Life Insurance for Commercial & Legal Professionals

Protecting the professionals who protect our rights and manage our risks.

 

Careers in the financial sectors are a passion for thousands of committed Australian professionals.

Whether it’s working as an actuary, with the pressure to apply complex mathematical, financial or statistical analysis under pressure, or as an accountant, guiding business decisions or preparing financial or tax statements, advisers are performing critical professional services, every day.

The last thing you need as a professional is more stress in your life when it comes to making important decisions regarding the protection of your most valuable asset – yourself.

The good news for financial professionals is that by being one of the professions eligible for life insurance from PPS Mutual the only Life Insurance provider in Australia who currently offer life insurance products with a profit share and who distribute the profit to its Members’ you are able to apply for PPS Mutual Professionals Choice.

FAQs About Life Insurance for Commercial & Legal Professionals

What types of life insurance can financial professionals get?

 

Life insurance is often used as an umbrella term to describe lots of different types of personal insurance. You can either buy a standalone policy or bundle several policies together to create cover that is perfectly tailored to you and your family.

Here is a breakdown of the types of life insurance covers that can work together to provide financial security if you are injured or become too sick to work:

 

Life (or death) insurance

If you were to die, a payout would be paid to your beneficiary or beneficiaries or to your estate. The proceeds from the Life Cover can be used to help pay for financial needs – those that come with death, such as funeral arrangements and other end-of-life expenses, along with day-to-day bills like the mortgage and child care.

 

Total and Permanent Disability (TPD) insurance

TPD Insurance pays a lump-sum payment if you’re never able to work again because of sickness or injury. This can be used to help with rehabilitation and living costs.

 

Income protection 

Income Protection Select  pays a monthly benefit to help support you and your family if you’re unable to perform your duties at work due to sickness or injury.

 

Trauma cover

Pays a lump sum benefit if you suffer a defined medical condition or trauma, such as cancer (known as Cancer – excluding specified early stage cancers under the Trauma cover), that impacts on your life and lifestyle. Trauma Cover can help pay off debts and treatment expenses.

 

Our PDS contains the full terms and details of product features.

How does life insurance work for financial professionals?

 

Life insurance works just the same for financial professionals as it does for other workers. It is there to help take the financial stress off you and your family if your health takes a turn for the worse and as a result you are unable to earn a living (income protection cover).

Different life insurance products are designed to protect you and your loved ones from various events that can occur. And being a Mutual, PPS Mutual is able to provide you with the unique opportunity to share in the profits of the personal risk insurance you buy.

Our core purpose is not to benefit shareholders or to offer generic insurance solutions but to provide tailored protection for professionals and to allow our Members to share in the profits of their insurance.

We are an Australian company that is 100% owned by our Members and are based on a proven business model that has operated successfully in South Africa for almost 80 years.

Who is eligible?

 

There are 4 commercial & legal professional groups who are eligible to take out personal insurance cover with PPS Mutual, including Accountants and Lawyers to name a few.

For a full list of all of the eligible professions, PPS Mutal caters for visit this page.

What is unique about PPS Mutual for professionals?

 

PPS Mutual has additionally developed unique features for professionals. These include:

  • Indexation for Professionals – Being exclusively for professionals we are able to offer the option of having benefits increase in line with your salary, based on increases in our Professional Earnings Index or inflation, whichever is greater.
  • Career Change Transition Benefit: Pays a monthly benefit for 12 months to support a career transition after an illness or injury.
  • Parental Leave Cover Protection: If you take Parental Leave you can reduce your cover or stop it altogether. When you return to normal working hours you can increase cover to your previous level with no  medical underwriting.
  • Study Leave Cover Protection: If you have stopped work (or reduced your working hours) no more than 12 months ago to go on a Fellowship or for other career-based further Study or Training then you will be assessed against the occupation you were performing immediately prior to commencing the study.
  • and paying an income protection benefit for up to 6 months if you are required to take time off work to care for a seriously ill child.

Profit-Share

Members of PPS Mutual will be entitled to a share in the profits of the Professionals Choice product. PPS Mutual Professionals Choice is the only product to offer this feature in the Australian Insurance market.

Indexation for Professionals

Being exclusively for professionals we are able to offer the option of having benefits increase in line with your salary, based on increases in our Professional Earnings Index or inflation, whichever is greater.

Professional Events

You can also increase your cover without having to provide further medical evidence when certain career events occur such as becoming a partner or starting in private practice

Flexible Premium Structure

A flexible premium structure provides for both a stepped and level premium structure for the one insurance type, allowing you to tailor your cover to benefit from the advantages of both premium structures.

True Level Premium

Premiums for any increased cover, from the application of the Indexation for the Professionals Benefit, is based on your age at the date of commencement of your cover and not your age at the time the indexation is applied.

Change of Ownership

The plan ownership may be transferred at any time with no underwriting.