Life Insurance for Business and Finance Professionals
Protecting the professionals who ensure the wheels of our economy keep turning.
Business and Finance professionals are well educated on the importance of financial security and just how quickly life’s unknown plans can derail even the most thought out of business plans and budgets.
Whether it’s working in Business Administration, Finance or Commerce experiencing the pressure to apply complex mathematical, business, financial, or statistical analysis to make business critical decisions, Business and Finance professionals are performing critical professional services, every day.
The last thing you need as a professional 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 Business and Finance professionals is that if you have completed a 4 or more year degree (Bachelors including a Bachelor (Honours) or Double Degree; Masters; or Doctorate) within an area of Business Administration, Commerce, Economics, Finance, Human Resources, Marketing or Taxation at selected universities you are eligible to apply for PPS Mutual Professionals Choice cover.
PPS Mutual are the only Life Insurance provider in Australia who currently offer life insurance products solely to a select group of professionals, with a profit share and who distribute the profit to its Members.
Business and Financial professionals typically invest years (and money) into their careers; life insurance is a way of helping to protect a future and employment status that takes a long time to grow.
If you hold a key role within your business or organization, your knowledge, expertise, and relationships may be vital to its success. Life insurance can provide coverage in the event of your untimely death, helping the company handle the financial impact and potential loss of revenue. The proceeds can be used to recruit and train a replacement, cover expenses during the transition, or compensate for the loss of business opportunities.
If you are a business owner or partner, life insurance can play a crucial role in ensuring a smooth transfer of ownership or partnership in the event of your death. It can provide funds for the surviving owners or partners to buy out your share of the business, avoiding disruptions and financial strains. This can be particularly important if you have family members who rely on the business for their income or if there are outstanding debts that need to be repaid.
Life Cover
Life cover if you die or become terminally ill, your family will be looked after with a lump sum paid to your estate or your beneficiaries. This can be an effective tool for estate planning, especially for high-net-worth individuals. It can provide liquidity to cover estate taxes, ensuring that your beneficiaries receive their intended inheritance without the need to sell or liquidate assets at unfavorable terms. Life insurance can help preserve the value of your estate and ensure a smooth transfer of wealth to your heirs.
Trauma Cover
Pays a benefit if you’re diagnosed with critical medical conditions (such as Cancer 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.
Income Protection
As a business or finance professional, you may have a family that depends on your income to maintain their lifestyle and meet their financial needs. Income protection monthly payments are made to you and your family if you are no longer able to earn an income as a result of illness or injury.
Total & Permanent Disability
Total and permanent disability pays a lump sum if you are no longer able to work due to an injury or illness. It can provide a financial safety net for your loved ones, replacing your income and ensuring that they can continue to pay bills, maintain their standard of living, and achieve their long-term goals.
Business Expenses
Business expenses can help cover staff wages, rent, equipment, and any other fixed costs associated with running an IT practice/ business if illness or injury prevents you from working for a while.
PPS Mutual Professionals Choice benefits have been designed specifically for Australia’s professionals, such as chartered accountants, including TPD, income protection, and life cover. You’ll also get the added benefits of:
Mutuality: a share of our profits goes to Members, not shareholders. Become part of an exclusive group of professionals who benefit from PPS Mutual’s profit share arrangement.
Professional events: as a professional, you can increase your cover when certain career changing events occur, such as becoming a partner or starting a private practice.
Career Change Transition Benefit: Pays a monthly benefit for 12 months to support a career transition after an illness or injury
Caring for your Child benefit: Allows Members to take time off work if needed to care for a seriously ill child and receive their Income Protection benefit for up to 6 months.
Parental Leave Cover Protection: If you take Parental Leave you can reduce your cover or stop it all together. When you return to normal working hours you can increase cover to your previous level with no medical underwriting
Split income protection cover: You can apply for Income Protection cover both in and out of the superannuation environment. This allows you to reduce your out of pocket Income Protection premium costs.
Our PDS contains the full terms and details of product features.
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.
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.
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
A flexible premium structure provides for both a variable age-stepped and variable premium structure for the one insurance type, allowing you to tailor your cover to benefit from the advantages of both premium structures.
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.
The plan ownership may be transferred at any time with no underwriting.