to improve the life insurance service industry and customer satisfaction.

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About NEOS insurance

With its headquarters in Sydney, New South Whales, NEOS opened its doors to the Australian life insurance market on June 2018. They’ve positioned themselves as a new and distinctive life insurance business, focused on getting back to the basics of excellent customer service, while also redefining the underwriting process with the modern UnderwriteMe technology solution.

By using UnderwriteMe, the insurer aims to make 80% of underwriting decisions in 3 working days, thus providing customers with cover faster and more efficiently than its competitors.

Life insurance products offered by NEOS

NEOS Protection gives you the opportunity to combine cover types and ownership structures to meet your needs best. Your cover can be held inside or outside your superannuation fund, although when purchased inside super some benefits and features, including critical illness and child cover, will not be available.

The cover types explained below refer specifically to options held outside of your super fund.

Life cover

Pays a lump sum amount if you die or get diagnosed with a terminal illness.

  • Entry age: 18 to 75 for stepped premiums and up to age 60 for level premiums.
  • Expiry age: Age 99.
  • Sum insured: Minimum $50,000 and maximum $3 million at cover commencement.

Funeral advancement benefit

  • To help pay for funeral arrangements, an advance of up to $25,000 will generally be paid to your beneficiaries when the insurer receives the completed claim forms and a valid death certificate.

Exclusions

  • Suicide is not covered during the first 13 months of your policy commencing, being reinstated or increasing (to the extent that your cover is raised).

Total and permanent disability (TPD)

A lump sum benefit is paid should you suffer total and permanent disablement according to the TPD definition of your policy.

  • Entry age: Minimum entry age of 18 to a maximum of 60 years old.
  • Expiry age: Your benefit will expire at age 99.
  • Sum insured: $50,000 to $3 million.

Specific loss benefit

  • Should you permanently lose the use of a single limb or the ability to see out of one eye, as defined in your PDS, NEOS will pay 25% of your TPD cover, up to $500,000. Such payment will reduce your TPD cover sum insured by the amount paid.

Death benefit

  • If you have a stand-alone TPD policy and die without a TPD benefit being paid, the insurer will pay $10,000 to your nominated beneficiaries.

Exclusions

  • No benefit will be paid if the claim was caused directly or indirectly by attempted suicide or intentional self-inflicted injury.

Critical illness

Also known as trauma cover, critical illness insurance provides a lump sum benefit if you get diagnosed with any of the specified critical illnesses listed in your product disclosure statement (PDS). You have a choice between the Standard or Plus critical illness policy, with the Plus costing more and covering more illnesses and including more benefits than the Standard cover option.

Please note; there is a 90 day waiting period, and you must survive at least 14 days following the critical illness event for a claim to be valid.

  • Entry age: Minimum entry age is 18 to the maximum age of 60.
  • Expiry age: Your critical illness plan will expire after you turn 80.
  • Sum insured: Minimum $25,000 to $1 million at cover commencement.

Paralysis support benefit

  • If you suffer total and irreversible paralysis, the insurer will pay two times your sum insured, up to a maximum of $2 million.

Critical illness cover reinstatement benefit

  • If you’ve claimed a critical illness benefit and the insurer has paid the lump sum insured, you can generally reinstate your critical illness cover without the need for medical, pastime or occupational evidence.

Exclusions

  • No critical illness benefit will be paid if a claim was caused directly or indirectly by an intentional, self-inflicted injury, or attempted suicide.

Child Cover

A lump sum cover amount is paid if your child dies, or suffers a terminal illness or a specified child critical illness listed in your PDS. As with critical illness cover, there is a 90-day waiting period before you can claim a benefit.

  • Entry age: Two years old to age 15.
  • Expiry age: Cover will expire when your child turns 19.
  • Sum insured: $10,000 to $200,000.

Funeral advancement benefit

  • A portion of your child's sum insured will be paid in advance upon receipt of claim forms and a valid death certificate.

Grief support benefit

  • If the full child cover sum insured is paid, the insurer will typically reimburse the cost of grief counselling up to $1,000 for each insured child.

Conversion of child cover benefit

  • When the insured child matures and approaches the policy expiry age, they have the option of converting their cover to life cover.

Exclusions

  • No benefit will be paid if the claim is caused directly or indirectly by an intentional, self-inflicted act or attempted suicide 13 months from the policy commencing, increasing or being reinstated.

Common benefits of NEOS Protection for life, TPD and critical illness cover

  • Worldwide cover, 24 hours a day
  • Guaranteed renewable
  • Indexation benefit
  • Accommodation benefit
  • Suspending cover benefit
  • Future increase benefit
  • Financial advice benefit
  • Waiver of premium while involuntarily unemployed
  • Grief support benefit
  • Child’s critical illness benefit

You can also add optional benefits at an additional cost:

  • Life cover buyback options when you have a critical illness or TPD cover linked to your life insurance policy.
  • Accelerated life cover buyback options when you have a critical illness or TPD cover linked to your life insurance policy.
  • Disability premium waiver option when entirely unable to work for 3 consecutive months.

Take note; carefully read through your product disclosure statement (PDS) to become familiar with all the exemptions and restrictions tied to your chosen cover type, as well as which benefits are included. 

Compare NEOS with Other Leading Life Insurers

NEOS income protection

You'll receive a monthly benefit payment, up to 75% of your regular income, should you be unable to work due to an illness or injury and are disabled for longer than your waiting period. You also have the choice between a Standard or Plus income protection policy.

  • Entry age: 18 to age 60.
  • Benefit type: Choice between Indemnity, Agreed or Guaranteed Agreed value policy.
  • Waiting period: 4, 8, 13 or 26 weeks or 1 or 2 years.
  • Benefit period: 2 years, 5 years or up until you are 65 or 70.
  • Eligibility: You must be employed for a minimum of 20 hours per week at the time of application.
  • Sum insured: 75% of your regular income, up to $26,666 per month.

Benefits included in Standard and Plus options

  • Total disability benefit
  • Partial disability benefit
  • Elective surgery benefit
  • Rehabilitation benefit
  • Specific injuries benefit
  • Relapse benefit
  • Indexation benefit
  • Accommodation benefit
  • Suspending cover benefit
  • Future increase benefit
  • Flexibility to reduce 2-year waiting period benefit
  • Bed confinement benefit
  • Family support benefit
  • Home care benefit

NEOS life insurance discounts

Buying life insurance from NEOS might make you eligible for a premium discount:

New cover discounts: Save up to 10% on premiums for the first year of your policy commencing.

Size discount which is based on your sum insured. The more cover you take, the more affordable your premiums are likely to become.

Multiple-benefit discount: When you purchase a combination of eligible covers from NEOS you could save on your premiums.

Frequently asked questions and answers

Who is eligible for cover from NEOS insurance Australia?

To apply for a life insurance policy, you must be an Australian resident over the age of 18. You have to apply online via an electronic quote and application system. While no signatures are required, NEOS Protection products are only available through a financial adviser, comparative website and intermediaries. 

What does NEOS stand for?

The word NEOS comes from the Greek word ‘New’, which was probably chosen because the insurer wanted to set a new standard in Australian life insurance.

How do I pay my premiums?

You can choose to pay your premiums yearly or monthly via credit card or direct debit.

How do I lodge a claim?

If you're an existing customer, you can claim by calling or emailing NEOS directly. You'll be assigned a dedicated claims consultant to help you through the process.

How much does a NEOS life insurance policy cost?

Your life insurance premium will be determined by a number of factors, including the amount of cover you want, your gender, age and overall health.

Request a quote and compare their benefits and features to other leading life insurance companies in Australia.

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