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. 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 22 March and 16 June 2022.

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 – 22 March 2022

NEOS and NobleOak updated the Rules applicable to Income Support Cover. These changes include clarifications and enhancements which apply to all new applications for Income Support Cover from 22 March 2022 and to Members who held Income Support 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.

Insurable income

You can apply for cover up to $240,000 in annual income at the maximum rate of 70%.

Passive income

Monthly benefits are no longer reduced by passive income received while on claim.

Business income

Ongoing business income may be covered and only offset at claim.

Inactive employment

You can be on leave, sabbatical or unemployed for up to 12 months immediately prior to disability, before you are assessed based on an Any Occupation definition, and for up to 24 months immediately prior to disability, before a benefit is no longer payable.


Indexation Benefit and Increasing Claim Option CPI rates are no longer capped at 5% in relation to cover held in super.

Pre-disability income

The pre-disability income definition has been updated for circumstances where you have been on leave, sabbatical or unemployed prior to disability.

Post-disability income

When calculating your partial disability benefit, post-disability income is no longer deducted from your sum insured.


Payments from individual or group insurance policies are only offset where they relate to disability income insurance, and employee entitlements, excluding sick leave, are only offset when paid.


Illness and injury prior to the cover commencement date are no longer automatically excluded.

Existing Members will still retain the original terms and conditions and continue to pay the premium rates for their existing plan(s). Any changes to their plan terms and conditions will always be reviewed at claim time to ensure they are assessed using the terms and conditions which are most beneficial to them.

Product update – 16 June 2022

NEOS and NobleOak updated the Rules applicable to Income Support Cover. This included the launch of a new Extended Care Option, which was made available for all new applications for Income Support Cover from 16 March 2022.

The new option is summarised below.

Extended Care Option If you choose this option, benefits will no longer be automatically reduced for claims exceeding 24 months in duration, allowing you to receive a benefit of up to 70% of your income for the life of your claim. You will pay a higher premium if you choose this option. Eligibility conditions may apply.