If you hold NEOS Protection, you’re a member (Member) of the NEOS Benefit Fund (the Fund). From time to time, updates are made to the Rules of the NEOS Benefit Fund (the Rules), which govern the Fund. The updates to the Rules relate to product changes (summarised below) and to correctly state the reinstatement procedure that applies after cancellation of cover as described in the PDS. This summary is provided to keep you aware of some recent changes to the Rules which were approved by The Australian Prudential Regulation Authority (APRA), on 26 October 2023.

The changes to the Rules were considered carefully by NobleOak, as the issuer of NEOS Protection, and NEOS to ensure that they don’t disadvantage you. As noted in the Product Disclosure Statement (PDS) applicable to your cover, you may request to view the Rules for the NEOS Benefit Fund at any time.

Product update – 14 November 2023

NEOS and NobleOak updated the Rules applicable to Income Support Cover, Life Cover and Total and Permanent Disability (TPD) Cover.

These changes include clarifications and enhancements which apply to all new applications from 14 November 2023 and to Members who held Income Support Cover, Life Cover or TPD Cover prior to this date.

For existing Members, the changes only apply to the extent that they result in more beneficial outcomes than any previously issued terms and conditions.

The changes are summarised below.

Changes that apply to new and existing Members
Income Support Cover  

Partial disability definition

If your post-disability income is less than your pre-disability income, and you meet the regular work hours, work capacity, and medical advice requirements of the partial disability definition, you may now be eligible to be considered as partially disabled.


Your monthly benefit will no longer be offset by any sick leave that you are entitled to but do not receive.

Working during the waiting period

If your waiting period is less than 26 weeks, any days worked during the waiting period will not extend the waiting period further.

Superannuation Contribution Option

You are now eligible to apply for a Superannuation Sum Insured of up to 15% of your regular income, subject to underwriting.

Life Cover and TPD Cover  

Financial Advice Benefit

The Financial Advice Benefit is now available to members with Life Cover and/or TPD Cover held inside superannuation.


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 is now available for new Income Support Cover applications. Eligibility requirements apply, including being an insured life under a group income protection policy with a two-year benefit period.

Two-Year Waiting Period Reduction Benefit

In certain circumstances and subject to meeting eligibility criteria, you can reduce the two-year waiting period on your Income Support Cover without the need to provide  further medical evidence.