Encompass Protection Product Update

Neos Group has released a raft of changes to its Encompass Protection product offer, delivering enhancements across all benefit types.

All enhancements are included in a new PDS dated 16 May 2025, where key changes – all of which will be passed back to existing Encompass Protection policy holders unless noted otherwise below – include:

Life Cover

Introduction of a new Specific Accidental Injury Benefit that will pay the sum insured up to $2m – if the insured person is in an accident resulting in the total and permanent loss of:

• Use of both hands or both feet
• Sight in both eyes
• Use of one hand and one foot
• Use of one hand and the sight in one eye, or
• Use of one foot and the sight in one eye

This benefit will also pay 25% of the sum insured, up to $500,000 if the insured person is in an accident resulting in the total and permanent loss of:

• Use of one hand or one foot, or
• Sight in one eye

The insurer notes that if the claimant holds life cover within super, they must also meet the definition of permanent incapacity to receive a benefit.

TPD Cover

Introduction of a new Accelerated Buy-Back option, which will automatically reinstate the life cover 14 days after the payment of a full TPD claim.

This new benefit is only available for new policy holders from the effective date corresponding with the 16 May 2025 PDS.

Critical Illness Cover

Introduction of a Child Support Benefit, which will pay $10,000 if the insured person’s child suffers from one of the policy’s child support benefit conditions while the critical illness cover is in force.

This applies for policies where the critical illness sum insured is greater than $100,000.

Two new critical illness events have been introduced:

• Hepatitis B or C contracted through claimant’s work
• Intensive care – requiring continuous mechanical ventilation for 7 days

Five new partial critical illness events have also been introduced for the Critical Illness Plus option:

• Congenital abnormalities of a child – of specified severity
• Inability of a child to gain independence – of specified severity
• Intensive care – requiring continuous mechanical ventilation for 5 days
• Serious accidental injury – requiring 30 consecutive days of acute care hospital confinement
• Specified complications of pregnancy

Life/TPD/Critical Illness Cover

• Enhanced and renamed disability premium waiver option, now named the Premium Waiver Option, which will allow premiums to be waived for up to 12 months if an eligible client has been retrenched,as defined in the PDS.
• Simplified Healthy Life Discount eligibility for new customers. In order to qualify for the 7.5% discount, the insured person now only requires a BMI between 19-28.5 inclusive.

Income Protection 

• Policy wording for IP has also been changed to allow a higher maximum sum insured under the superannuation contribution option. The amount has increased from 11.5% of earnings to a maximum of 15%.
• For specified occupation categories, requirements during the waiting period have been eased so that the claimant only needs to be partially disabled during the waiting period (previously required to be totally disabled for at least 14 days out of the first 19 days of the waiting period).
• Introduction of a new Elective Surgery Benefit. Pays a monthly benefit if, following an elective surgery, the insured person is disabled.
• Tightening of Home Duties TPD definition now requiring the insured to be regularly attending and following the advice and recommendation for treatment of a doctor in order to be considered TPD’d.

All Covers

Introduction of a new ‘Suspending Premium and Cover’ feature, which allows the client to suspend their cover and pause premium payments for up to 12 months.

NEOS notes these updated benefits and definitions apply to future claims only. They do not apply to claims caused by health conditions or events that occurred before 16 May 2025.

Click here for a more comprehensive summary of all the policy changes, detailed on the NEOS Platform website.

…And click here or on the cover image below to review the new Encompass Protection PDS: