In this guide

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

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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

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Medibank Life Insurance image
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Maximum Cover
$2.5 million
Funeral Benefit
$15,000
Optional TPD Cover
$1.5 million
(maximum cover)
Optional Trauma Cover
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Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. It also won Most Loved, Best Value and Legendary Service categories in the Finder 2024 customer satisfaction awards.
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Maximum Cover
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Funeral Benefit
$25,000
Optional TPD Cover
$3 million
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Optional Trauma Cover
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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.
ahm Life Insurance image
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Funeral Benefit
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Optional TPD Cover
$1 million
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Optional Trauma Cover
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Our verdict: ahm offers a simple application process. Be approved online or over the phone. No medical or blood tests needed to apply.
AAMI Life Insurance image
Finder score
Maximum Cover
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Funeral Benefit
$10,000
Optional TPD Cover
Optional Trauma Cover
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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: Save up to 10% on premiums every year for the life of the policy on AAMI Life Insurance. Offer ends 2 December 2024. T&Cs apply.
Suncorp Life Insurance image
Finder score
Maximum Cover
$1.5 million
Funeral Benefit
$10,000
Optional TPD Cover
Optional Trauma Cover
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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: Save up to 10% on premiums every year for the life of the policy on Suncorp Life Insurance. Offer ends 2 December 2024. T&Cs apply.
Real Family Life Cover image
Finder score
Maximum Cover
$1 million
Funeral Benefit
$10,000
Optional TPD Cover
$1 million
(maximum cover)
Optional Trauma Cover
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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.
Zurich Ezicover Life Insurance image
Finder score
Maximum Cover
$1.5 million
Funeral Benefit
$15,000
Optional TPD Cover
Optional Trauma Cover
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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.
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Finder Score - Life Insurance

Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 20 products and gave each one a score between 1 and 10.

But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.

Read full Finder Score methodology

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.


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