NEOS TPD Cover

TPD Cover provides a lump sum payment if the insured person becomes totally and permanently disabled. This money can be used to help pay medical expenses or cover the cost of necessary lifestyle changes.

Overview

Minimum entry age

18

Maximum entry age

60

Benefit expiry age

Plan anniversary after the insured person turns 99
Plan anniversary after the insured person turns 80, when purchased inside superannuation

Minimum sum insured that can be applied for

$50,000

Maximum sum insured that can be applied for

$3,000,000

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

TPD Cover is available both inside and outside of superannuation

TPD definitions available

Super
Any occupation
Own occupation
Activities of Daily Living (ADL)

Product structure combinations

Stand-alone TPD Cover
TPD Cover attached to Life Cover
TPD Cover linked to Life Cover
Split TPD Cover

Key benefits

TPD 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 TPD Cover benefits and features are subject to the full terms and conditions outlined within the NEOS Protection Product Disclosure Statement

Total and permanent disability benefit*

Provides a one-off lump sum payment if the insured person becomes totally and permanently disabled.

Death benefit*

If stand-alone TPD Cover has been chosen, we’ll pay $10,000 if the insured person dies.

Specific loss benefit

We’ll pay 25% of the sum insured if the insured person suffers the loss of a limb or sight in one eye.

VALUABLE FEATURES

Indexation benefit*

To help ensure cover keeps pace with the cost of living and maintains real value, we automatically increase the TPD 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.

Future increase benefit*

The TPD 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.

Accommodation benefit

We’ll reimburse an immediate family member’s accommodation costs by up to $250 per day if the insured person is confined to bed and a family member has travelled to be with them.

Financial advice benefit

If we’ve paid a TPD 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 a TPD Cover 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 TPD Cover for an additional cost. See the Product Disclosure Statement for details.