NEOS

NEOS - Key Information

Founded: 2017
ABN: 96 617 129 914 AFSL: 502759
Authorised Representative: No – NEOS operates under its own Australian Financial Services Licence (AFSL).

Core Offering: Fully underwritten life insurance solutions distributed exclusively through licensed financial advisers.
Payout Range: Life Cover sums typically start at $100,000, with no formal maximum limit (subject to underwriting and financial justification).
Early Payout: Terminal Illness Benefit available under Life Cover policies for early access to the insured amount.
Claims Process: Dedicated Australian-based claims team providing personal, supportive, and efficient claims handling through advisers.
Customer Support: Adviser-centric service model with strong phone-based and online adviser support systems. Reputation: Multiple Platinum Service Awards from Adviser Ratings, known for outstanding service levels and adviser satisfaction.
Global Presence (Indirect): NEOS partners with major global reinsurers such as Swiss Re, enhancing financial strength and claim stability.
Primary Issuers: TAL Life Limited (current major underwriter for NEOS Protection products).

Additional Operational Details

Year Established: 2017Distribution Channel: Exclusively through financial advisers — NEOS products are not sold direct to the public.

Types of Cover Offered:

• Life Cover
• Total and Permanent Disability (TPD) Cover
• Trauma (Critical Illness) Cover
• Income Protection Cover

Underwriter: TAL Life Limited (for NEOS Protection)Application Process: Applications completed through licensed advisers, supported by NEOS’s digital-first underwriting and policy management systems. Through a Financial Adviser: Yes – NEOS Life Insurance is exclusively available via qualified financial advisers. Support Services:

• Dedicated adviser service team
• Client servicing support via phone and email
• Adviser portal for real-time application tracking and policy management

Financial Strength Rating:

• Policies underwritten by NobleOak

Headquarters: Sydney, New South Wales, Australia

NEOS - Company history and milestones

• 2017 – Launch of NEOS Life NEOS Life was established in 2017 with a mission to modernise life insurance in Australia. Focused on simplifying the insurance experience, NEOS was created specifically to serve the financial adviser market, providing high-quality life insurance solutions backed by strong underwriting partners.
  
• 2018–2019 – Rapid Growth in Adviser Support Within two years, NEOS quickly became a preferred platform for financial advisers seeking a faster, simpler, and more adviser-friendly insurance application and servicing model. Their commitment to service standards and streamlined processes helped them gain significant market traction.
  
• 2020 – Strengthening Underwriting and Reinsurance Partnerships By 2020, NEOS had partnered with leading life insurers and reinsurers to support its growth, including NobleOak Life Limited and Swiss Re Life & Health Australia Limited. These partnerships helped to ensure financial strength and claims-paying capability.
  
• 2021 – Expansion of Issuers and Product Range NEOS further expanded its product range and diversified its issuer base, partnering with TAL Life Limited — one of Australia’s largest and most financially secure life insurers. This move allowed NEOS to offer greater flexibility and stronger underwriting capacity to advisers and their clients.
  
• 2022–2023 – Industry Recognition and Service Excellence NEOS continued to be recognised within the financial advice and insurance industries for outstanding service levels, innovation, and adviser satisfaction. They maintained a reputation for fast underwriting turnaround times and a strong commitment to customer-first servicing.
  
• 2024 – Commitment to Adviser-Centric Life Insurance Today, NEOS remains firmly committed to supporting financial advisers with competitive, high-quality life insurance solutions. They continue to focus on ease of doing business, personal service, and strong insurer partnerships to deliver long-term protection solutions for Australian families.

NEOS - Key Strengths

NEOS Life Insurance has quickly become a trusted name in the Australian life insurance market by focusing on quality, service, and adviser support. Here’s what sets NEOS apart:

• Strong Underwriting Partnerships: NEOS Life Insurance policies are backed by some of Australia’s most respected insurers, including TAL Life Limited, giving customers confidence in financial security and claims reliability.
  
• Exceptional Service Standards: NEOS consistently achieves industry-leading service ratings, earning multiple Adviser Ratings Platinum Service Awards for fast turnaround times, clear communication, and adviser satisfaction.
  
• Fully Underwritten Cover for Greater Claim Certainty: By completing comprehensive health and lifestyle assessments upfront, NEOS Life Cover reduces the risk of claim disputes and improves transparency at payout time.
  
• Flexible, High-Quality Insurance Solutions: NEOS offers a broad range of life insurance options — including Life Cover, TPD, Trauma, and Income Protection — with customisable benefits tailored to personal and family needs.
  
• Dedicated Claims Support: Policyholders benefit from access to a highly experienced Australian-based claims team, ensuring fast, compassionate claims handling when it matters most.
  
• Trusted Australian Brand Built for Advisers: NEOS was purpose-built to support Australia’s financial advice sector, ensuring policies are easy to understand, competitively priced, and structured with long-term customer needs in mind.
  
• Award-Winning Innovation: Recognised by the industry for improving life insurance delivery, NEOS blends adviser expertise with modern technology to create a faster, simpler insurance experience.

NEOS - Key Awards and Industry Recognition:

NEOS Life has quickly built a strong reputation within the Australian life insurance industry, consistently earning recognition for its service excellence, adviser support, and operational innovation.

• Adviser Ratings - Platinum Service Award (2020, 2021, 2022, 2023) NEOS has been awarded the prestigious Platinum Service Award by Adviser Ratings for multiple consecutive years, recognising their outstanding commitment to supporting financial advisers and delivering a superior service experience.
• Association of Financial Advisers (AFA) Excellence in Service Award Finalist NEOS has been acknowledged by the AFA for its dedication to improving life insurance processes and adviser satisfaction, reinforcing its position as a leading adviser-focused platform.
  
• NPS (Net Promoter Score) Leadership NEOS consistently achieves some of the highest Net Promoter Scores (NPS) among Australian life insurers, reflecting exceptional adviser and client satisfaction compared to industry benchmarks.
  
• Financial Services Industry Acknowledgment Within just a few years of launch, NEOS became recognised as an industry disruptor by simplifying underwriting, claims management, and adviser administration processes — winning praise from leading financial advice practices nationwide.

NEOS - Cover Amount Ranges

NEOS Life offers flexible and competitive cover limits across all major types of life insurance products. Here’s an overview of the available cover amounts:

• Life Insurance:
  • Minimum Sum Insured: $100,000
  • Maximum Sum Insured: No maximum limit specified (subject to underwriting and financial justification — commonly up to $15 million+ for eligible applicants)
    
• Total and Permanent Disablement (TPD) Insurance:
  • Minimum Sum Insured: $50,000
  • Maximum Sum Insured: Up to $5 million (subject to underwriting and eligibility criteria)
• Trauma Insurance:
  • Minimum Sum Insured: $25,000
  • Maximum Sum Insured: Up to $2 million (depending on the condition and individual assessment)

Income Protection Insurance:

• Minimum Monthly Benefit: $1,500 per month
• Maximum Monthly Benefit: Up to $30,000 per month (depending on income verification and occupation class)

Important note: all cover amounts are subject to application, underwriting assessment, age limits, and the terms and conditions outlined in the relevant Product Disclosure Statement (PDS).

NEOS - Sustainability and Corporate Responsibility Overview

While NEOS Life’s primary focus is on delivering high-quality life insurance solutions through financial advisers, it also recognises the broader responsibility businesses have to the community and environment.

Ethical Business Practices NEOS Life is committed to maintaining high ethical standards across all aspects of its operations. This includes transparency in product offerings, clear communication with advisers and customers, and adherence to Australian financial regulations and best practices.

Supporting Adviser-Led Advice By empowering the financial advice community, NEOS indirectly supports better long-term financial outcomes for Australians — promoting financial literacy, security, and resilience at a community level.

Diversity and Inclusion: NEOS is committed to fostering a diverse, inclusive workplace where employees are valued for their individual contributions. Their culture promotes collaboration, equality, and support for career development across different demographics.

Responsible Underwriting and Claims Management: NEOS Life ensures responsible product design and underwriting practices that are customer-centric and aligned with the Life Insurance Code of Practice. Their claims philosophy is based on fairness, compassion, and transparency.

Environmental Awareness: Although NEOS operates primarily in digital environments, reducing the need for paper-based applications and servicing, they continue to seek ways to further minimise their environmental footprint through the adoption of digital-first business models.

Community Contribution: (Emerging Focus) As a relatively young and growing company, NEOS is expected to expand its corporate social responsibility initiatives in future years, with potential focus areas including financial education programs, mental health awareness, and charitable partnerships.

NEOS - Technology & Innovation

NEOS Life Insurance was created with a strong focus on using technology to improve the life insurance experience for both advisers and customers. Their platform blends traditional underwriting excellence with modern digital solutions, delivering faster, simpler, and more reliable service.

• Faster Applications and Approvals: Thanks to NEOS’s smart digital underwriting platform, many customers experience quicker application processes, fewer unnecessary medical tests, and faster decisions on cover.
  
• Simple, Paperless Insurance: Customers can complete and sign applications online, removing the need for complex paperwork and speeding up the journey from application to active cover.
  
• Real-Time Policy Updates: NEOS’s technology allows policy changes — like updating personal details or adjusting cover — to happen quickly and easily, ensuring your life insurance keeps pace with your changing needs.
  
• Secure Protection of Customer Data: NEOS uses advanced cloud security systems and complies with strict Australian privacy regulations to safeguard sensitive personal and financial information.
  
• Dedicated Claims Support with Digital Assistance: In the event of a claim, customers benefit from a smooth, digitally supported claims process, with real-time tracking and updates to minimise stress during difficult times.
  
• Constant Improvement:NEOS is committed to continuous innovation, regularly enhancing their systems to deliver an even simpler, faster, and more transparent life insurance experience.

At NEOS Life Insurance, technology isn’t just about speed — it’s about giving Australians a simpler, safer, and more supportive way to protect their families’ futures.

NEOS - Pricing and premiums

NEOS Life offers fully underwritten life insurance products that are competitively priced, especially when compared to traditional advised policies. Because policies are issued following detailed underwriting, NEOS can tailor pricing more accurately to each individual’s circumstances, which often results in more competitive premiums over the long term.

How NEOS Premiums Are Calculated

Premiums are based on several key factors, including:

• Age at application
• Gender
• Smoking status
• Occupation
• Medical history and lifestyle factors
• Type and level of cover selected
• Waiting periods and benefit periods (for Income Protection)

Premium Structure Options

• Stepped Premiums: Start lower when you are younger and increase each year as you age. This is the standard premium structure for NEOS policies.
• Level Premiums: Available for some cover types, level premiums are designed to stay more stable over time, making long-term affordability more predictable (though premiums may still increase for factors like CPI adjustments or broader premium rate reviews).

Typical Cover Amounts Available

• Life Cover: Up to $15 million
• TPD Cover: Up to $5 million
• Trauma Cover: Up to $2 million
• Income Protection: Up to $30,000 per month (subject to income and underwriting)

Example Premium Ranges (Estimates Only):

Age: 30 Gender: Male (non smoker)
Coverage: $500,000
Monthly fee: $30

Age: 40
Gender: Male (non smoker)
Coverage: $500,000
Monthly fee: $50

Age: 50
Gender: Male (non smoker)
Coverage: $500,000
Monthly fee: $95

Age: 30
Gender: Female (non smoker)
Coverage: $500,000
Monthly fee: $26

Age: 40
Gender: Male (non smoker)
Coverage: $500,000
Monthly fee: $42

Age: 50
Gender: Male (non smoker)
Coverage: $500,000
Monthly fee: $75

Discounts Available:

• Online Application Discount: Discounts are often offered for customers who apply directly online.
• First Year Premium Discount: Limited-time promotional discounts (e.g., 7%–10% off the first year’s premiums) are sometimes available.
• No Adviser Commission Savings: As a direct insurer, NobleOak removes traditional adviser commissions — typically helping deliver premium savings of around 20% compared to advised policies (according to independent studies).

Key Notes About Pricing:

• NEOS focuses on adviser-distributed policies, meaning premiums are priced competitively while offering full underwriting quality.
• Customers can often bundle multiple types of cover (e.g., Life + TPD + Trauma) under one policy, which can improve overall cost efficiency.
• Indexation options are available, meaning your cover can increase annually in line with inflation — protecting the real value of your benefits.

Please note: that this is a general description. For personalized pricing, it is essential to contact Dignity Insurance or refer to your policy schedule.

NEOS - Product Disclosure Statement (PDS)

Issuer: NobleOak Life Limited (ABN 85 087 648 708, AFSL 247302) PDS Issue Date: 6 December 2024

The Product Disclosure Statement (PDS) for NEOS Life Insurance provides essential information about the policy’s features, benefits, and important terms. It’s designed to help you make an informed decision before applying for cover. Here’s a simple summary of key points from the NEOS Life PDS:

• Types of Cover Available: NEOS offers Life Cover, Total and Permanent Disability (TPD) Cover, and Critical Illness (Trauma) Cover, each designed to provide financial support for different life events.
  
• Eligibility Requirements: Applicants must generally be Australian residents within certain age ranges (e.g., 18–75 for Life Cover), depending on the type of cover selected.
  
• Built-in Benefits: Many policies include additional features at no extra cost, such as a terminal illness benefit, financial planning benefit, and funeral advancement payment.
  
• Exclusions and Limitations: Common exclusions apply, such as suicide within the first 13 months for life cover, and specific conditions for critical illness claims. It’s important to understand the full list of exclusions outlined in the PDS.
  
• Claims Process: NEOS aims to make the claims process fast, straightforward, and compassionate, with dedicated claims consultants supporting you or your beneficiaries throughout.
  
• Policy Ownership and Flexibility: Policies can be owned individually or through superannuation structures, with options to adjust cover as your life circumstances change.

IMPORTANT NOTE: The information in this PDS is general in nature and it does not consider your objectives, financial situation, or needs. It is important that you make your own decisions on whether this product is suitable for you by considering your individual objectives, financial situation, or needs, and if you are unsure, please consider seeking appropriate independent financial advice. Before purchasing a policy, you should always read the full NEOS Life Insurance Product Disclosure Statement (PDS) to fully understand the terms, conditions, benefits, and exclusions that apply.

NEOS Life Insurance - Target Market Determination (TMD) Overview

Issuer: NobleOak Life Limited (ABN 85 087 648 708, AFSL 247302)

Date of TMDs: Latest updates as of 6 December 2024 (for NEOS Protection) and 1 June 2024 (for Protect Super Plan)

These TMDs apply to the following NEOS products:

• NEOS Protection
• Protect Super Plan for NEOS Protection

Target Market Summary

NEOS life insurance products are designed for Australian consumers seeking life insurance to provide financial protection against death, terminal illness, serious illness, permanent disablement, or loss of income due to illness or injury.

Each product has a slightly different target market:

• Life Cover: Designed for individuals who have or anticipate having financial commitments or dependents and want to ensure financial protection in the event of death or terminal illness.
• Total and Permanent Disability (TPD) Cover: Suited for individuals seeking financial protection in case of total and permanent disablement. When inside superannuation, it is designed for those unable to meet financial commitments due to disablement.
• Critical Illness Cover: For individuals seeking a lump sum payment upon diagnosis of a specified critical illness.
• Income Support Cover: Targeted at individuals needing to replace income due to temporary or permanent incapacity from illness or injury.
• Child Cover: For parents or guardians seeking financial protection in the event their child suffers a critical illness, terminal illness or death.
• Superannuation Products: Specifically designed for consumers with a superannuation account, seeking life cover and/or TPD cover inside superannuation.

NEOS products are generally intended for consumers who have the financial capacity to pay premiums.

Who These Products Are Not Suitable For

Based on the TMDs, NEOS products may not be suitable for:

• Individuals not meeting the eligibility requirements.
• Consumers unwilling or unable to participate in the underwriting process.
• For the Superannuation product, consumers who:
  • Are looking to contribute and invest in a superannuation fund to provide for their retirement.
  • Want to receive a retirement or transition to retirement income stream.
  • Do not receive financial advice from an authorized financial adviser with a recommendation to obtain insurance cover.
  • Are not aware that they must meet a condition of release under superannuation law to access their benefit amount.
  • Do not want to spend their potential retirement savings on insurance premiums.
  • Do not have the financial capacity to pay their ongoing premium.
  • Are unable to comply with their duty to take reasonable care not to make a misrepresentation.

How the Products Are Distributed

NEOS products are distributed through financial advisers.

Product Review and Monitoring

TMDs are subject to review. For the Protect Super Plan, the next review is scheduled for 1 June 2025.

NEOS – Contact Details

• Company Name: Australian Life Development Pty Ltd (trading as NEOS Life)
• Phone (Adviser Enquiries): 1300 090 188
• General Enquiries: 1300 090 188 (same number for advisers and general enquiries)
• Postal Address: GPO Box 239, Sydney NSW 2001, Australia

Operating Hours: Monday to Friday, 8:00 am to 6:00 pm (AEST/AEDT)