Minimum entry age
2
Maximum entry age
15
Benefit expiry age
Plan anniversary after the child insured turns 19
Minimum sum insured that can be applied for
$10,000
Maximum sum insured that can be applied for
$200,000
Premium types
Stepped premium (currently, the same premium rate applies across all ages)
Funding options
Child Cover is only available outside of superannuation
Product structure combination
Child Cover can only be applied for in conjunction with Life, TPD or Critical Illness Cover for an adult
Child Cover includes the below key benefits and valuable features.
All Child Cover benefits and features are subject to the full terms and conditions outlined within the NEOS Protection Product Disclosure Statement
Provides a one-off, lump sum payment, if the insured child dies.
Provides a one-off, lump sum payment, if the insured child is diagnosed with a terminal illness.
Provides a one-off, lump sum payment, if the insured child suffers a listed critical illness.
Provides a portion of the death benefit before a full claim has been assessed, to help with urgent costs such as a funeral.
Grief support benefitIf paid a Child Cover benefit, we’ll reimburse up to $1,000 for the cost of grief counselling sessions. Continuation of cover benefitIf the insured adult dies or cover ends for any reason, the insured child’s other parent or guardian may continue the Child Cover by moving the Child Cover under their own NEOS Protection plan. Conversion of Child Cover benefitWhen the insured child approaches the expiry age for Child Cover, they have the option of converting their existing cover to Life Cover without having to reapply or supply medical evidence to us. |
Indexation benefitTo help ensure cover keeps pace with the cost of living and maintains real value, we automatically increase the Child Cover sum insured each year by the higher of 5% or the percentage increase in the Consumer Price Index. Accommodation benefitWe’ll reimburse an immediate family member’s accommodation costs by up to $250.00 per day if the insured child is confined to bed and a family member has travelled to be with them. Suspending cover benefitSuspend Child Cover for up to 12 months if the insured adult is experiencing financial hardship. |