NEOS Life insurance
- Maximum Cover
- $5,000,000
- Maximum Entry Age
- 75
- Terminal Illness Benefit
Our verdict
Backed by leading insurer NobleOak, NEOS Life insurance offers a range of flexible insurance options with a focus on fairer pricing and better customer service.
NEOS is a new life insurer backed by one of Australia's most awarded insurers with over 140 years of experience, NobleOak. They offer 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.
- You can be covered for up to $5,000,000 – one of the highest sums from insurers compared on Finder.
- Looking for a little flexibility with your policy? NEOS offers a wide selection of standalone and linked policies from child to critical illness cover.
- No automatic cover – policies must be purchased through a financial advisor.
Still not sure if NEOS life insurance is the right fit for you? Here are the main pros and cons summed up.
Pros
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Both stepped and level premiums available.
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Cover is guaranteed to continue as long as premiums are paid.
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Can be insured inside and outside of superannuation.
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Australian owned and operated.
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No change to base premium rates within 3 years of plan commencement.
Cons
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Life and TPD benefits have an expiry age of 99.
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No automatic cover - must consult with a financial planner.
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Only direct debit is available as a payment option.
Details
Key Details
| Product Name | NEOS Life Insurance |
| Maximum Cover | $5,000,000 |
| Terminal Illness Benefit | |
| Funeral Benefit | $25,000 |
| Guaranteed Renewability | |
| Cooling-off (days) | 30 |
| Online Quote |
Eligibility
| Minimum Entry Age | 18 |
| Maximum Entry Age | 75 |
| Expiry Age | 99 |
| Medical Exam |
Add-ons
| TPD Option | |
| Child Benefit Option | |
| Trauma Option |
Read a more detailed review on:
Key points of NEOS Life Insurance
If you pass away or are diagnosed with a terminal illness, this type of insurance pays you a lump sum. To apply, you must be an Australian resident between 18-75 years of age but the plan can continue to cover you up until you turn 99.
- Get a lump sum payment between $50,000 and $5,000,000
- $25,000 in funeral benefits
- Receive a $10,000 benefit if a financially dependent child is diagnosed with a terminal illness or suffers a critical illness event
- Can choose between stepped and level premiums
Key points of NEOS Total and 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.
To apply, you must be an Australian resident aged 18-60. You also need to be employed and have financial capacity to pay premiums.
- Get a lump sum payment of between $50,000 and $3,000,000
- There is a $10,000 benefit for stand-alone TPD Cover if the insured person dies
- Receive 25% of the sum insured if you suffer the loss of a limb or sight in one eye
- Choose from stepped or level premiums
Key points of NEOS Critical Illness Cover
To apply, you need to be an Australian resident aged 18-60 and be able to pay premiums over time.
- Get a lump sum payment of between $25,000 and $2,000,000
- Receive a paralysis support benefit up to $2,000,000
- Option available to cover a partial illness including loss of sight in one eye or early-stage cancer
- Both stepped and level premiums available
Key points of NEOS Child cover
If your child passes away or becomes critically or terminally ill, Child Cover pays you a lump sum benefit. It can be used to cover medical expenses or allow you to take time off work.
Your child must be between 2 and 17 years of age to be insured. You need to be the legal guardian or natural parent of the child/children to apply as well as be an Australian resident.
- Get a lump sum benefit from $10,000 up to $200,000
- Up to $25,000 in funeral benefits
- Grief counselling sessions covered up to $1,000
- Stepped premium payment structure
Key points of Income Support cover
This can replace up to 70% of your income if you need to take some time off work because you're ill or injured. The benefit period (how long your claim payments will last) is between 2 or 5 years, or up to age 65 or 70.
To apply, you need to be an Australian resident between 18 and 60 years of age and be employed and working at least 20 hours per week.
- Get a monthly benefit between $1,500 and $30,000
- A portion of the total benefit is available in the event of partial disability
- Can choose between stepped and level premiums
- Waiting periods of 4, 8, 13 or 26 weeks
Am I eligible for NEOS life insurance products?
| Type of insurance | Age criteria | Other features |
|---|---|---|
| Life Cover | 18-75 | Benefit expiry age at plan anniversary after turning 99 years of age. |
| Total & Permanent Disability Cover | 18-60 | Benefit expiry age at plan anniversary after turning 99 years of age. |
| Critical Illness | 18-60 | Benefit expiry age at plan anniversary after turning 80 years of age. |
| Child Cover | 2-17 | Benefit expiry age at plan anniversary after turning the age of 19 years old. |
| Income Support Cover | 18-60 | Must be working at least 20 hours per week at the time of application. |
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