NEOS Life
NEOS Life
NEOS Life is an independent and Australian-owned life insurance business. With faster decisions, and a superior level of customer service, NEOS Life was created to significantly improve the way life insurance is delivered in Australia today.
NEOS Protection is a life insurance product designed to help Australians protect what’s important to them. The flexible nature of this product means that cover can be tailored to meet the needs of individuals and families.
Importantly, NEOS has partnered with a leading global reinsurer – Pacific Life Re – who’s recognised for their financial strength. Combined with the personalised care and support provided by NEOS’ highly-skilled claims professionals, customers can be confident that NEOS will be there for them at claim time.
Information on this page was last updated on 15/12/2023 and is subject to change by the product issuer. While Choosi makes best endeavours to ensure the accuracy of this information, we recommend that you always consider the most up-to-date information on a product you are interested in, which will be available on each brand’s own website.
NEOS Protection cover types
Life Cover
- Pays a lump sum benefit of up to $5 million if you die or become terminally ill (with life expectancy of less than 24 months).
- Cover inside and outside super available.
- Provides an advancement of a portion of your Life Cover sum insured(up to $25,000) to help cover funeral expenses1.
- Built-in payment of $10,000 for Child Critical Illness Benefit1. Age eligibility applies.
- Includes Interim Accidental Death Cover (subject to eligibility).
- NEOS provides your Life Cover with a three-year base rate guarantee on base stepped and level premium rates (no surprise increases).
- Stepped or level premiums.
Total and Permanent Disablement (TPD) Cover
- Pays a lump sum benefit of up to $3 million if you become totally and permanently disabled as a result of illness or injury.
- Can be a standalone policy, added as attached/linked cover under a Life Cover policy, or a split policy.
- Cover inside and outside super available.
- Built-in payment of $10,000 for Child Critical Illness Benefit1. Age eligibility applies.
- Built-in benefits like Death2, Indexation, Specific Loss1, Future Increase, Financial Advice1 and Grief Support Benefit1.
- Optional benefits3 such as Life/Accelerated Life Cover Buy Back Option and Disability Premium Waiver Option.
- Allows you to choose from ‘Any’, ‘Own’, or ‘Super’ TPD definitions.
- NEOS provides your TPD Cover with a three-year base rate guarantee on base stepped and level premium rates (no surprise increases).
- Stepped or level premiums.
Critical Illness Cover
- Pays a lump sum benefit of up to $2 million if you’re diagnosed with a specified Critical Illness Event.
- Can be a standalone policy or as additional/linked cover under a Life Cover policy.
- Choose between Critical Illness Standard, Critical Illness Cover attached to Life Cover and Critical Illness Cover linked to Life Cover.
- Pays double the sum insured if you suffer paralysis up to a maximum of $2 million.
- Built-in benefits such as Critical Illness, Paralysis Support, Critical Illness Cover Reinstatement, Indexation, Accommodation, Future Increase, Suspending Cover, Waiver of Premium whilst involuntarily unemployed, Financial Advice, Grief Support Benefit, Child’s Critical Illness and Partial Critical Illness (only available on Critical Illness Plus).
- Optional benefits such as Life/Accelerated Life Cover Buy Back Option4 and Disability Premium Waiver Option.
- NEOS provides your Critical Illness Cover with a three-year base rate guarantee on base stepped and level premium rates (no surprise increases).
- Stepped or level premiums.
Child Cover
- Pays a lump sum payment if the insured child dies, becomes terminally ill or is diagnosed with one of the specified Critical Illness Events.
- Cover up to $200,000.
- Child Cover can only be applied for in conjunction with Life, TPD or Critical Illness Cover, for an adult.
- Built-in benefits like Funeral Advancement, Grief Support, Continuation of Cover, Conversion of Child Cover, Suspending Cover, Indexation and Accommodation Benefit.
- Not available if policy is held inside superannuation.
- Only available for standalone TPD Cover.
- Only available when TPD Cover is attached or linked to Life Cover.
- Only available when Critical Illness Cover is attached or linked to Life Cover.