Life Insurance Awards 2025: Income Protection Insurance
Neos has been named Money's Income Protection Insurance winner as part of the 2025 Life Insurance Awards.
- Find out more about the inaugural Life Insurance Awards.
- Order your copy of the April awards issue.
- Check out more winners.
Australians are far more likely to insure their homes and their possessions than themselves. That's according to recent research commissioned by the Council of Australian Life Insurers, which found that while 62% of people have home and contents insurance, just 34% have life insurance.
There are plenty of reasons why someone might want life insurance cover, though - for instance, in the event they become partially or totally disabled as a result of an illness or injury and are left unable to work.
This is where income protection insurance can come in. The cover is designed to provide a financial safety net in the form of a regular income stream in situations where someone is left unable to work temporarily or indefinitely.
While it depends on the specific policy and level of cover, income protection insurance typically provides up to 70% of an individual's regular, pre-tax monthly income (generally to a capped amount).
As the name implies, our 2025 Income Protection Insurance award is all about ensuring you have enough money to cover day-to-day expenses, such as loan repayments and school fees.
Specifically, the category focuses on the advised space where policies are taken out with the help of a financial adviser. And in this category, there was no beating Neos for its Encompass Protection - Income Protection Plan
Neos was awarded the prize based on its overall financial strength and market performance, as well as factors such as the features and premiums available with its income protection insurance product.
The winner was chosen based on a combination of financial strength, market performance, product features, premium rates, service quality and lapse rates for income-protection insurance.
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