We’ve recently made some changes to NEOS Protection, which benefit new and existing plan holders.

The changes are in response to evolving market conditions and help ensure NEOS Protection continues to provide a competitive, sustainable offering that meets the best interests of your clients.

The key improvements are effective from 14 November 2023.


Changes that apply to new and existing customers

Income Support Cover1 Partial disability definition

The 20% income loss requirement has been replaced with a less onerous requirement for post-disability income to be less than pre-disability income.

Other payments

Monthly benefits will be reduced by sick leave taken while on claim, instead of sick leave entitlements.

Working during the waiting period

Waiting period reset and extension requirements have been removed for waiting periods of 13 weeks or less.

Superannuation contribution option

The superannuation sum insured can now be up to 15% of income.

Life Cover and TPD Cover Financial Advice Benefit

Extended to customers who have Life and TPD Cover exclusively inside superannuation.

1 Enhancements will be passed back to existing customers that hold an Income Support Cover issued under a NEOS Protection Plan PDS dated on or after 1 October 2021.


Features available under new applications for Income Support Cover from 14 November 2023

Income Support Cover Two-year waiting period

A two-year waiting period will be available to customers with an existing income protection plan issued under a group salary continuance scheme, or similar arrangement.

Two-year waiting period reduction benefit

Allows customers with a two-year waiting period to reduce their waiting period without medical underwriting in certain circumstances.


Existing customers

All enhancements included in the updated PDS will immediately be passed back to existing customers at no cost.

This means at claim, we’ll assess customers against their original PDS and the new PDS and treat their claim under the more favourable assessment.


The two-year waiting periods and the increased superannuation contribution option maximum sum insured will only be available on quotes created on or after 14 November 2023.


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