A range of updates and changes have been made to the NEOS platform’s Encompass Protection range offer, covering life, TPD, IP, and critical illness.
Among the changes, which took effect from 26 September, are that the firm’s maximum sum insured for life cover has been increased to $7m, subject to underwriting requirements.
Specific accidental injury benefit also benefits from a clarification that to qualify for a payout under this benefit, the accidental loss must be both total and permanent.
With regard to TPD, all TPD definitions have changed to provide enhanced clarity, states the firm.
Maximum sum insured for critical illness cover has increased to $2m. This means clients can increase their sum insured up to this amount, subject to underwriting criteria.
In addition to a raft of medical definition upgrades being announced, the maximum sum insured on IP cover has increased for those earning more than $480,000 a year.
As for exclusions, the firm states that its exclusion for pre-existing conditions applies to conditions that a client was aware of, or a reasonable person in their circumstances could be expected to be aware of.
Encompass states that existing policy holders will have the relevant changes passed back to their policies.
