In this guide

  • Our verdict
  • Details
    • Key Details
    • Eligibility
    • Add-ons
  • Frequently asked questions
  • Your reviews
Finder makes money from featured partners, but editorial opinions are our own.
NEOS Life Insurance

This product is not currently available via Finder. Visit the provider's website directly, or compare other options.

Compare other options
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

Cons

  • Life and TPD benefits have an expiry age of 99.
  • No automatic cover - must consult with a financial planner.
  • Only direct debit is available as a payment option.

In this guide

  • Our verdict
  • Details
    • Key Details
    • Eligibility
    • Add-ons
  • Frequently asked questions
  • Your reviews

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:

life insurance icon

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

TPD icon

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

Critical illness icon

Key points of NEOS Critical Illness Cover

If you need to recover from a serious illness such as cancer, stroke or heart attack, this cover pays you a lump sum.

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

child icon

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

income support icon

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 insuranceAge criteriaOther features
Life Cover18-75Benefit expiry age at plan anniversary after turning 99 years of age.
Total & Permanent Disability Cover18-60Benefit expiry age at plan anniversary after turning 99 years of age.
Critical Illness18-60Benefit expiry age at plan anniversary after turning 80 years of age.
Child Cover2-17Benefit expiry age at plan anniversary after turning the age of 19 years old.
Income Support Cover18-60Must be working at least 20 hours per week at the time of application.

Compare other direct life insurance policies below

Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: Finder Life Insurance Award winner for the last 5 years in a row. Good value for money, simple application process and a high claims acceptance rate.
Medibank Life Insurance
$2,500,000
70
$2,500,000
Data not available
Data not available
Data not available
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Get a 10% discount if you're already a Medibank Health Insurance member.

⭐ Current offer: Save 10% on your first year of Medibank Life Insurance when you apply by 1 July 2024. T&Cs apply.
TAL Accelerated Protection Life Insurance
No set limit
73
Not stated
Data not available
1 months
$249,285 million
Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).

⭐ Current offer: Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. Offer T&Cs on insurer website apply.
RACWA Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: RAC’s maximum death cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance. RAC is also WA-based but services all of Australia.

⭐ Current offer: Get two months free when you apply for two or more RAC Life Insurance covers by 30 June 2024. T&Cs apply.
ahm Life Insurance
$1,500,000
55
$1,500,000
Data not available
Data not available
Data not available
Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests needed.

⭐ Current offer: Get 10% off your first year of ahm Life Insurance when you apply by 1 July 2024. T&Cs apply.
AAMI Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.

⭐ Current offer: Take out a new AAMI Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Suncorp Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Take out a new Suncorp Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Real Family Life Cover
$1,000,000
64
$1,000,000
88.90%
2.4 months
$53,238 million
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.
HCF Life Protect Insurance
$1,500,000
65
$1,500,000
Data not available
Data not available
Data not available
Our verdict: Similar cover to other insurers ($1.5 million). A good discount for HCF members of 10% and an easy initial quote process.

⭐ Current offer: Eligible HCF Members receive 10% premium discount and HCF Thank You rewards.
Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
98%
3 months
$24,495 million
Our verdict: Good if you want a cheap policy from a well-regarded insurer – its 98% claims acceptance rate is higher than any other provider on Finder. Zurich keeps things simple: unlike others, it doesn’t go in for optional add-ons such as TPD or trauma cover.

⭐ Current offer: Policy discounts include 10% off for your partner if you sign up for a joint policy. You can also get 5% off income protection if you buy it alongside your life cover.
Insuranceline Life Cover
$1,500,000
65
$1,500,000
90.10%
3.1 months
$37,768 million
Our verdict: Insuranceline pays a lump sum of up to $1.5 million. Once your cover’s in place, you can increase it after a big life event, such as having a baby, without further medical assessment.

⭐ Current offer: Protect your family with an Insuranceline policy and you can go into the draw for a chance to win a $1,000 gift card. New Customers only, T&Cs apply. Competition entries close on 31 July 2024.
Guardian Life Insurance
$1,500,000
64
$1,500,000
88.90%
2.4 months
$53,238 million
Our verdict: Competitive cover limit of $1.5 million. You can add children’s cover of up to $50,000 – most policies don’t include this option.
RACQ Life Insurance
$1,000,000
65
$1,000,000
97%
Data not available
Data not available
One of just 4 insurers to offer children’s insurance. Get cover of up to $50,000 for 7 serious illnesses. RACQ offers 3 ways to save on life insurance: RACQ members get 10% off when buying online. There’s a 5% joint policy saving. Plus you could score 10% off your premiums if you achieve Silver status with AIA Vitality. You can apply for cover online or over the phone.
loading

Why compare life insurance with Finder?

  • You pay the same price as buying directly from the life insurer.

  • We're not owned by an insurer (unlike other comparison sites).

  • We've done 100+ hours of policy research to help you understand what you're comparing.

Why you can trust Finder's life insurance experts

freeYou pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
expert adviceYou save time. We spend 100s of hours researching life insurance so you can sort the gold from the junk faster.
independentYou can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.

Frequently asked questions

Your reviews

No reviews yet. Write a review
Go to site