NEOS Life insurance
NEOS Life insurance may be new to the market but they bring a world of experience
NEOS are a new life insurer backed by one of Australia's most awarded insurers, NobleOak. They offer a range of insurance options including life insurance, total and permanent disability cover, critical illness, child cover and income protection cover. They also provide premium rate certainty with no change to the base premium rates of your policy within three years of its commencement.
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Cover options available from NEOS life insurance
What is covered by NEOS life insurance?
If you pass away or are diagnosed with a terminal illness, this type of insurance pays you a lump sum. The maximum entry age is 75 for stepped premiums and 60 for level premiums. The maximum sum insured that you can apply for is $5,000,000.
There is no maximum benefit for this cover as long as the amount applied for is reasonable when compared to your personal financial circumstances.
Total & Permanent Disability Cover.
TPD cover pays you a lump sum payment if you can't return to work again because of an illness or injury. The maximum entry age is 60 and the maximum sum insured that you can apply for is $3,000,000.
If you need to recover from a serious illness such as cancer, stroke or heart attack, this pays you a lump sum. The maximum entry age is 60 and the maximum sum insured that you can apply for is $2,000,000.
If the absolute worst was to happen and your child passes away or becomes critically or terminally ill, child cover pays you a lump sum payment. It can be used to cover medical expenses or allow you to take time off work.The maximum entry age for your child is 15 and the maximum sum insured that you can apply for is $200,000.
Income Protection Cover.
This can replace up to 75% of your income if you need to take some time off work because you're ill or injured. You can choose from Income Protection Super (cover held within your super fund) or an Income Protection Standard and Income Protection Plus policy. The maximum entry age is 60 and the benefit period (how long your claim payments will last) are between 2 or 5 years, or up to age 65 or 70.
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Not sure what the difference is between stepped and level premiums?
Basically, stepped premiums go up each year that you hold a policy to reflect your age. Stepped premiums are generally cheaper to begin with but can become pricey as you get into more senior years. Level premiums tend to start more expensive but stay the same throughout your life, meaning they can be cheaper in the long run.
NEOS is a new life insurer set up to provide fairer pricing, faster decisions and better customer service. While they're new, their life insurance products are issued by NobleOak, one of Australia's longest-standing insurers with over 140 years of experience in insurance. They are reinsured by Pacific Life Re, a subsidiary of one of the largest insurers in the world.
How do I make a claim with NEOS life insurance?
To make a claim with NEOS, call 1300 090 188 or email firstname.lastname@example.org. Alternatively, your financial adviser can do this for you. When making a claim, you will need to
- Complete the initial claim form by filling it in yourself or speaking to someone over the phone.
- A statement from your doctor
- Proof of identity.
You or your beneficiary (the person/s you nominate your money to go to when you buy a policy) may need to provide additional medical or financial evidence depending on the type of claim.
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