Encompass Protection, NEOS and MLC Life’s joint retail life insurance offering, has upgraded its product range with a focus on its IP offer.
Effective from 28 October 2022, key changes and improvements include:
Introduction of supplementary Income Protection insurance (inside super only)
Due to super legislation, if a client is unemployed prior to becoming disabled, they may not be entitled to be paid an Income Protection benefit in super. However, if this happens, the Supplementary Income Protection benefit will apply and clients can still be assessed for claim. NEOS notes:
- Supplementary Income Protection Insurance provides identical benefits as the Income Protection Cover in super, including any optional benefits
- The benefit is in-built and does not incur an extra cost
- This offer is being passed back to existing policy holders
Improvement to ‘Benefit Adjustment’ (all IP policies)
Policy wording has been improved so that income protection insurances that were disclosed at the time of application will not be offset against a client’s monthly benefit.
Changes to ‘Working During the Waiting Period’ (all IP policies)
Wording has been updated to clarify that a client can return to work during the waiting period, as long as they meet the requirements of the waiting period definition.
Changes to the definition of Australian resident (all IP policies)
Policy wording updated to reflect current Australian Government working visa requirements.
Click here to access the new Encompass Protection PDS, and Encompass Protection Super PDS, both effective from 28 October 2022.
