Overview
Choice of cover |
Income Support Super |
|---|---|
Minimum entry age |
18 |
Maximum entry age |
60 |
Eligibility requirement |
The insured person must be employed and working at least 20 hours per week at the time of application |
Expiry age |
Plan anniversary after the insured person turns 65 |
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:
The insured person may also apply for an additional superannuation sum insured, under the Superannuation Contribution Option. 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 |
Waiting periods before claim |
• Four, eight, 13 or 26 weeks |
Benefit periods (duration of claim payments) |
• Two or five years |
Product structure combinations |
Stand-alone 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
Partial disability benefit
Valuable features
WAIVER OF PREMIUM WHILE ON CLAIM BENEFIT
We’ll waive premiums while we’re paying a monthly payment.
WAIVER OF PREMIUM WHILE INVOLUNTARILY UNEMPLOYED BENEFIT
We’ll waive premiums for up to three months if the insured person becomes involuntarily unemployed.
TWO-YEAR WAITING PERIOD REDUCTION BENEFIT
Allows the insured person to reduce their two-year waiting period to 13 weeks or 26 weeks, without the need to supply medical evidence, if their group income protection policy (or a similar arrangement) ceases due to involuntary cancellation or a change in employer.
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 Support Cover sum insured and superannuation sum insured at each plan anniversary by 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.
SUSPENDING COVER BENEFIT
Cover can be suspended for up to 12 months if the insured person is experiencing financial hardship.
DEATH BENEFIT
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.
REHABILITATION BENEFIT
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.
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 payment will still be payable.