Frequently Asked Questions

While our team are available and happy to answer any questions you might have, we appreciate that sometimes it’s faster simply to find the answer yourself.  That’s why we’ve created this frequently asked questions page – so that all the most commonly asked questions about NEOS, our products and our processes, can be found in one central place.

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Your plan can be owned by a superannuation fund or outside of superannuation, by you or a legal entity. Your financial adviser can help you decide which ownership option is best for you.

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The set up of your plan depends on many variables, such as the cover type(s) being applied for, the cover amount and any additional information we may need to assess your application including your current health and medical history. At times, we may need to wait for information to be returned to us from other providers such as your doctor(s).

Importantly, purchasing life insurance with the guidance of your financial adviser, means you’re receiving expert advice and your life insurance plan is tailored to your individual needs.

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You may still be eligible for life insurance if you have a pre-existing health condition(s). Your financial adviser can help answer any questions you may have about these and guide you through the application process.

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If you’re applying for life insurance, or increasing the insurance cover you already have, it’s important you tell us about any change in your health or financial circumstances. If during this process, you’ve forgotten to tell your adviser something about your health, we recommend you contact them as soon as possible to discuss. Alternatively, you can contact us directly by phoning us on 1300 090 188 or sending an email to customerservice@neoslife.com.au

Once you have been accepted for insurance cover, you don’t need to update us of any changes to your health, financial circumstances or occupation.

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NEOS Protection plans allow for one insured person per plan, so your partner will need to apply for insurance cover under their own plan.

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Your plan starts when your application has been assessed and approved by us, and we have received the first premium. As soon as your cover is approved, a welcome letter will be sent to you via email, along with a plan schedule outlining the full details of your cover, including your plan’s commencement date.

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You can access a copy of the Product Disclosure Statement here

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We know that life is constantly changing, and you may need to make changes to your plan from time to time. In many cases, general plan alterations such as changes of address or bank account details can be completed over the phone. For more complex plan alterations, we may require additional information. Either way, simply call us on 1300 090 188 or email us at customerservice@neoslife.com.au and we’ll do our best to make the process easy for you.

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Yes, you can cancel your plan if you no longer need it. You can let your adviser know or simply call us on 1300 090 188 or email us at customerservice@neoslife.com.au and we’ll let you know what you need to do.

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If you cancel your plan during the cooling-off period, provided you have not made a claim, your plan will be cancelled from the commencement date and we’ll refund any premiums you’ve paid. If your cover is inside superannuation, your refund may be required to be preserved within superannuation.

If you cancel your plan after the cooling-off period, premiums are not refundable.

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Yes, your NEOS Protection plan covers you 24 hours a day, anywhere in the world.

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Guaranteed renewable means that we guarantee to renew your cover each year until it expires, provided premiums are paid when due. This means we won’t cancel cover, place further restrictions on it or increase premiums because of changes to the insured person’s health, occupation or pastimes.

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Any future improvements to the benefits provided under your NEOS Protection cover type(s) will be made available to you, provided they don’t result in an increase to your premium and don’t disadvantage you in any way.

Any improvements will apply to future claims. They won’t apply to current claims, or to claims resulting from an illness, injury or disability, which occurred before these improvements come into effect.

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Interim accident cover is designed to provide you with limited cover while your application is being assessed by us and is available free of charge. It starts as soon as we receive your fully completed application form, a completed personal statement and a completed premium deduction authority.

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Premium payments for NEOS Protection plans are paid through direct debit, either by credit card or debit card, ensuring you don’t accidentally forget to pay your premiums.

You can choose to pay your premium monthly or yearly. If you pay your premium monthly, we’ll apply a premium frequency loading to your premium, which helps cover the costs of collecting your premium on a more frequent basis.

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If you can’t afford to pay your premiums, please contact your financial adviser, call us on 1300 090 188 or email us customerservice@neoslife.com.au, and we’ll let you know what options are available.

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The premium you pay may increase each year due to:

• regular age increases (if your plan has stepped premiums)
• a reduction in the new cover reward discount
• any increase in tax, duty or charge introduced by government; and/or
• if you increase your sum insured (including through the Indexation Benefit)

However, base stepped and level premiums are guaranteed not to increase in the first three years following your plan commencement date.

Each year we’ll send you an annual anniversary notice outlining your premium payable.

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Call us on 1300 090 188 or email us at customerservice@neoslife.com.au and we’ll update your name and/or address for you.

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If you’ve lost your plan documentation, call us on 1300 090 188 or email us at customerservice@neoslife.com.au and we’ll send you a copy.

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We may pay your financial adviser a commission. Any amount paid is factored into the cost of your plan. Your financial adviser will provide you with a Financial Services Guide and where applicable, a Statement of Advice, which will detail the benefits they receive for setting up and helping to manage your plan.