Life Insurance for Industrial Professionals

Careers in the industrial sector are a passion for thousands of committed Australian professionals.

 

Whether it’s working as an architect, designing our homes and work spaces, or the multifaceted discipline of engineering which combines mathematics, design, economic, social and practical knowledge. Getting the numbers right when planning a building or construction task is one of the critical roles played by Australia’s architects, quantity surveyors, surveyors and town planners.

But the stress of coping with high work demands, managing staff and for some, running their own business, can take its toll on Australian professionals working in the industrial sector.

The last thing you need as an expert working in the industrial sector 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 industrial professionals is that by being one of the professions eligible for life insurance from PPS Mutual, Australia’s only retail life insurance mutual offering to select professionals, you are able to apply for PPS Mutual Professionals Choice.

FAQs About Life Insurance for Industrial Professionals

What types of life insurance can industrial professionals get?

 

The term ‘life insurance’ refers to several types of cover that can offer peace of mind in knowing you and your loved ones can be financially secure and are able to maintain a good quality of life in the event of severe illness, injury or death.

These events may be difficult to imagine ahead of time, which is why it pays to think of life cover now as a sensible and cost-effective way to mitigate such risks.

Here is a breakdown of the main types of life insurance products to consider:

 

Life (or death) insurance

Life Cover pays a lump-sum benefit to your beneficiaries or estate if you pass away or are diagnosed with a terminal illness.

 

Total and Permanent Disability (TPD) insurance

TPD Insurance pays a lump-sum benefit if you can no longer work as a result of sickness or injury.

 

Income protection insurance

This can pay a monthly benefit to help replace your income if you are unable to carry out all or part of your occupation due to illness or injury.

 

Trauma cover

Pays a lump sum benefit if you’re diagnosed with a listed serious or critical medical condition (such as specified Cancers e.g. aplastic anaemia requiring specified treatment; early-stage melanoma with specified severity and Cardiovascular diseases e.g. heart attack (myocardial infarction) with evidence of heart muscle damage). Trauma Cover is paid out upon diagnosis and benefits vary depending on the nature and severity of the sickness or injury.

 

Business Expenses

Pays a monthly benefit to help cover your fixed business expenses if you’re unable to carry out all or part of your occupation due to illness or injury.

 

These options depend entirely on your circumstances and needs, so to decide on the appropriate level of cover for you, it’s advisable to seek the help of a professional financial adviser.

How does life insurance work for industrial professionals?

 

Life insurance works just the same for industrial 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). Therefore helping to protect the future you’re working so hard to build.

Professionals Choice Income Protection Select, Life, Total and Permanent Disability, and Trauma insurances have been developed with the purpose of meeting the life insurance needs of Australia’s professionals. And being a Mutual, PPS Mutual is able to provide you with a 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.

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 5 industrial professionals eligible to take out a personal insurance cover with PPS Mutual, including Architects, Engineers and Quantity Surveyors 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: benefits that increase in line with our Professionals Earnings Index
  • Professional events: the ability to increase your level of cover without providing additional medical evidence when certain events occur – such as starting a small business.
  • Caring for your child benefit – Allows Members to take time off to care for a sick child and receive their Income Protection benefit for up to 6 months.
  • 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

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.