PPS Mutual products are only offered to a defined group of Australian professionals. What’s more, we operate on a mutual model, which means you’re a Member of the company and you share in its ownership.
Members share in the company’s
ownership
Members share in the profits
that the PPS Mutual product
generates
Bespoke insurance
products designed for
Australian professionals
Membership strictly limited
to a defined
list of professionals
Market-leading
benefits & features
When you join PPS Mutual, you get exclusive access to a tailor-made portfolio of insurance benefits called PPS Mutual Professionals Choice – each one created to answer the specific protection needs of a defined group of Australia’s professionals.
And, on top of this, you also receive a share of the annual profit generated by the PPS Mutual product. After ten years’ membership you can start to withdraw this money from your Profit-Share account.
That’s because you’re not just a customer, you’re a Member – you have a stake in our business and the profits generated by the PPS Mutual products.
It’s an approach that’s already proved hugely successful. Some of the world’s biggest and most successful Insurance companies operate on a mutual model as does PPS in South Africa. And we believe it’s time Australia’s professionals were offered a similar chance to benefit from a radical reappraisal of how insurance can work.
Your Profit-Share account
When you and our other Members pay premiums, the money is used to pay claims, to cover the company’s expenses and to provide capital reserves for the future. Any surplus generates profits which are shared by PPS Mutual Members.
For most life insurance companies these profits would be allocated to shareholders.
This profit is retained in a Profit-Share pool within the PPS Mutual Benefit Fund and allocations are made to your individual Profit-Share Account each year. This Profit-Share pool is invested by the fund and your share of investment returns are added to your Profit-Share Account.
The balances of the Profit-Share Account are not guaranteed and can be affected by, amongst other things, positive and negative investment performance and claims experience.
Accessing your money
The amount of money in your Profit-Share Account continues to accumulate as long as you’re a Member of PPS Mutual and keep your plan in force. After 10 years of membership you can take up to 5% of your balance each year.
After 20 years, or on reaching the age of 65, you can access the full amount in the Profit-Share Account. The full amount is also payable on the earliest of death or terminal illness or payment of a full Total and Permanent Disability (TPD) or Trauma Insurance benefit (which would result in no other Plans held continuing).
Naturally, a Mutual organisation relies on member loyalty to support its business model. That’s why, if you cancel all your PPS Mutual plans within 10 years of joining, the Profit-Share Account terminates and the total amount is returned to the overall Profit-Share pool to be reallocated amongst the remaining members
No penalties for claiming
It’s important to note that, if you make a claim under your PPS Mutual insurance plan, this has absolutely no direct effect on the amount of Profit-Share available to you, although any claim does of course diminish the overall pool of money from which profits are drawn.
