Life Insurance for IT Professionals
Protecting the professionals who are vital to ensuring our technology keeps us connected.
In today’s technology dependant world, IT Specialists may face higher levels of stress due to the time critical nature of IT development and maintenance and handling of sensitive data. In addition to certain health risks associated with their work lending itself to a sedentary lifestyle, eye strain, or mental health concerns.
The last thing you need as an IT 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 IT 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 Artificial Intelligence & Machine Learning, Computing, Data Analytics, Information Technology or Software Engineering at selected universities {Hyperlink to ‘Who’s eligible To Join’ flyer} 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.
Life insurance is often used as an umbrella term to describe lots of different types of personal insurance. Some offer financial help during a temporary setback, while others pay a big lump sum following a life-altering event.
Here is a breakdown of the types of life insurance covers that can work together to provide financial security if you are injured or become too sick to work:
Income Protection
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.
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.
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 used to cover family expenses (e.g. a mortgage) or ongoing medical care.
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.
The amount of life insurance cover will vary depending on an IT Professionals debts, assets, and family, as well as the specifics of their work environment. Everyone’s circumstances differ. To decide on the appropriate level of cover for you, it’s advisable to seek the help of a professional financial adviser.
Many IT professionals hold critical roles that are vital to an organization’s success. If you are one of those key individuals, your unexpected death could have a significant impact on the company’s operations and finances. Life insurance can provide funds to help the company recover from the loss by covering recruitment and training costs, offsetting lost revenue, or providing financial stability during the transition period.
Financially, the right life insurance products mean that you and your family will be able to meet some of the ongoing expenses of family life even if you can no longer provide an income. This might include a mortgage, school fees, lifestyle costs, car repayments, for example.
The comfort that this security affords is also worth the investment. You won’t have to worry about your family being left unprovided for, even if the unthinkable happens.
PPS Mutual works exclusively with Australian professionals, including IT Professionals, to provide tailored life insurance packages that include Total & Permanent Disability, trauma insurance, income protection, and life cover as well as:
Career Change Transition Benefit: Pays a monthly benefit for 12 months to support a career transition after an illness or injury
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
Study Leave Cover Protection: If you have stopped work (or reduced your working hours) no more than 12 months ago to go on a Fellowship or for other career-based further Study or Training then you will be assessed against the occupation you were performing immediately prior to commencing the study
Caring for your Child benefit: Allows Members to take time off work if needed to care for a seriously ill sick child and receive their Income Protection benefit for up to 6 months.
Profit share and mutuality: PPS Mutual’s profits are shared with Members, not shareholders.
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.