NEOS Critical Illness Cover

Critical Illness cover provides a lump sum payment if the insured person suffers a critical illness. It can help take away the worry of having to pay for day-to-day expenses while undergoing treatment or recovering from surgery.

Overview

Choice of cover

Critical Illness Standard
Critical Illness Plus

Minimum entry age

18

Maximum entry age

60

Benefit expiry age

Plan anniversary after the insured person turns 80
After the insured person turns 70, cover is only provided for loss of independent existence


Minimum sum insured that can be applied for

$25,000

Maximum sum insured that can be applied for

$1,000,000 (at cover commencement)
$2,000,000 (in total over the life of plan)

Premium types

Stepped premium
Level premium to age 65 (reverts to stepped after the insured person turns 65)
Level premium to age 70 (reverts to stepped after the insured person turns 70)

Funding options

Critical Illness Cover is only available outside of superannuation

Product structure combinations

Stand-alone Critical Illness Cover
Critical Illness Cover attached to Life Cover
Critical Illness Cover linked to Life Cover

Key benefits

Critical Illness Cover can include the below key benefits, valuable features and the ability to add optional benefits.

All Critical Illness Cover benefits and features are subject to the full terms and conditions outlined within the Product Disclosure Statement

Critical illness benefit

Provides a one-off, lump sum payment, if the insured person suffers a listed critical illness.

Partial critical illness benefit

If Critical Illness Plus has been chosen, we’ll pay a portion of the sum insured if the insured person suffers a partial critical illness such as the permanent loss of sight in one eye or is diagnosed with early stage cancer (if listed under this cover type).

Paralysis support benefit

If the insured person suffers paralysis, we will pay two times the sum insured, up to a maximum of $2,000,000.

Valuable features

Indexation benefit

To help ensure cover keeps pace with the cost of living and maintains real value, we automatically increase the Critical Illness Cover sum insured each year by the higher of 5% or the percentage increase in the Consumer Price Index.

Suspending cover benefit

Cover can be suspended for up to 12 months if the insured person is experiencing financial hardship.

Accommodation benefit

We’ll reimburse an immediate family member’s accommodation costs, by up to $250.00 per day, if the insured person is confined to bed and a family member has travelled to be with them.

Future increase benefit

The Critical Illness Cover sum insured can be increased after certain specified events without having to provide further medical or health information.

 

Waiver of premium while involuntarily unemployed benefit

We’ll waive premiums for up to three months if the insured person becomes involuntarily unemployed.

Financial advice benefit

If we’ve paid a Critical Illness Cover benefit, we’ll reimburse up to $3,000 for the cost of a financial plan from a qualified Financial Adviser. 

Grief support benefit

If we’ve paid a Critical Illness Benefit, we’ll reimburse up to $1,000 for the cost of grief counselling sessions.

Child’s critical illness benefit

We’ll pay $10,000 if a child who is financially dependent on the insured person dies, is diagnosed with a terminal illness or suffers a critical illness event.

Optional extras

In addition to the key benefits and valuable features, under certain circumstances a Disability Premium Waiver Option, Life Cover Buy Back Option and/or Accelerated Life Cover Buy Back Option can be added to Critical Illness Cover for an additional cost. See Product Disclosure Statement for details.