We’ve made some product changes to NEOS Protection which benefit new and existing plan holders, effective from 6 December 2024.  

These changes help ensure that NEOS Protection continues to provide a competitive, sustainable offering that meets the best interests of your clients. 

The changes are outlined below.

For new and existing plan holders

Critical illness and medical definitions changes

We’ve reviewed and updated several critical illness and medical definitions with the help of our medical experts. 

These updated definitions will be immediately passed back to existing plan holders at no cost from the effective date. This means that at time of claim, we’ll assess your client’s claim against the definition in their original PDS and the new PDS and use the more favourable assessment for their claim.  

These updated definitions will only apply to future claims. They will not apply to current claims, or claims resulting from an illness, injury or disability which occurred before the definition change came into effect. 

Renamed definitions

Previous name  New name 
Benign brain tumour (resulting in irreversible neurological deficit)  Benign brain or spinal cord tumour (resulting in irreversible neurological deficit) 
Diagnosed benign brain tumour  Diagnosed benign brain or spinal cord tumour 
Cancer (excluding early stage cancers)  Cancer (of specified criteria) 
Loss of hearing (total and irrecoverable)  Loss of hearing (profound and irrecoverable) 
Loss of hearing in one ear (permanent)  Loss of hearing in one ear (profound and irrecoverable) 
Pulmonary arterial hypertension (idiopathic and familial)  Pulmonary arterial hypertension (idiopathic and familial with significant permanent impairment) 

 

Updated definitions

  • Benign brain or spinal cord tumour (resulting in irreversible neurological deficit)  
  • Blindness (total and irrecoverable) 
  • Cancer (of specified criteria) 
  • Cancer (in children, excluding early stage cancers) 
  • Carcinoma in situ 
  • Cardiomyopathy (permanent and irreversible) 
  • Chronic lung failure (requiring long-term oxygen therapy) 
  • Coma (of specified severity and duration) 
  • Coronary artery angioplasty  
  • Diagnosed benign brain or spinal cord tumour 
  • Early stage melanoma (excluding melanoma in situ) 
  • Encephalitis and meningitis (resulting in significant permanent neurological impairment) 
  • Loss of hearing (profound and irrecoverable) 
  • Loss of hearing in one ear (profound and irrecoverable) 
  • Loss of independent existence (permanent and irreversible) 
  • Loss of sight (permanent) 
  • Loss of sight in one eye (total and irrecoverable) 
  • Loss of speech (total and irrecoverable) 
  • Major head trauma (with significant permanent neurological impairment) 
  • Medically-acquired HIV (contracted from a medical procedure or operation) 
  • Meningococcal Disease (resulting in significant permanent impairment) 
  • Multiple sclerosis (with multiple episodes of neurological deficit and persisting neurological abnormalities) 
  • Muscular dystrophy 

 
  • Occupationally-acquired hepatitis B or C 
  • Occupationally-acquired HIV 
  • Out of hospital cardiac arrest (excluding medical procedures)  
  • Parkinson’s disease (permanent) 
  • Pneumonectomy (total) 
  • Pulmonary arterial hypertension (idiopathic and familial with significant permanent impairment) 
  • Severe burns (covering at least 20% of the body’s surface area) 
  • Severe Crohn’s disease (requiring permanent immunosuppressive medication) 
  • Severe rheumatoid arthritis (with significant impairment) 
  • Severe ulcerative Colitis (requiring permanent immunosuppressive medication) 
  • Triple vessel angioplasty

 

For new  plan holders only1

New premium labels 

We’ve updated our premium labels for new plans to provide your clients with a clearer understanding of how premium rates can change. 

Existing labels  New labels 
Stepped premiums  Variable age-stepped premiums 
Level premiums to age 65  Variable premiums to age 65 
Level premiums to age 70  Variable premiums to age 70 

 Please note, for existing plans issued under the current NEOS Protection PDS dated 1 June 2024 or prior, premiums will continue to be known as ‘stepped premiums’, ‘level premiums to age 65’ or ‘level premiums to age 70’. 

The new NEOS Protection Product Disclosure Statement (PDS) will provide further details on these different premium types, as well as how premiums are calculated and when premiums can change. 

Changes to Income Support Cover  

Income replacement tiers  

We’ve made changes to the income replacement tiers for Income Support Cover. Your clients can now apply for 70% of the first $300,000 of annual income, up from the previous limit of $240,000, with adjustments to subsequent tiers. This change also applies to the monthly benefit calculation at the time of claim.  

Existing income replacement tiers  

New income replacement tiers 
    • 70% of the first $240,000 per annum ($20,000 per month)  of your client’s regular income; plus  
    • 50% of the next $240,000 per annum ($20,000 per month)  of your client’s regular income; plus  
    • 20% of the remainder of your client’s regular income 
    • 70% of the first $300,000 per annum ($25,000 per month) of your client’s regular income; plus 
    • 50% of the next $200,000 per annum ($16,667 per month) of your client’s regular income; plus 
    • 20% of the remainder of your client’s regular income. 

 

Suitable work definition2 for five-year benefit period 

If your client is applying for Income Support Cover with a five-year benefit period, the definition of “suitable work” will remain based on your client’s “regular occupation” for the entirety of the benefit period. 

1 Changes apply only to new NEOS Protection plans referencing ‘variable age-stepped’ or ‘variable to age 65/70’ premium types.  

2 When a two-year waiting period is selected in combination with a five-year benefit period, the definition of “suitable work” will change to an “any occupation” basis after two years of the benefit period.   

New NEOS Protection PDS and Adviser Guide

A new NEOS Protection Product Disclosure Statement (PDS) dated 6 December 2024 incorporating these changes will be available to download on our website from this date or you can order physical copies through the NEOS Marketing Portal. The updated NEOS Protection Adviser Guide will also be available for download from the NEOS Library. 

We’re here to help 

We remain 100% committed to our advisers, and to offering sustainable and affordable life insurance products that meet your best interests duty. 

Please reach out to your BDM if you have any questions or require further information.