Neos Life Insurance Review

Overview

NEOS Life Insurance aims to provide value-for-money products with great customer service. 

Once you sign up, NEOS guarantees to renew your plan each year, with no increases to base premiums for three years^.

What types of cover does NEOS offer?

Nobody likes thinking about falling ill, having an accident or worse, but it’s important to be prepared if something were to happen to you. It’s all about providing a secure financial future for anyone who depends on you.

If you’ve got no dependents but not much in the way of savings, you may simply want income protection to cover your bills. Have a history of illness in your family? You may want to consider trauma (critical illness) cover. And if you have a growing family or big financial commitments like a mortgage, you might prefer the reassurance of life cover.

NEOS offers a range of options, some of which you can take out as part of your super. 

Life cover

NEOS Life Cover provides a lump sum payment that can help your beneficiaries pay off debts, cover day-to-day expenses and look after their future needs. 

Key features:

• A lump sum payment if you die

• A lump sum payment if you are diagnosed with a terminal illness

• A lump sum payment of up to $25,000 in advance to help with expenses like funeral costs

Critical illness cover

NEOS Critical Illness gives you a lump sum payment for specified critical illnesses. Some conditions such as cancer and heart disease are subject to a 90-day qualifying period. This policy is not available under superannuation with any insurer.

Key features:

• A lump sum payment if you suffer 43 common critical conditions

• More than one payment can be made for coronary artery angioplasty

• Paralysis support benefit, which means if you suffer total and permanent paralysis your Critical Illness Cover payment will be twice the amount you’re insured for (up to a maximum of 2 million)

Total permanent disability (TPD)

If you suffer a serious injury or illness, you may not be able to work and earn an income. TPD insurance gives you one less thing to worry about, and can be taken out as a standalone policy or added to life cover. Our TPD guide has more information on how this type of cover works.

Key features:

• One-off payment if you suffer a total and permanent disability

• Specific Loss Benefit if you lose the use of one limb or sight in one eye

• If you die and don’t have life cover, a benefit of up to $10,000 will be paid

Income protection

Your ability to earn an income is one of your greatest assets, so it’s important to protect it. NEOS Income Protection takes the pressure off so you can focus on your recovery.

Key features:

• Monthly payments to replace part of your income if you can’t work because you’re sick or injured 

• Insurance premium is automatically waived while you receive payments

• Premium waived if the insured person goes on parental leave

If you want to know more, please check the PDS for more information.

What member benefits does NEOS offer?

While there are no member programs, NEOS does offer additional benefits such as the ability to suspend cover for 12 months if you experience financial hardship or for three months if you become involuntarily unemployed. 

There is also up to $3,000 for financial advice and $1,000 grief counselling for your beneficiaries if life cover is paid and if your cover is held outside of super.

Can I get NEOS life insurance through my superannuation?

Yes, you can get life, TPD and income protection paid for through your super. Compare Club can help with this. 

Trauma/critical illness cover isn't available with your superannuation through any insurer. 

Want to know more about how life insurance works with superannuation?Read our guide.

Performance of NEOS

NEOS Life Insurance has only a number of finalised claims that are too small to provide a reliable result2.

Maximum cover amount*

• Life cover – $5 million

• TPD – $3 million

• Critical illness – $1 million (start of policy); $2 million (in total over the life of the plan)

• Income protection – $30,000 per month

*Cover amounts are subject to financial underwriting. 

Maximum entry age

• Life cover – 75 for stepped premiums, 60 for level premiums

• TPD – 60

• Critical illness – 60

• Income protection – 60

Expiry age

• Life cover – 99 

• TPD – 99 or 80 when inside your superannuation

• Critical illness – 80

• Income protection – 65

Key exclusions

NEOS Insurance has listed its key exclusions by product type. You can see them below.

Life cover

A Life Cover claim will not be paid if the Life Insured’s death was caused or contributed by:

• Suicide within the first 13 months of the policy commencing, being increased, or reinstated. 

TPD

A TPD Cover claim will not be paid if total and permanent disablement is either caused, or contributed to, by:

• A self inflicted injury or attempted suicide

• Something NEOS has specifically excluded, as stated on your policy certificate

Critical illness

A Trauma claim will not be paid if:

• The sickness, injury or death is caused directly or indirectly by an intentional self-inflicted act, suicide or an attempted suicide

• Occurs within the 90 day qualifying period where your application for Trauma cover was received, an increase in benefit amount was requested or the date the cover is last reinstated

• If you don’t survive for at least 14 days following the critical illness event

• Something NEOS has specifically excluded, as stated on your policy certificate

Income protection

NEOS will not pay any benefit under if your disability, sickness, injury or death is caused directly or indirectly by:

• An intentional self-inflicted act, suicide, or attempted suicide

• War or act of war (whether declared or not)

• You committing or attempting to commit a criminal offence

• Normal or uncomplicated pregnancy or childbirth

• Elective surgery which you voluntarily undergo within the first six months of the commencement of cover, an increase in the insured monthly benefit amount or the date the cover is last reinstated

• Something NEOS has specifically excluded, as stated on your policy certificate

If you want to know more about NEOS’ policy exclusions, please check the PDS.

NEOS life insurance costs

Everybody’s different, so your premium will be based on your individual circumstances, including your age, occupation and your insurance needs.

That's where Compare Club's specialists can help, by helping you work out what type of policy may be right for you at a cost that fits in with your budget.

Of course, it’s worth consulting a financial advisor before making any financial decisions.

FAQs

Who owns Neos Life?

NEOS Life Insurance products are issued by NobleOak, and reinsured with a subsidiary of Pacific Life Re.

Do I need a medical exam to get life insurance with NEOS?

Possibly yes, as the underwriter may require blood tests to be done. If this is the case however, it will be at no additional cost to you. 

Does smoking affect my premiums?

Yes. Smokers can pay up to 60% more for their premiums than non-smokers.

Does NEOS life insurance include funeral cover?

A Funeral Advancement benefit of up to $25,000 is included with Life Cover insurance funded outside of super.

Is it easy to cancel NEOS Life Insurance?

Yes. You can cancel in writing within the cooling off period, which is 30 days from the start date at no cost to you. You can cancel at any time after the cooling off period in writing; however, premiums paid through monthly instalments are not eligible for a refund.

Where can I buy life insurance with Neos?

Compare Club’s life insurance experts can help you find an affordable policy quickly and easily, and take care of the hard work for you.

The information contained in this guide is of general nature only and has been prepared without taking into consideration your objectives, needs and financial situation. As such, it is important that you consider the appropriateness of any advice and the relevant product disclosure.

^NEOS, Will my premiums go up each year? Accessed 9th May 2022.