The Professional Choice offer enables newly qualified professionals to increase their monthly income protection benefit by a maximum of 50% in any two-year period, without the need for additional health or medical underwriting, although evidence of their increased income will be required. The monthly benefit can be increased up to a maximum of 75% of their regular income, subject to income limits that apply to each profession.

To be eligible, newly qualified professionals need to have registered or received their qualification within the last three years, be working a minimum of 20 hours per week, and be generating an income. The Professional Choice offer expires either five years after its commencement or when the insured reaches age 45, whichever is earlier.

Gabi Varnier, PPS Mutual’s national underwriting manager describes the offer as “another step forward in our quest for continuous improvement and innovation”.

“For professionals, time is – quite literally – money, and having to undertake several time-consuming medical assessments within a short period of time is not the best use of that time,” Ms Varnier says.

PPS Mutual believes this offering fills a gap in the market left by the requirement on life insurers to cease offering new agreed value income protection policies in 2020. Further, PPS Mutual sees the opportunity to engage and incentivise professionals to take out insurance cover at the beginning of their professional careers, in turn helping to combat underinsurance amongst an age cohort where it remains prevalent.

“This offering is also in line with the PPS Mutual philosophy that insurance cover is a long-term proposition,” Ms Varnier says.

By taking out cover at a younger age, PPS Mutual Members obtain market-leading cover with the short-term benefits of future insurability and the long-term potential to participate in a unique Profit Share arrangement. The Profit Share enables PPS Mutual Members to share in the profits generated from the insurance cover they buy.

This latest development to remove underwriting friction and optimise Member experience is in line with PPS Mutual’s commitment to provide insurance that remains relevant to the needs of their unique professional Member customers and their advisers.

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Mr Salter will report directly to PPS Mutual Director of Distribution Brian Pillemer and will be responsible for the management of key financial adviser relationships and support of the PPS Mutual proposition within the regions. 

Mr Salter joins PPS Mutual after nine years in a business development role at Asteron Life, where he was responsible for achieving premium growth targets for Life Risk across a panel of financial advisers in Western Australia. 

“Steve is a valuable addition to the PPS Mutual team who brings extensive knowledge within the life insurance industry. This will be of great benefit in continuing to strengthen our partnerships with selected financial advisers in the region,” Mr Pillemer said.

With more than 25 years of experience in financial services, Mr Salter has a proven track record of consistently exceeding sales and growth targets in a business development role.

“I am excited to be a part of the PPS Mutual team – founded on principles of mutuality and exclusivity. PPS Mutual brings a unique offering to professionals in the Australian market and I look forward to explaining the benefits to advisers,” Mr Salter said. 

Mr Lowe, will report to Underwriting Manager, Gabi Varnier and joins PPS Mutual after five years as a senior underwriter at ANZ Wealth. David previously spent five years as a Private Wealth Protection Adviser and he will utilise this insight into adviser requirements by delivering bespoke underwriting support to PPS Mutual’s adviser partners.

“I look forward to welcoming David onto the team and expanding our reach. David’s extensive background as a senior underwriter is a testament to his strong capability of fostering both adviser and reinsurer relationships which will be pivotal to his role at PPS Mutual,” the Head of Claims and Underwriting, Marcello Bertasso said.

Earlier this year, PPS Mutual announced the launch of the PPS Mutual Super Fund, which allows the company to offer a complete life insurance solution for eligible professionals through a PPS Mutual accredited adviser.   

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 in 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.  

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