Futura Protection, a new retail life insurance brand, has been launched for distribution by insurance brokers and advisers.
Futura Protection is the third product to be administered by NEOS Life using their digital platform, following the launch of NEOS Protection in 2017 and Encompass Protection in 2022.
NobleOak, an APRA regulated insurance company, will issue Futura policies and manage claims. Hannover Re will be the reinsurer and will set the underwriting guidelines.
A comprehensive range of covers, including Life, TPD, Critical Illness (Trauma) and Income Protection, is offered and policies are fully underwritten at the time of application.
From a cost perspective Futura has been designed to be competitively priced for older age groups, particularly for those aged over 50.
Other differentiating features of Futura Protection are:
- All non super Life, TPD and Critical Illness (Trauma) policies include complimentary Child Critical illness insurance of $10,000. This will pay a benefit if a policyholder has a child (aged between 1 and 18) who suffers one of 22 specified trauma conditions, including cancer, dies or is diagnosed with a terminal illness.
- Maximum entry age for life cover is age 75 with the cover able to be continued to age 99 (age stepped premiums apply).
- Futura Critical Illness cover can be taken out up until age 62 and maintained until age 70 (age stepped premiums apply). It then converts to loss of independent existence cover which can be continued until age 80.
- The Futura Critical Illness Plus policy includes many benefits of concern to older age groups such as dementia, arthritis, osteoporosis and rheumatoid arthritis. Also mothers up to age 44 could receive a pregnancy complications benefit of up to $50,000.
- To help policyholders maintain their policies long term, Futura offers the ability to suspend policies for up to 12 months during times of financial hardship and a waiver of premiums for up to 3 months in the event of redundancy.
Compare quotes for Futura Protection policies with those from 9 other insurance brands using the Insurance Watch online quoter.