Specialist insurer, PPS Mutual, has announced the launch of a new risk-only superannuation fund.
Named the PPS Mutual Super Fund, the insurer says the fund allows it to offer a complete life insurance solution for eligible professionals through a PPS Mutual accredited adviser.
A statement from PPS Mutual says the new fund will facilitate its policy holder members to fund their insurance premiums via rollovers from their standard accumulation super funds.
It says the Super Fund approach has been especially requested for younger graduate medical, legal, accounting and engineering professionals and that this extra flexibility has become increasingly important for advisers wanting to offer clients the option to pay insurance premiums through super.
Matthew Pilcher, Director of Proposition for PPS Mutual, noted: “The launch of the fund is an important step in allowing us to bring the mutual model to a wider selection of adviser clients and offer Australian professionals a radical reappraisal of how life insurance can work.”
He added, “When you purchase PPS Mutual insurance you’re not just a customer, you’re a member. This means you have a real stake in the business and the profits generated by the products which is a differentiated proposition in the Australian market.”
PPS Mutual in Australia notes it is supported by PPS South Africa, which it says is the largest multi-disciplinary group of graduate professionals in the world and the largest mutual company in South Africa.
April 24, 2019