NEOS Income Protection Cover

Income Protection Cover replaces up to 75% of the insured person’s income if they’re unable to work due to illness or injury.  This can help cover day-to-day expenses such as school fees and mortgage and car repayments; allowing the insured person to focus on recovery.


Choice of cover

Income Protection Super
Income Protection Standard
Income Protection Plus

Minimum entry age


Maximum entry age


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:

  • 2 years
  • 5 years; or
  • to age 65.

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:

  • 75% of regular income up to $26,666 per month; plus
  • 50% of any regular income between $26,667 and – $46,666 per month; plus
  • 20% of any regular income greater than $46,666 per month

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

Agreed value
Guaranteed Agreed Value

Product structure combinations


Key benefits

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

Total disability benefit*

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.

Partial disability benefit*

We’ll pay a portion of the sum insured each month even if the insured person is partially disabled.

Valuable features

Waiver of premium while on claim benefit*

We’ll waive premiums while we’re paying a monthly payment.

Waiver of premium while on parental leave benefit*

If the insured person goes on parental leave, we’ll waive premiums for up to three months while they’re on leave.

Waiver of premium while involuntarily unemployed BENEFIT*

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

Suspending cover benefit*

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

Future increase benefit*

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.


Indexation benefit*

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.

Relapse benefit*

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.

death benefit*

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.


Features available with Standard & Plus cover only

Rehabilitation benefit

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.

Elective surgery 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. 

Specific injuries benefit

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.

Bed confinement benefit

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.

Family support benefit

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.

HOME CARE 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.

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 the family member has travelled to be with them.

Features available with Plus cover only

Medical professionals benefit

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.

Extended cover benefit

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.

Overseas assistance benefit

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.

Child care 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.

Optional extras

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.