PPS Mutual streamlines insurance application process with reduced evidence requirements

Marcello Bertasso

Specialist insurance company PPS Mutual has announced significant changes to its mandatory screening evidence thresholds for the Professionals Choice insurance benefits, designed to streamline the application process for eligible professionals while maintaining high-quality underwriting standards.

PPS Mutual has reduced both mandatory medical and financial evidence requirements for new applications across its range of insurance products, including Professionals Choice Life, TPD, Trauma, Income Protection, and Business Expense insurance. These changes are aimed at simplifying and accelerating the new business process for prospective members without compromising the integrity of the underwriting assessment.

Marcello Bertasso, PPS Mutual’s Head of Underwriting and Claims Management, commented on the enhancements, noting that they would expedite the process of providing professional Australians with the peace of mind and wealth protection that PPS Mutual’s award-winning insurance offers.

“These changes simplify and accelerate the application process for life insurance with PPS Mutual, making it easier for advisers to protect our Members’ lifestyles,” he said. “For our Members, the updated screening requirements will significantly reduce the time needed to apply for life insurance.”

Changes include:

• higher sums insured limits before mandatory medicals and mandatory financials are required:
  • no mandatory PMAR up to $5 million Life and TPD insurance
  • no mandatory medical requirements for income protection cover increased to $15,000 monthly for ages up to 45, with fewer medical requirements for ages above 46
  • for income protection monthly benefits in excess of $40,000 per month, medical requirements reduced by half
  • no medical requirements for Life and TPD Insurance cover up to $2 million for ages up to 45, with fewer requirements for above age 46
  • no financial requirements for life and TPD cover up to $3 million or up to $1,5 million Trauma Insurance.
  • higher financial evidence thresholds for PAYG Employed professionals applying for Income Protection Select and Income Protection Prime 70 of up to $30,000 per month
  • defined medical requirements for higher life cover amounts ($5 million to $20 million)
  • simplified mandatory medical requirements across all age bands for all benefits, as well as simpler financial evidence for large sums insured.

PPS Mutual is supported by PPS South Africa, the largest multi-disciplinary group of professionals in the world and the largest mutual company in South Africa. PPS Mutual is based on the proven PPS business model that has been hugely successful in South Africa since the 1940s – sharing over $2.5 billion in profits with Members over the last 10 years. PPS Mutual is owned by its Australian professional members who will share in the profits of the products that they buy.