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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Life insurance, sometimes also referred to as life cover, provides a lump sum payment if the insured person dies or is diagnosed with a terminal illness. This money can be used to pay off debts such as a mortgage, cover daily living expenses or be saved for future needs such as school fees.

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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.

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Critical illness cover provides a lump sum payment if the insured person suffers critical illness. The money paid can be used for any purpose; whether it’s to seek specialised medical treatment, reduce debts or make necessary lifestyle changes.

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Child cover provides a lump sum payment if the insured child dies, is diagnosed with a terminal illness or suffers a critical illness. It provides financial support to help a family concentrate on what’s important.

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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.

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With stepped premiums, the insured person’s premium is re-calculated on each plan anniversary based on their age on that anniversary. Stepped premiums will generally increase each year in line with the insured person’s increase in age and any increase in their sum insured.

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With level premiums, the insured person’s premium is calculated on an age-based premium rate determined at the cover commencement date.

Level premiums are generally higher than stepped premiums during the initial years of the insured person’s plan but are lower in later years.

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A beneficiary is the person (or people) you choose to receive your life insurance benefit if you pass away while you’re covered by a life insurance plan. If you’re choosing more than one beneficiary, you’ll need to let us know what proportion of the total benefit amount you’d like each beneficiary to receive. If you wish to add or update a beneficiary nomination for your plan, you can do so at any time. Simply call us on 1300 090 188 or email us at customerservice@neoslife.com.au.

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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.

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We’re here, along with your financial adviser, to support you through the claims process. If you need to make a claim, we’re here to support you with personalised and compassionate attention every step of the way.

We’ll do our very best to make the process easy, and once claim conditions are met, get you paid as quickly as possible.

Tags: Claims

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We promise to let you know the outcome of your claim as soon as possible. But assessing your claim may, in some instances, depend on circumstances that are outside of our control. Some claims are simple, but other claims are more involved and depend on how promptly we’re able to obtain information from you and from any relevant doctors or other third parties.

When providing details about your claim to us, it’s best that you provide as much detail and clarity as you can. This will help us assess your claim as soon as possible.

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Yes, it’s important to continue paying your premiums while your claim is being assessed to ensure your cover is not cancelled.

Tags: Claims

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If you’re legally competent to apply for a claim and your claim is approved, all benefits will be paid to you or your legal personal representative. In the event that you’re judged not legally competent, we’ll pay the benefits to whomever we’re legally permitted to make payments. If your claim is approved, all benefits will be paid to you or your legal representative.

If your plan is owned by a trustee of a complying superannuation fund, and your claim is accepted, all benefits will be paid to the trustee.

Tags: Claims

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If you’re concerned about the way your claim is progressing, or disagree with our response to your claim, please talk to your NEOS claims consultant first. If they cannot resolve your issue, you can have the issue reviewed by our claims manager or Claims Review Committee.

Should you remain unhappy after our internal review, you can have an external body like an ombudsman or a regulator try to resolve the issue. We’ll provide you with information about the options available and how you can contact the relevant organisation.

Tags: Claims

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If you’ve made a claim, you can generally access all the information we hold about you, except for certain instances, as per privacy legislation, where we need to provide information directly to your doctor, instead of providing it directly to you.

Simply call us on 1300 090 188 or email us at claims@neoslife.com.au and we’ll organise to send a copy of your claims file to you.

Tags: Claims

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NobleOak is the issuer of NEOS Protection and is an Australian Prudential Regulation Authority regulated friendly society with more than 140 years’ experience.

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All NEOS insurance products are reinsured by Pacific Life Re – a leading global reinsurer recognised for its unique combination of financial strength and innovative approach to risk management.  Pacific Life Re also has the benefit of a 150-year history through their ultimate parent company, American life insurance giant, Pacific Life.  Pacific Life has assets in excess of US$143 billion, net assets in excess of US$10 billion and paid over US$2.3 billion dollars in benefits in 2016.  Our customers can be confident that the financial strength and stability of our partners means they’re in safe hands.

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At NEOS, we make every effort to try and resolve your complaint as quickly and as fairly as possible.

If you have a concern or complaint, please contact us in the first instance on the below details.  We’ll endeavour to manage this to your satisfaction without undue delay.  We’ll make sure we call you within two days of receipt of your complaint.

Call us: 1300 090 188
Email us: customerservice@neoslife.com.au

If we can’t resolve your complaint quickly, we’ll formally record the details, with your assistance, to ensure that it’s correctly understood and progressed through the appropriate channels.  This may involve external parties such as the insurer and your financial adviser.

Our complaints manager will work closely with you to resolve your complaint and keep you updated along the way. Please note that while the law allows insurance companies up to 45 days to respond to complaints (90 days for superannuation complaints), we’ll always endeavour to respond to you as soon as possible.

Tags: Complaints

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If you feel we haven’t resolved your complaint to your satisfaction, you can then lodge your complaint with the Financial Ombudsman Service (FOS). FOS is an independent organisation, which provides free assistance to customers who have complaints about financial products and services.  FOS can be contacted at:

Phone: 1800 367 287
Website: www.fos.org.au
Address: GPO Box 3, Melbourne VIC 3001

Tags: Complaints