Income Support Cover

Income Support Cover replaces up to 70% of the insured person’s income if they’re unable to work due to illness or injury (up to 60% after 2 years on claim). 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 Support Super
Income Support Standard

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.

The plan anniversary after the insured person turns 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 per month and:

  • 70% of the first $20,000 per month ($240,000 annually) of the insured person’s regular income; plus
  • 50% of the next $20,000 per month ($240,000 annually) of their regular income; plus
  • 20% of the remainder of their regular income.

The insured person may also apply for up to an additional 10% of their sum insured as a superannuation sum insured, under the Superannuation Contribution Option, subject to a maximum of $2,000 per month.

The insured person’s combined sum insured and any superannuation sum insured will never exceed $30,000 per month under their Income Support Cover.

Funding options

Income Support Cover is available both inside and outside of superannuation

Premium type

• Stepped
• Level premium to age 65

Waiting periods before claim

• 4, 8, 13 or 26 weeks

Benefit periods (duration of claim payments)

• 2 or 5 years
• To age 65

Product structure combinations

Stand-alone Income Support Cover
Split Income Support Cover


Key benefits

Income Support Cover can include the below key benefits, valuable features and the ability to add optional benefits. These benefits and features are available for Income Support Cover purchased inside and outside of superannuation.

All Income Support 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 a portion of their lost income. We'll replace up to 70% of lost income for the first two years on claim and up to 60% after two years on claim. Payments will commence 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 monthly payment that would have been payable if the insured person was totally disabled.

Valuable features


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


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 Support Cover sum insured and superannuation sum insured at each plan anniversary by 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 Support Cover is in place, we’ll pay a lump sum benefit equal to the lesser of six times the monthly payment and $50,000.


To support the insured person’s recovery, we’ll pay for costs associated with rehabilitation – such as specific programs or equipment – up to a maximum of 12 times the monthly payment.


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 payment will still be payable.


Optional extras

In addition to the key benefits and valuable features, an Increasing Claim Option and/or Superannuation Contribution Option can be added to Income Support Cover for an additional cost. See the NEOS Protection PDS for details.