Choice of cover
Income Protection Super
Income Protection Standard
Income Protection Plus
Minimum entry age
18
Maximum entry age
60
Eligibility requirement
The insured person must be employed and working at least 20 hours per week at the time of application
Expiry ages
Plan anniversary after the insured person turns 65 if the chosen benefit period is:
Plan anniversary after age 70 if the chosen benefit period is to age 70
Minimum sum insured that can be applied for
$1,500 per month
Maximum sum insured that can be applied for
The maximum sum insured is the lower of $30,000 (restricted to $20,000 at plan commencement) and:
Funding options
Income Protection Cover is available both inside and outside of superannuation
Premium type
• Stepped
• Level to age 65
• Level to age 70
Waiting periods before claim
• 4 weeks, 8 weeks, 13 weeks, 26 weeks
• 1 or 2 years
Benefit periods (duration of claim payments)
• 2 or 5 years
• To age 65
• To age 70
Benefit type
Indemnity
Agreed value
Guaranteed Agreed Value
Product structure combinations
Stand-alone
Split
Income Protection Cover can include the below key benefits, valuable features and the ability to add optional benefits. The available benefits and features are dependent on whether cover is purchased inside or outside of superannuation. If cover is purchased inside superannuation, then only the benefits and features marked with an * are available. If cover is purchased outside superannuation, then all benefits and features are available.
All Income Protection Cover benefits and features are subject to the full terms and conditions outlined within the NEOS Protection Product Disclosure Statement
If the insured person is unable to work due to total disability, we’ll provide a monthly payment that replaces up to 75% of their lost income. Payments will start at the end of the chosen waiting period and will continue until the earlier of when they return to work or until the end of the chosen benefit period.
We’ll pay a portion of the sum insured each month even if the insured person is partially disabled.
We’ll waive premiums while we’re paying a monthly payment.
If the insured person goes on parental leave, we’ll waive premiums for up to three months while they’re on leave.
We’ll waive premiums for up to three months if the insured person becomes involuntarily unemployed.
Cover can be suspended for up to 12 months if the insured person is experiencing financial hardship.
If the insured person’s income increases, this feature allows for the sum insured to be increased by up to 15%, without having to provide further medical evidence to us.
To help ensure cover keeps pace with the cost of living and maintains real value, we’ll automatically increase the Income Protection Cover sum insured each year by the higher of 3% or the percentage increase in the Consumer Price Index.
Depending on the chosen benefit period, if the insured person returns to full time work after receiving a Total Disability Benefit or Partial Disability Benefit, and they suffer a relapse of the same or related illness or injury within six or 12 months the waiting period will be waived and the disability claim will be treated as a continuation of the original claim.
If the insured person dies while Income Protection Cover is in place, we’ll pay a lump sum benefit equal to the lesser of six times the monthly benefit and $50,000.
Flexibility to reduce two year waiting period benefit*
If a two-year waiting period to complement an existing group income protection policy is selected and that income protection policy ceases, the waiting period can be reduced without the need to supply further medical information to us.
To support the insured person’s recovery, we’ll reimburse any costs associated with rehabilitation – such as specific programs or equipment – up to a maximum of 12 times the monthly benefit.
If a total or partial disability is a result of elective surgery under the advice of a medical practitioner, an operation to improve appearance as a result of illness or injury, or surgery to donate a body organ or bone marrow to another person, the monthly benefit will still be payable.
Regardless of whether the insured person is working or not, a monthly benefit will still be payable if they suffer one of the specific injuries, such as the loss of use of a hand or foot, listed under their cover.
If the insured person is confined to bed for at least three consecutive days during the waiting period, we’ll pay 1/30th of the monthly benefit for each day they’re in bed.
If as a result of disability, the insured person is totally dependent on a family member for everyday care, we’ll help subsidise any loss in that person’s income as a result of caring for the insured person. In this instance, we’ll pay up to 50% of the monthly benefit.
If the insured person is confined to bed and dependent on a paid professional housekeeper for essential everyday home care needs, we’ll pay a benefit to help cover the cost. In this instance, we’ll pay up to $150 each day or 1/30th of the monthly benefit, whichever is less.
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 the family member has travelled to be with them.
Medical Professionals are entitled to this benefit if they suffer Occupationally Acquired HIV or Occupationally Acquired Hepatitis B or C and this limits their ability perform their role to its full extent. We’ll pay the lesser of 50 times the monthly benefit or $1,000,000.
Cover can be extended after the insured person reaches the expiry age if they’re still working at least 20 hours per week. Some limitations to the cover will apply.
If the insured person is required to return to Australia because of continuing disability, we’ll reimburse the cost of the flight by the most direct route – including connecting flights – less any amounts that are reimbursed from another source. This benefit is available is the insured person is totally disabled while outside of Australia for at least a month. The maximum amount that will be paid is three times the monthly benefit.
We’ll reimburse any child care costs that are incurred as a result of disability which are over and above what would normally be paid. We’ll pay the lesser of five per cent of the monthly benefit, $500 per month and the actual child care costs.
In addition to the key benefits and flexibility features, under certain circumstances an Increasing Claims Option*, Superannuation Contribution Option, Accident Option* and Critical Illness Option can be added to Income Protection Cover for an additional cost. See the Product Disclosure Statement for details.