We’ve recently reviewed our new business pricing for stepped and level premiums across lump sum and income protection covers. The changes will see both increases and decreases in premiums across various segments from 8 July 2022.
The impact of these changes will vary depending on clients’ individual circumstances, as they take into account a variety of factors such as their age, occupation and the covers they wish to hold. Overall, this change can make recommending NEOS Protection even easier for most clients.
These rates will only apply to new quotes created from 8 July 2022. Existing quotes, applications and NEOS Protection customers won’t be impacted.
Our three-year premium rate guarantee will continue to apply to all plans from the plan commencement date.
Extended Care Option
A reminder that our new Extended Care Option is now available for all new applications for Income Support Cover. This option allows clients to replace up to 70% of their income for the life of their claim. Further details can be found in our current NEOS Protection PDS and Adviser Guide.
We feel having a choice to cover up to 60% or 70% of income for long-term claims allows advisers to offer NEOS Protection to more clients, balancing cost and coverage.
To ensure our adviser portal continues to provide the responsive service advisers are used to, all quotes created prior to 18 June 2022 will also be expired on the evening of 18 August 2022.
We remain 100% committed to our advisers, and to offering sustainable and affordable life insurance products that meet your best interests duty.
Reach out to your BDM if you have any questions or require further information.