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Most life insurers allocate their profits to their shareholders.
But we’re different. As a mutual we don’t have shareholders. Which means we’re free to share our profits with the people who genuinely contribute to our success,
our Members.
At PPS Mutual, we only provide insurance cover to a select group of professionals. Therefore our Professionals Choice Insurance offering has been designed as a tailor-made insurance product for professionals, with unique features such as Indexation for Professionals, Profit-Share, Career Change Transition Benefit & Caring for your Child Benefit, which is not offered by any other Insurance company in the Australian market.
Pays 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.
Key Benefits
Long term Benefit Periods available
You can buy income protection that pays a benefit until typical retirement ages of 65 or 70.
High levels of cover available
We provide cover of up to $60,000 per month.
Home Duties IP Insurance available
Home duties income protection insurance is insurance cover designed for professionals no longer working in their professions, but engaged in home duties on a full time basis (Up to $5,000 per month).
Career Break Benefit
If you take a break from full-time employment, we will allow you to continue your insurance at a reduced sum insured and then return your cover to the level you held before the break, if you return to work within 5 years. We will allow this without medical underwriting and including if your health has deteriorated in the meantime.
Caring for your Child Benefit
Pays a monthly benefit if you cease full-time employment to provide full-time care for your dependent child who is incapacitated.
Enhancements are passed back
Our philosophy is to keep our benefits current. Hence, we’ll enhance the Professionals Choice product to reflect changes in society and medical enhancements.
Where enhancements do not result in an increase to your premium rates, we’ll automatically pass them onto you. If the enhancement does result in a premium increase, you will be given the option to apply for the enhancement with a related increase to your premium.
Your insurance is guaranteed renewable each year until the expiry
As long as you pay your premiums, we’ll continue to insure you with the same or enhanced terms and conditions until expiry. This applies even if you suffer changes to your health, you change occupations (including to non-professional occupations) or you take up different pastimes.
Worldwide Insurance
Your insurance covers you wherever you are in the world.
Increase your insurance without providing medical evidence
With our Future Increases Benefit and Business Increases Option your insurance cover can keep pace with your changing life, as they allow you to increase your insurance after certain life, professional and business events without the need to provide information about your health.
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.
Career Break Benefit
Allows you to take a career break and continue your Income Protection Insurance, with the option to return your cover to the previous higher level when you return to work.
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.
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.
Cover through Superannuation
Provides the ability to structure Life, Total and Permanent Disability and Income Protection insurances through Superannuation. This provides the choice of paying your insurance premiums either with ordinary funds, with your Superannuation funds, or a combination of both.
Pays a lump sum if you die or if you are terminally ill.
Key Benefits
Funeral Advancement Benefit
Advances some of your Death Benefit (before the full death claim has been assessed) to assist with funeral costs.
Accidental Injury Benefit
Advances some of your Death Benefit if you suffer an accidental injury which causes specified total and permanent loss of one or more of a hand, a foot or the sight in an eye.
Enhancements are passed back
Our philosophy is to keep our benefits current. Hence, we’ll enhance the Professionals Choice product to reflect changes in society and medical enhancements.
Where enhancements do not result in an increase to your premium rates, we’ll automatically pass them onto you. If the enhancement does result in a premium increase, you will be given the option to apply for the enhancement with a related increase to your premium.
Your insurance is guaranteed renewable each year until expiry
As long as you pay your premiums, we’ll continue to insure you with the same or enhanced terms and conditions until expiry. This applies even if you suffer changes to your health, you change occupations (including to non-professional occupations) or you take up different pastimes.
Worldwide Insurance
Your insurance covers you wherever you are in the world.
Increase your insurance without providing medical evidence
With our Future Increases Benefit and Business Increases Option your insurance cover can keep pace with your changing life, as they allow you to increase your insurance after certain life, professional and business events without the need to provide information about your health.
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.
Pays a lump sum if you are totally and permanently disabled.
Key Benefits
Waiver of waiting period for some conditions
We will waive the three-month waiting period requirement of your TPD insurance if you suffer from one of the specified medical conditions.
Partial & Permanent Disability Benefit
We will pay 25% of the TPD sum insured if you suffer partial loss of limbs or partial loss of sight.
Enhancements are passed back
Our philosophy is to keep our benefits current. Hence, we’ll enhance the Professionals Choice product to reflect changes in society and medical enhancements.
Where enhancements do not result in an increase to your premium rates, we’ll automatically pass them onto you. If the enhancement does result in a premium increase, you will be given the option to apply for the enhancement with a related increase to your premium.
Your insurance is guaranteed renewable each year until expiry
As long as you pay your premiums, we’ll continue to insure you with the same or enhanced terms and conditions until expiry. This applies even if you suffer changes to your health, you change occupations (including to non-professional occupations) or you take up different pastimes.
Worldwide Insurance
Your insurance covers you wherever you are in the world.
Increase your insurance without providing medical evidence
With our Future Increases Benefit and Business Increases Option your insurance cover can keep pace with your changing life, as they allow you to increase your insurance after certain life, professional and business events without the need to provide information about your health.
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.
Cover through Superannuation
Provides the ability to structure Life, Total and Permanent Disability and Income Protection insurances through Superannuation. This provides the choice of paying your insurance premiums either with ordinary funds, with your Superannuation funds, or a combination of both.
Pays a lump sum if you suffer a specified trauma condition such as cancer or a heart attack.
Key Benefits
Pays an extra 25% for some lifestyle-changing events
Trauma cover pays 125% of sum insured for loss of limbs, loss of sight and paralysis.
Needlestick covered as standard
Occupationally acquired HIV, Hepatitis B and Hepatitis C covered as standard trauma conditions, can reduce the need for extra needlestick cover.
Expiry Age
Expires at 80, but the insured events will be reduced to loss of independent existence, loss of limbs, loss of sight or cognitive loss from age 70.
Enhancements are passed back
Our philosophy is to keep our benefits current. Hence, we’ll enhance the Professionals Choice product to reflect changes in society and medical enhancements.
Where enhancements do not result in an increase to your premium rates, we’ll automatically pass them onto you. If the enhancement does result in a premium increase, you will be given the option to apply for the enhancement with a related increase to your premium.
Your insurance is guaranteed renewable each year until expiry
As long as you pay your premiums, we’ll continue to insure you with the same or enhanced terms and conditions until expiry. This applies even if you suffer changes to your health, you change occupations (including to non-professional occupations) or you take up different pastimes.
Worldwide Insurance
Your insurance covers you wherever you are in the world.
Increase your insurance without providing medical evidence
With our Future Increases Benefit and Business Increases Option your insurance cover can keep pace with your changing life, as they allow you to increase your insurance after certain life, professional and business events without the need to provide information about your health.
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.
Pays a monthly benefit to replace your fixed business expenses if you’re unable to carry out all or part of your occupation due to illness or injury.
Key Benefits
Cover for both capital and interest
We allow you to get cover for both capital and interest on your business loans.
Increase your insurance without providing medical evidence
With our Future Increases Benefit your insurance cover can keep pace with your changing life, as they allow you to increase your insurance if your share of business expenses increase without the need to provide information about your health.
Enhancements are passed back
Our philosophy is to keep our benefits current. Hence, we’ll enhance the Professionals Choice product to reflect changes in society and medical enhancements.
Where enhancements do not result in an increase to your premium rates, we’ll automatically pass them onto you. If the enhancement does result in a premium increase, you will be given the option to apply for the enhancement with a related increase to your premium.
Your insurance is guaranteed renewable each year until expiry
As long as you pay your premiums, we’ll continue to insure you with the same or enhanced terms and conditions until expiry. This applies even if you suffer changes to your health, you change occupations (including to non-professional occupations) or you take up different pastimes.
Worldwide Insurance
Your insurance covers you wherever you are in the world.
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.
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.
Accountant
Current or Prior Member of Chartered Accountants Australia and New Zealand, CPA Australia or Institute of Public Accountants.
Actuary
Associate Actuary or a Fellow of the Institute of Actuaries of Australia.
Architect
Registered with the Architects Board in any State or Territory of Australia.
Audiologist
An Audiology Australia Accredited Audiologist.
Barrister, Solicitor, Judge
Admitted to practice by the Supreme Court of an Australian State or Territory.
Chartered Financial Analyst Charterholders
Registered as a Chartered Financial Analyst Charterholder.
Chinese Medicine Practitioner
Registered with the Chinese Medicine Practitioners Board of Australia.
Chiropractor
Registered with the Chiropractic Board of Australia.
Dentist, Dental Specialist
Registered with the Dental Board of Australia as a Dentist or Dental Specialist.
Doctor, GP or Specialist
Registered with the Medical Practitioners Board in any Australian State or Territory.
Engineer
Accredited as an Engineering Technologist or Professional Engineer of Engineers Australia, Board of Professional Engineers of Queensland or Professionals Australia or a Member / Fellow of the Australian Institute of Mining and Metallurgy.
Medical Radiation Practitioner
Registered with the Medical Radiation Practice Board of Australia.
Occupational Therapist
Registered with the Occupational Therapy Board of Australia.
Optometrist
General registration with the Optometry Board of Australia.
Osteopath
Registered with the Osteopathy Board of Australia.
Pharmacist
Registered with the Pharmacy Board of Australia.
Physiotherapist
Registered with the Physiotherapists Registration Board.
Podiatrist
Registered with the Podiatry Board of Australia.
Psychologist
General registration with the Psychology Board of Australia.
Quantity Surveyor
Member or Fellow of the Australian Institute of Quantity Surveyors.
Speech Pathologist
A Certified Practising Member of Speech Pathology Australia.
Surveyors
Registered or licensed with the Surveyors Board in any Australian State or Territory.
Town Planner
A Full Member or Registered Planner of the Planning Institute of Australia.
Veterinarian
Registered to practise with the Veterinary Registration Board in any Australian State or Territory.
Unlike a company that is listed on a stock exchange, PPS Mutual belongs to its Members and operates under the ethos of mutuality. This means that it does not offer shares on any public stock exchange and answers only to the professional Members it serves. It is operated and maintained for the sole benefit of its professional Members. The unique business model of PPS Mutual offers “ownership” to Members who can exclusively share in the profits of the PPS Mutual products.
When you join PPS Mutual, you get exclusive access to a unique and tailor-made portfolio of insurance benefits as part of our Professionals Choice product – each one created to answer the specific protection needs of a defined group of Australia’s professionals.
And, uniquely in Australia, you also receive a share of the annual profit generated by the PPS Mutual product. After 10 years’ membership you can start to withdraw this money from your ‘Profit-Share Account’.
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 – and insurance companies – can work.
Membership of PPS Mutual is strictly limited to a defined group of Australian professionals.
To join PPS Mutual you will need to be an Australian citizen or a permanent resident of Australia or a New Zealander with special category visa and be eligible to practise in one of the designated professions shown here or be a previous member of PPS in South Africa.
MEDICAL
Audiologist
An Audiology Australia Accredited Audiologist
Chinese Medicine Practitioner
Registered with the Chinese Medicine Practitioners Board of Australia
Chiropractor
Registered with the Chiropractic Board of Australia
Dentist, Dental Specialist
Registered with the Dental Board of Australia as a Dentist or Dental Specialist
Doctor, GP or Specialist
Registered with the Medical Practitioners Board in any Australian State or Territory
Medical Radiation Practitioner
Registered with the Medical Radiation Practice Board of Australia
Occupational Therapist
Registered with the Occupational Therapy Board of Australia
Optometrist
General registration with the Optometry Board of Australia
Osteopath
Registered with the Osteopathy Board of Australia
Pharmacist
Registered with the Pharmacy Board of Australia
Podiatrist
Registered with the Podiatry Board of Australia
Psychologist
General registration with the Psychology Board of Australia
Physiotherapist
Registered with the Physiotherapists Registration Board
Speech Pathologist
A Certified Practising Member of Speech Pathology Australia
Veterinarian
Registered to practise with the Veterinary Registration Board in any Australian State or Territory
INDUSTRIAL
Architect
Registered with the Architects Board in any State or Territory of Australia
Engineer
Accredited as an Engineering Technologist or Professional Engineer of Engineers Australia, Board of Professional Engineers of Queensland or Professionals Australia or a Member / Fellow of the Australian Institute of Mining and Metallurgy
Quantity Surveyor
Member or Fellow of the Australian Institute of Quantity Surveyors
Surveyors
Registered or licensed with the Surveyors Board in any Australian State or Territory
Town Planner
A Full Member or Registered Planner of the Planning Institute of Australia
COMMERCIAL & LEGAL
Accountant
Current or Prior Member of Chartered Accountants Australia and New Zealand, CPA Australia or Institute of Public Accountants.
Actuary
Associate Actuary or Fellow of the Institute of Actuaries of Australia
Barrister, Solicitor, Judge
Admitted to practice by the Supreme Court of an Australian State or Territory
Chartered Financial Analyst Charterholders
Registered as a Chartered Financial Analyst Charterholder
When you and our other PPS Mutual Members pay your premiums, the money is used to pay claims, to cover our insurer’s expenses and to provide capital reserves for the future. Any surplus generates profits which are shared by PPS Mutual Members.
This profit is retained in a Profit-Share pool within the PPS Mutual Benefit Fund and allocated 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 effected by, amongst other things, positive and negative investment performance and claims experience.
For most life insurance companies not operating under a mutual model, these profits would simply go to the shareholders of the life insurance company.
The amount of Profit-Share that is allocated to your Profit-Share Account is based on:
Profit-Share Plan holders can access the full amount of their Profit-Share Account from the earliest of:
You can only join PPS Mutual via one of our Accredited Advisers – an exclusive group of professional Advisers who are licenced to give advice under their own Australian Financial Services Licence or Licencee and fully comply with our strict accreditation rules for the PPS Mutual Professionals Choice product.
Every Accredited Adviser receives formal product training by PPS Mutual in order to ensure that they are fully equipped to give you all the advice and guidance you may need.
Before applying to join via your PPS Mutual Accredited Adviser, please remember that PPS Mutual Membership is reserved for the professionals who meet our eligibility criteria.
Find an Accredited Adviser
You can find a PPS Mutual Accredited Adviser by calling the Member Services Contact Centre on 1300 401 436.
You can only join PPS Mutual via one of our Accredited Advisers who will be happy to assist you along your journey.
This exclusive group give advice under their own Australian Financial Services Licence or Licensee and fully comply with our strict accreditation rules for the PPS Mutual Professionals Choice product.
Each one receives formal product training by PPS Mutual to ensure that they are fully equipped to give you all the advice and guidance you may need.
Member & General Enquiries: 1300 401 436
PPS Mutual Professionals Choice is issued by NobleOak Life Limited ABN 85 087 648 708 AFSL 247302, the Product Disclosure Statement is available here.
Diversa Trustees Limited ABN 49 006 421 638 AFSL 235153 RSEL L0000635 (Diversa) is the trustee of the PPS Mutual Super Fund (the PPSM Fund), a risk only sub plan of OneSuper ABN 43 905 581 638, RSE R1001341. Diversa issues the Product Disclosure Statement for the PPSM Fund which is available here.
The information contained in this website is of a general nature only and does not take into account your objectives, financial situation or needs. Please refer to the relevant Product Disclosure Statement and speak to a PPS Mutual Accredited Adviser, before deciding to acquire the product.
©2021 PPS Mutual.
