Since we launched Income Support Cover in October 2021, we’ve monitored the market response to APRA’s intervention with a view to adjusting our products if required.
That’s why in April this year, we made some changes to the treatment of income, including the removal of the passive income offset.
We’re now pleased to announce the launch of our new Extended Care Option.
Extended Care Option
Our new Extended Care Option allows your clients to replace up to 70% of their income for the life of their claim.
Clients who select this option won’t see their monthly benefit automatically reduced if they remain on claim for longer than 24 months.
We feel having a choice to cover up to 60% or 70% of income for long-term claims allows you to offer NEOS Protection to more of your clients, balancing cost and coverage.
New PDS and Adviser Guide
An updated NEOS Protection PDS and Adviser Guide, dated 18 June 2022, is available for download or ordering on our website.
The new Extended Care Option is available for an additional cost on new quotes created from 18 June 2022.
Get in touch with your BDM if you have any questions.