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NEOS Life Insurance Review

NEOS is different from other insurers as they’re a group of financial advisers first. The staff from NEOS work with clients to determine the best life insurance options for their needs, rather than selling their products first and foremost.

Ahead, we’ll take a look at some of the policies and features you can receive from NEOS.

Several features are available through each life insurance policy from NEOS. Those purchasing their Life Cover, TPD Cover, and Income Protection Cover will be able to fund the policy through their super, but note that if going down this path, the options tend to be more limited.

We included a table at the bottom of each section so you know what your super policy will include and what it won’t. Here are some of the features you’ll receive with many NEOS life insurance policies:

  • Indexation Benefit: Life insurance sum gradually increases over time to keep pace with the market value.
  • Suspending Cover Benefit: You can suspend cover for up to 12 months.
  • Funeral Advancement Benefit: NEOS releases a portion of the benefit before the claim period ends to help pay for funeral expenses.
  • Accommodation Benefit: $250 reimbursement to immediate family members when they travel to visit the insured person.
  • Financial Advice Benefit: $3,000 reimbursement for financial planning after Life Cover (and others) benefit.
  • Future Increase Benefit: You can increase your policy amount after certain events without providing medical information.
  • Waiver of Premium While Involuntarily Unemployed: NEOS waives premiums for up to three months when you become involuntarily unemployed.
  • Grief Support Benefit: $1,000 reimbursement for grief counselling sessions.
  • Child’s Critical Illness Benefit: $10,000 benefit if the child of an insured person dies or receives a terminal diagnosis.

Below is an overview of the types of life cover you can purchase through NEOS.

Life Cover

Life Cover gives the family of the policyholder a lump-sum payment when the insured individual dies or receives a terminal diagnosis.

You can purchase this policy either inside or outside of your superannuation. The benefits and features you receive depend on which method of funding you choose. Purchasing the policy outside of your super will grant you access to more features.

You can apply for Life Cover up to the age of 75 for stepped premiums and 60 for level premiums. Those on level premium policies will transition to stepped premiums when they turn 65.

TPD Cover

TPD Cover provides insured individuals and their families with a lump-sum payment if they become totally and permanently disabled. Those who don’t choose to include a Life Cover element to their policy will also receive a $10,000 payment if the insured person dies.

Like Life Cover, you can choose to fund your TPD Cover through your super. Choosing this method of funding will result in fewer features, such as a lack of the Specific Loss Benefit.

This benefit pays 25% of the insured sum if the policyholder loses a limb or sight in one eye.

You can sign up for the TPD policy until your 61st birthday. You may select level premiums until age 65 when they revert to stepped premiums.

You can decide to purchase stand-alone TPD Cover, TPD Cover attached to Life Cover, TPD Cover linked to Life Cover, or Split TPD Cover.

Below is a breakdown of the features you receive by funding your TPD Cover inside or outside of your super.

Critical Illness Cover

As the name suggests, Critical Illness Cover provides you with a lump sum if you suffer a one of the critical illnesses included on your insurer’s list.

Those who select the “Critical Illness Plus” policy will also be able to access the partial critical illness feature. This benefit provides partial payment for “partial” illnesses like loss of sight in one eye or early-stage cancer diagnosis.

Purchasing a Critical Illness policy from NEOS gives you immediate access to the features in the tables above, since you cannot fund your Critical Illness cover through your super.

The policy-specific feature of Critical Illness cover is the Paralysis Support Benefit, which doubles your sum insured up to a maximum of $2,000,000 if you suffer paralysis.

The maximum age you can apply for Critical Illness Cover is 60, and premiums automatically switch to stepped at age 65.

Child Cover

Child Cover is, as you may have guessed, life cover for your child. NEOS will provide lump-sum payments on a death benefit, terminal illness benefit, and critical illness benefit. These policies also include a funeral advancement benefit.

You can only purchase Child Cover as an add-on to Life Cover, TPD Cover, or Critical Illness Cover for adults. The range of ages for applicable children is 2-15 years old. A child ages out of this coverage option when they turn 19.

Income Protection Cover

Income Protection Cover is a way to make sure you don’t lose the entirety of your primary income if you become permanently or temporarily disabled and unable to work.

Total Disability Benefit provides you with monthly payments of 75% of the insured income for total disability, and the Partial Disability Benefit pays a portion of the insured income for partial disability.

Income Protection Cover from NEOS comes in three forms: Super, Standard, and Plus. You can use your super to fund the first options, but get access to more features with Standard and Plus.

The Super option gives you access to the following features:

  • Total Disability Benefit
  • Partial Disability Benefit
  • Waiver of Premium While on Claim Benefit
  • Waiver of Premium While on Parental Leave Benefit
  • Indexation Benefit
  • Relapse Benefit
  • Waiver of Premium While Involuntarily Unemployed Benefit
  • Suspending Cover Benefit
  • Death Benefit ($50,000 plus six times monthly benefit)
  • Flexible Waiting Period Benefit

Here are some of the features that are available at the Standard or higher levels of Income Protection Cover:

  • Rehabilitation Benefit
  • Elective Surgery Benefit
  • Specific Injuries Benefit
  • Bed Confinement Benefit
  • Family Support Benefit
  • Home Care Benefit
  • Accommodation Benefit

Here are some of the features that are only available with the Plus Cover policy:

  • Medical Professional Benefit
  • Extended Cover Benefit
  • Overseas Assistance Benefit
  • Child Care Benefit

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